EICA buys further percentage; new appointments at Axial Vector

Axial Vector Engine Corporation announced that Emirates International Capital Advisory has acquired an additional 10 percent of the company's common stock in a series of private transactions.

Further, Emirates has signed an option agreement to purchase up to an additional 15 percent of the company's common shares at any time within the next 12 months.

The company also announces the retirement of Samuel Higgins as an officer and Director.

Arthur Deane Preston has been appointed to fill the unexpired term of Mr. Higgins as Director. Mr. Higgins has signed a one-year consulting agreement to assist in the transfer of the company's business to new management.

Ahmed Khalifa has been appointed acting CEO and will head the recruitment committee for a new CEO and CFO as well as other personnel needed for the commercialization phase of the company's products.

At the signing of the transaction agreement, EICA Managing Director, Arash Masom, stated, "In Axial Vector Engine Corp. ("AVEC") we have uncovered a disruptive technology in engine design and efficiency. In today's ever increasingly populous world the benefits of more efficient, mobile, on-demand power generation is unlimited. With skyrocketing costs associated with producing engines and generators coupled with rising costs of fuel, AVEC has a unique solution that addresses both these problems. The engines and gensets are more efficient in terms of production as well as operational costs.

In today's hydrocarbon consuming environment, where we are still a long way from running our vehicles with fuel cells or hydrogen, it seems the most logical first step is to improve on our gas consuming engines and generators and to reduce their emissions, AVEC has achieved that goal with proven technology."

Mr. Masom further stated, "We are committed to provide the human and capital resources to maximize the commercial potential of AVEC technologies and we will begin the steps to do so immediately."