SEC Terminates Investigation of Axial Vector Energy and Former Chairman Samuel Higgins; No Enforcement Action Recommended.
July 15, 2008
DUBAI, United Arab Emirates, and LOS ANGELES, July 15 - Axial Vector Energy Corporation ("AVEC") (Pink Sheets: AXVC; Frankfurt: BAE1) announced today that the U.S. Securities and Exchange Commission has terminated its investigation of the Company, and its former Chairman recommending that no enforcement action be taken. The SEC informed AVEC of its decision in a letter from the SEC's San Francisco Regional Office.
Company CEO Ahmed Khalifa said, "We are pleased, but not surprised by the SEC decision. We believe that our business conduct has always upheld to high standards of integrity. During the long investigation, we cooperated fully with the SEC to demonstrate that we have nothing to hide. This decision affirms our corporate principles and confirms our resolve to become an international leader in clean energy. Further, the Company can now move forward focused entirely on the business plan."
In March, the Company received the first order for their proprietary multi-fuel, power generator system, a patent-pending "axial flux" engine and generator set (GENSET), the world's first true multi-fuel system and the world's only non-fossil fuel portable power generator. AVEC's technology provides significant advantages over the competition with less pollution, less noise, less fuel, less cost, and more power with extended durability. The generators will consume less fuel per unit of electrical power output and are considerably smaller than any known internal combustion engine generator.
For Further Information Please Contact:
Axial Vector Engine Corporation
503-471-1348
avec@emiratescapital.net
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