SOURCE: Axial Vector Engine Corp.

April 15, 2010 10:57 ET

Axial Vector Energy Corporation Consolidates Research and Development Work in VA in Response to U.S. Navy Requirements

DUBAI, UNITED ARAB EMIRATES--(Marketwire - April 15, 2010) -  Axial Vector Energy Corporation ("AVEC") (PINKSHEETS: AXVC) (FRANKFURT: BAE1) is relocating all of its research and development assets to VA in response to recent Small Business Innovative Research (SBIR) contract requirements and U.S. Navy Secretary Ray Mabus' recent decision to accelerate spending on alternative fuel capable engines and generators. The next full scale demonstration of AVEC biofuel capable engines to the joint services is scheduled for June 2010.

At the recent Naval Energy Forum in Tysons Corner, VA, Navy Secretary Ray Mabus unveiled his list of energy targets to accomplish through the year 2020. The list sets ambitious goals for increasing efficiency and reducing oil use in the Navy. By 2012, the Navy hopes to have at least one "green strike group," composed of nuclear vessels and ships powered by biofuels. By 2020, the Navy hopes to cut total fossil fuel use on ships, aircraft and other assets by 50 percent.

Stated AVEC Chairman Sam Higgins, "Given the billions of dollars that the Department of the Navy will be spending on bio fuel capable technologies and, given the relationship that we're rapidly building with the Navy, it makes sense to consolidate R&D operations in VA, just a short distance from Navy customers and where AVEC engineering costs are lowest. We're excited about an expanded role in Navy green energy work and look forward to our series of demonstrations in June."

About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops, invest 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.

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