DUBAI, United Arab Emirates, March 10 /PRNewswire-FirstCall/ -- Axial Vector Engine Corporation (Pink Sheets: AXVC) (Frankfurt: BAE1) announced today the signing of a stock standstill agreement with Emirates International Capital Advisory. EICA has agreed not to purchase or option any further equity in the company until the company has traded in excess of $4.00 per share for ten consecutive trading days.
Axial Vector has agreed to a freeze on any future investments from others and the stock position currently held by EICA may not be diluted without a two-thirds majority vote of the shareholders.
EICA has provided project financing to AVEC of $45,000,000 dollars for its engine and generator technology rollout.
Mr. Ahmed Khalifa, Chairman of AVEC stated, "We are delighted to have completed this agreement for financing and shareholder protection. While this agreement protects the investment of EICA, our largest shareholder, it also assures that the interest of our thousands of shareholders around the world are also protected as we begin the long awaited launch tomorrow of our products which have such enormous potential for revenue and profits."
A new audio-taped web cast interview with EICA Senior Managing Director Arash Masom is now available for listening on the WEBCASTS page at http://www.thegreenbaron.com/.
This webcast to discuss developments with Axial Vector Engine Corporation is available as well at http://www.strictlystocks.com/, "Where Wall Street speaks to the World".
Axial Vector(TM) Engine Corporation is a publicly traded company (OTC Pink Sheets: AXVC.PK) that owns, develops and licenses proprietary intellectual property regarding unique internal combustion engine technologies. AVEC is 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.
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© Press Release 2008
