SOURCE: Axial Vector Engine Corp.

November 02, 2009 06:30 ET

AVEC JV Petro AVEC Signs Strategic Development Alliance With Saudi Arabia's Dhahran Oil and Gas to Commercial Sulphur Removal From Refinery Streams and Heavy Crude Oil

DUBAI, UNITED ARAB EMIRATES--(Marketwire - November 2, 2009) - Axial Vector Energy Corporation ("AVEC") (PINKSHEETS: AXVC) (FRANKFURT: BAE1) announced today signing of a strategic alliance agreement with Dhahran Global Company for Oil & Gas (, which is wholly a owned subsidiary of Al Shoula Group in the Kingdom of Saudi Arabia. The Al Shoula Group is owned by his Royal Highness Prince Mishaal Bin Abdulaziz Al Saud, one of the most senior members of the Saudi Royal Family.

This agreement will be registered in the Kingdom of Saudi Arabia and provides for a 50-50 ownership.

Under the agreement, Petro Avec will contribute its technology for oxidative desulphurization of refined petroleum products and its technology for heavy crude oil upgrade. Dhahran Global Company for Oil & Gas will provide the appropriate licenses, documentation and resources for the execution of any projects for the technology commercialization in the Kingdom of Saudi Arabia.

Petro Avec CEO Dr. Mark Cullen stated, "We are very honored to have this opportunity to partner with one world's most respected oil & gas companies."

Samuel Higgins, AVEC Chairman, commented, "With the resources, experience and global connections that Dhahran Global Company for Oil & Gas has, we are confident in the rapid commercialization of Petro Avec Technologies quickly for the Kingdom of Saudi Arabia. Petro Avec now has documented third party data from two of the world's largest oil companies confirming the technologies ability to remove sulphur to 'near zero' levels. Sulphur is the number one problem for oil refiners and one of its largest expenses. This data confirms massive cost savings and environmental benefits."

About Dhahran Global Company for Oil & Gas

Dhahran Global is an oil, gas and petrochemical partnership based in the Eastern Region of the Kingdom of Saudi Arabia.

Dhahran Global Company for Oil & Gas is responsible for seismic and exploration activities, drilling and work over, oil and gas production, petrochemical services, rig movements, maintenance services, base camp construction and pipe lines installation. The company is a wholly owned subsidiary of Al Shoula Holdings which is owned by his Royal Highness Prince Mishaal Bin Abdulaziz Al Saud, one of the most senior members of the Saudi Royal Family.


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.

About Axial Vector Energy Corporation

Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops, invests in and licenses revolutionary technologies including 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.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward-looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results of the Company to differ materially from those anticipated, expressed or implied in the forward-looking statements. The words "believe," "expect," "anticipate," "project," "targets," "optimistic," "intend," "aim," "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from those anticipated include risks related to new and existing products, product defects and any related product recall; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in China; any statements of belief or intention; any of the factors and risks mentioned in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2007 and any subsequent SEC filings. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.

Contact Information

  • For further information, please contact:

    Samuel Higgins
    Axial Vector Energy Corporation
    Telephone: +9714 887 5351
    Facsimile: +9714 881 7835

    Axial Vector Energy Corporation
    971 4 887 5351

    Jebel Ali Free Zone
    LOB21 - F07
    Dubai, United Arab Emirates

    Building # 1, 1397 Taylor Farm Road
    Virginia Beach, VA 234533
    United States