SOURCE: Axial Vector Energy Corp.

October 12, 2010 06:44 ET

Axial Vector Receives Buy Out Offer for Its Rare Earth Permanent Magnet Generator Division

DUBAI, UNITED ARAB EMIRATES--(Marketwire - October 12, 2010) - Axial Vector Energy Corporation ("AVEC") (PINKSHEETS: AXVC), a developer of state-of-the-art green technologies, announced today it has received an unsolicited offer to purchase its rare earth permanent magnet generator division. The offer asks inclusion of all finished and under development generators, level two engineering drawings and Intellectual property including patents and proprietary information.

The offer is cash and asks for a thirty-day review and due diligence period. The Board of AVEC has called for a directors meeting to be held the weekend of October 16, 2010 to review the proposal. AVEC has capital invested in excess of $4.3 million in this product.

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:
    Investor Relations
    Redwood Consultants
    415 884 0348

    Samuel Higgins
    Chairman
    Axial Vector Energy Corporation
    Telephone: +(757) 301 0557
    www.axialvectorenergy.com