Axial Vector™ Closes Private Placement after receiving $2,700,000
October 9, 2006
Portland, Oregon, October 9, 2006 - Axial Vector™ Engine Corporation (OTC Bulletin Board: AXVC) announced today the closing of its private placement after receiving $2,700,000 at a price of $2.00 per share.
This was for restricted common stock without a warrant.
Dr. Raymond Brouzes, President and CEO of Axial Vector™ Engine Corporation stated, "We are extremely pleased by the support of our shareholders who provided this very favorable financing to the company. Our development and patenting program continues full speed ahead. We will be premiering our new low cost Power Generating Technologies at the "World Power Generation Show" November 28 - 30 in Orlando Florida."
About Axial Vector™ Engine Corporation
Axial Vector™ Engine Corporation is a publicly traded company (OTC Bulletin Board: AXVC) that owns, develops and licenses proprietary intellectual property regarding unique internal combustion engine technologies. We are 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. The internal combustion engine as we know it today may never comply with mandated pollution standards and meet the strong demand for cleaner and far greater fuel-efficiency engines. We see the Axial Vector™ as the engine design that will comfortably meet these challenges, and more.
Key entry markets for the Axial Vector™ engine include a number of specific military and industrial applications. Additionally, we are developing a family of electric power generators incorporating our unique Axial Vector™ technology. The generators will consume less fuel per unit of electrical power output and are considerably smaller than any known internal combustion engine generators.
Forward-Looking Statements
This press release may be deemed to contain forward-looking information. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements as to industry trends, future economic performance, anticipated profitability, anticipated revenues and expenses, and products or service line growth, may be significantly and materially impacted by certain risks and uncertainties, including, but not limited to, failure to meet operating objectives or to execute the operating plan, completion, and other economic factors. Additional risks and uncertainties are described in the Company's public filings with the Securities and Exchange Commission.
For Further Information Please Contact:
DR. RAYMOND BROUZES, PRESIDENT & CEO
One World Trade Center
121 SW Salmon Street, Ste 1100
Portland, OR 97204
503-471-1348
www.AXIALVECTORENGINE.com
info@AXIALVECTORENGINE.com
Jens Dalsgaard
Managing Director
Redwood Consultants, LLC
JNSD@aol.com
(415) 884-0348 tel
(415) 884-0361 fax
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