The details of the both were announced today in an investor conference call.
Ahmed Khalifa, Chairman of AVEC, stated, "This financing commitment from our partners Emirates International Capital Advisory and other institutions gives us the ability to take orders at the launch of our technology on March 11 at WETEX in Dubai and confidently provide the production schedule."
Mr. Khalifa further stated, "Our products are the first that we know of that can deliver this type of performance." He also added, "Our value added service of providing the 'self finance carbon credit system' to the tens of millions of customers who are currently without any power, puts AVEC at the forefront of providing dependable electricity."
Arash Masom, Senior Managing Director of Emirates International Capital Advisory (http://www.emiratescapital.net/), said, "With the announced cost of these units 25% below current industry leaders and with a much higher value proposition, we believe this is a sound deployment of capital and provided a good return on our investment."
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Project finance agreement signed with Dubai based consortium
- United Arab Emirates: Thursday, February 28 - 2008 at 13:53
- PRESS RELEASE
Axial Vector Engine Corporation announced it has signed an agreement to provide project finance for factory development and a 'carbon credit' finance program for customers to purchase its new 'ultra efficient multi-fuel GENSETS'.
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Notes and media contacts
Axial Vector(TM) Engine Corporation is a publicly traded company (Pink Sheets: AXVC) that owns, develops and licenses proprietary intellectual property regarding unique internal combustion engine technologies. AVEC is applying these technologies to develop an exciting, new, smaller and lighter internal combustion engine that produces significantly greater horsepower and three times more torque on less fuel than conventional engines of similar size.To listen to a replay of the conference call dial the toll-free number 1 800 704 9804 then press *986729 (participant code) if outside the USA, use international access number 1 404 920 6604, then *986729.
CONTACT:
Axial Vector Engine Corporation
503-471-1348
One World Trade Center
121 SW Salmon Street, Suite 1100
Portland, Oregon USA
(503) 471 1348
http://www.axialvectorengine.com/
First Call Analyst:
FCMN Contact:
Source: Axial Vector Engine Corporation
CONTACT: Axial Vector Engine Corporation, +1-503-471-1348,
Web site: http://www.axialvectorengine.com/
Posted by Lara Lynn Golden, News EditorThursday, February 28 - 2008 at 13:53 UAE local time (GMT+4)
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