Axial Vector Engine Corporation Announces Receipt of $500,000 Advance Royalty Payment |
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By: Axial Vector Engine Corporation Posted: 2007-11-06 01:35:09 |
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Axial Vector Engine Corporation (Pink Sheets: AXVC; Frankfurt Symbol: BAE1) today announced receipt of its first ever revenue payment of $500,000 USD. This reflects the first advance royalty payment from EASTCOM LTD of the United Kingdom under its agreement to produce two hundred AVEC Gas Cam engines.
"This is a major milestone for our Company and market validation for the many uses of our Axial Vector technology", stated Samuel Higgins, President and CEO. "As our engines are rolled-out and become more visible in the market, we anticipate a groundswell of interest leading to significant new business opportunities." The Company will now proceed with the commercialization process to include all aspects of the technology licensing and will rapidly seek new personnel and relationships ideally suited to a global roll out of these important fuel and energy saving technologies. The Company has received various offers concerning the development of the Company and its technologies and the Directors will meet this weekend to discuss the merits of each. The Board's primary consideration is to ensure that the shareholders receive full value for their patience and loyalty during the extended period that was required to bring our technology to the market. About Axial Vector(TM) Engine Corporation Axial Vector(TM) Engine Corporation is a publicly traded company (OTC Bulletin Board: AXVC) that owns, develops and licenses proprietary intellectual property regarding unique internal combustion engine technologies. We are 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. Forward-Looking Statements This press release may be deemed to contain forward-looking information. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements as to industry trends, future economic performance, anticipated profitability, anticipated revenues and expenses, and products or service line growth, may be significantly and materially impacted by certain risks and uncertainties, including, but not limited to, failure to meet operating objectives or to execute the operating plan, completion, and other economic factors. Additional risks and uncertainties are described in the Company's public filings with the Securities and Exchange Commission. |
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