Axial Vector Energy Hires New
President and CEO. DUBAI, United Arab Emirates – September 10, 2008 - Axial Vector Energy Corporation ("AVEC") (AXVC.PK) (Frankfurt: BAE1) today announced that it has hired Mr. Sanjai Chhaunker as its new President and CEO effective today. Mr. Chhaunker will be responsible for all AVEC corporate functions — finance, administration, international operations, product development, customer services, sales and marketing. He will assume his responsibilities starting today. His primary office will be Dubai, UAE. "Sanjai has tremendous operational and product development experience that covers the range of corporate functions," said Mr. Ahmed Khalifa, Chairman of AVEC. Mr. Khalifa further stated, "The Board has given its full endorsement of his plan to use the financial resources of EICA to seek acquisitions of companies and technology for AVEC that compliment AVEC engine, generator and electric motor technologies." "Sanjai Chhaunker's depth of experience and leadership skills will allow us to accelerate our growth and take the company to the next level," said Mr. Arash Masom, Senior Managing Director of Emirates International Capital Advisory. "We are excited to work with Sanjai, both because he is an amazing executive and because we share the vision that AVEC technology will be essential for so many areas in an energy starved world. Sanjai will build an organization that will keep up with our accelerating business." "The chance to lead the AVEC team is truly exceptional," stated Mr. Chhaunker. "AVEC is well on its way to changing the way green energy technology is developed and deployed around the world. We have identified two potential acquisition targets, and I will meet in New York with our new auditors and attorneys concerning our progress on becoming fully reporting and request listing our stock on a higher market." Mr. Chhaunker also went on to say, "My extensive knowledge of the Indian automotive and generator market will bring value added to AVEC in our negotiations with top Indian manufacturers in the near future." Mr. Chhaunker has earlier served as Finance Manager (Projects) with Sanghi Group of Industries, a US$ 500 Million Business Conglomerate, based in Hyderabad, India. As a Project Finance Manager of their US$ 125 Million Textile Spinning Project he was involved in various stages of implementation of this Mega Project. He was instrumental in syndicating Project & Equity Funding. Sanjai holds a Masters Degree in Business Administration (MBA) with a specialization in Financial Management & International Lending from the Southeastern University, Washington D.C., USA For Further Information Please Contact: Axial Vector Engine Corporation
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