AXIAL VECTOR ENERGY COMPANY ANNOUNCES
FORMATION OF A JOINT VENTURE WITH PETROSONICS, LLC. Business Wire DUBAI, United Arab Emirates – March 8, 2008 Axial Vector Energy Corporation ("AVEC") (Pink Sheets: AXVC) (Frankfurt: BAE1) is pleased to announce the formation of a Joint Venture with Petrosonics, LLC of Reno, Nevada.
The Joint Venture will be named Petro-AVEC. Under the terms of the Joint Venture, AVEC Acquisitions Corporation a wholly owned subsidiary and Petrosonics, LLC have agreed to form the Joint Venture in order to develop, finance and market Petrosonics sulfur removal technology globally. Pursuant to the terms and conditions of the Joint Venture, AVEC Acquisitions has committed to providing an initial $6.8 million of capital contributions. Initially, Petro-AVEC will concentrate its development, sales and marketing efforts in the worldwide refining industry. Petro-AVEC will continue development of their proprietary technology for treatment of sour crude. Commenting on the Joint Venture; Petrosonics, LLC CEO Dr. Mark Cullen said “We are extremely pleased and honored to announce the formation of a joint venture with AVEC and the extended AVEC family. Our experiences working with AVEC and with their colleagues at Emirates International Capital Advisory (EICA, www.emiratescapital.net) convince us that the combined financial and strategic strengths of both AVEC and EICA will enable and facilitate the commercialization of Petro-AVEC’s products, services and technologies.” Commenting on the broad applications for Petro-AVEC products, services and technologies, AVEC Chairman Mr. Ahmed Khalifa said “Petro-AVEC products and services have broad application for removal of sulfur and nitrogen in multiple refinery applications. In-refinery testing has demonstrated that Petrosonics, LLC’s proprietary technologies and processes are capable of achieving both present as well as near term U.S. sulfur limits in refined diesel. These results were accompanied by increased hydrotreater throughput and efficiency. Testing results at one major state oil company owned refinery, utilizing the Petrosonics fractionation/desulphurization process, showed annual per stream cost savings of in excess of $54 million and a per barrel reduction from $4.00 to $1.00 We believe that EICA is uniquely situated to assist Petro-AVEC in introducing its products, services and technologies to the worldwide production and refining industries. Longer term, Petro-AVEC’s continued development of technologies, products and processes for treatment of sour crude represents significant additional market opportunities.” About Petrosonics, LLC Petrosonics, LLC is a privately held, development stage, U.S. based oil refining and production technology company. Petrosonics’ patented products and services utilize high 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 (AMEX: SUF). 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. For Further Information Please Contact: Axial Vector Engine Corporation
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