INDIA'S OLDEST AND LARGEST DIESEL ENGINE MANUFACTURER ENTERS JOINT VENTURE WITH AXIAL VECTOR ENGINE
Axial Vector Energy Corporation has announced that it has agreed to enter a joint venture to mass produce its engine with India's oldest and largest diesel engine manufacturer. The name of this billion dollar plus company shall be announced after their next Board of Directors meeting on January 24th. Under the terms of agreement, Axial Vector will receive $250,000 (Two Hundred Fifty Thousand Dollars) as a technology transfer fee with the Indian partner investing up to an additional $2,000,000 (Two Million Dollars) for the mass productionizing engineering of the AVEC engines. The JV company is expected to create millions of dollars of revenue in new engine sales.
AVEC's new Indian partner also has a joint venture relationship with a large Japanese motor company to mass produce engines together. Their Joint Venture charter requires them to pursue new product technologies and lean manufacturing techniques for the automotive industry. Sanjai Chhaunker, President & CEO of AVEC stated, "We are honored that this company has chosen to work with us to perfect, and mass produce and mass market our product line throughout Asia. They will be fulfilling AVEC's previously announced Mideast and Asian order backlog. They will also be working directly with our engineers on both product improvement and lean manufacturing processes for use at AVEC's development facility in Virginia."
Mr. Sanjai added, "We believe this is the first of many revenue streams we will receive soon as we are in many active negotiations. Our feature article in Automotive Industries is creating global interest in what we have. There are many engines being touted around the world as beneficial but ours is the first in a generation to enter mass production for global sales to make it widely deployed and available to the world."
About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops and licenses revolutionary internal combustion engine and electric power generator technologies that have unlimited potential in military, industrial and commercial applications. AVEC and its partners are positioned to become unrivalled leaders in international engine and energy markets with technologies that produce more efficient, cost effective, environmentally sensitive and versatile solutions for use in a wide variety of important applications around the world. The company also owns 40% of Petro Avec.
About PETRO-AVEC LLC
PETRO-AVEC LLC is a joint venture between AVEC and Petrosonics LLC to develop, finance and market Petrosonics sulfur removal technology globally. The joint venture is owned 60% by Petrosonics LLC and 40% by AVEC.
About Petrosonics, LLC
Petrosonics, LLC is a privately held, U.S. based oil refining and production technology company. Petrosonics' patented products and services utilize moderate power ultrasound energy in order to reduce sulfur, nitrogen, and trace metals in refinery intermediates and product streams. Intermediates and product streams receiving the Petrosonics treatment show reductions in oil density and viscosity, reduced hydrogen use/loss, and increases in API specific gravity and volume. The proprietary Petrosonics technology has additional application in treating and/or pretreating sour crude oils. Petrosonics was formed in 2001 by Mark Cullen, M.D. Dr. Cullen was previously the President and CEO of SulphCo. Today, Petrosonics has acquired and continues to expand its patent portfolio for all of the significant intellectual property associated with ultrasound assisted oxidative desulphurization of oil fractions and the upgrade and desulphurization of crude oil.