DUBAI, United Arab Emirates, March 17 (PRNewswire-FirstCall) – Due to an enormous number of calls and questions regarding its announcement March 10, Axial Vector Engine Corporation (Pink Sheets: AXVC) (Frankfurt: BAE1) wishes to bring more clarity to this press release. On Monday, March 10, Axial Vector announced a “standstill” agreement with Emirates International Capital Advisory (EICA) precluding the sale of AVEC treasury stock for less than US$4 per share. It also precludes EICA from buying directly from any large shareholders. The Agreement does not, however, prevent EICA from acquiring shares on the open market.
EICA Senior Managing Director Arash Masom stated, “As I said in the AVEC webcast on
www.thegreenbaron.com, EICA is a conservative investor and AVEC has matured to the point where we view it as a conservative, low risk investment for us, even at $4 per share. As the largest shareholder, we recognize our obligation to existing shareholders to minimize dilution particularly when the stock is so deeply discounted. The March 10 announcement was addressing this point alone.”
Mr. Masom continued, “Hence, we will inject capital in a variety of ways, as evidenced by our recent announcements regarding the acquisition of AVEC’s primary supplier and military development company Adaptive Propulsion Systems, the extension of US$45 million of credit to AVEC for a full scale production line for generator sets in Detroit and or Dubai and the dedication of even more capital for financing leases for end-users.”
Director Masom concluded, “These obligations alone represent potentially hundreds of millions of dollars of commitment. We have the resources necessary to fully support AVEC’s engine and small motor product lines as well and intend to commit additional resources as needed to expedite production and sales of all products.”
Mr. Ahmed Khalifa, Chairman of AVEC stated, “We are delighted with the commitment of orders for emergency power and stand alone power that AVEC’s products received at the Water, Energy Technology & Environment Exhibition (WETEX) here in Dubai.”
Mr. Khalifa added, “We anticipate hosting a second webcast shortly and will summarize last week’s order activities at some point this week and provide guidance going forward. The time and date of the webcast will be announced very shortly. In the meantime, pictures of AVEC’s exhibit can be viewed under Press Room – Gallery at www.axialvectorengine.com.
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Axial Vector Engine Corporation