Axial Vector Energy announces appointment of new Chairman of the Board of Directors

As noted in Avec's SEC Form 8K on June 23, 2009, Mr. Khalifa resigned when Global Operations (GBS LLC) purchased all of the shares held by Mr. Khalifa's firm, Emirates International Capital Advisory. Mr. Khalifa remains committed to Avec as a private shareholder.

Regarding the appointment, Avec President and CEO Sanjai Chhaunker remarked:

"We are extraordinarily pleased to have persuaded Mr. Higgins to return from retirement. Sam is the firm's founder, one of the largest shareholders and former CEO. No one else knows Avec, its history, governance, the product line, the client market and the path forward as well as Mr. Higgins."

Stated Mr. Higgins: "As a shareholder seeking rapid growth in shareholder value, I'm particularly gratified that our products are performing so well, that mass production is just around the corner, and that the firm is poised to return to a fully reporting status and, hopefully, listing on a senior exchange and index. Our plan going forward involves reviewing all products, agreements and opportunities, a significant amount of licensing in the near term, accompanied by rollout and maturation of our previously announced JVs. In the near term, I'll be travelling extensively to talk to future licensees, our JV partners, institutional investors and attendees at renewable energy conferences. We have a lot of work to do in a short period of time but I believe all of the major obstacles to profitability are behind us."