DUBAI, United Arab Emirates--(BUSINESS WIRE)--Axial Vector Energy Corporation ("AVEC") (Pink Sheets: AXVC) (Frankfurt: BAE1) is pleased to announce the formation of a Joint Venture involving Petro-AVEC (the previously announced Joint Venture between AVEC and Petrosonics, LLC) and Constellation Capital Management, LLC of Novato, California.
The Joint Venture will be named Petro-AVEC North America, LLC ("PANA"). PANA plans to immediately establish its North America headquarters in Northern California. Under the terms of the Joint Venture, Constellation Capital Management, LLC (CCM) will own 15% of the JV, and Petro-AVEC will own 85% of the JV.
Petro-AVEC also announced today that CCM Senior Advisor William Jeffrey Gilliam has been appointed as PANA's Chief Executive Officer.
Commenting on his appointment as PANA CEO, Bill Gilliam stated, "I am thrilled to join a worldwide team lead by Dr. Mark Cullen. Dr. Cullen's broad accomplishments in the Health Care field stand alone in representing a life time of hard work and World Class scientific achievement. Dr. Cullen's achievements merely served as a starting point for the technical and scientific achievements that culminate in the broadly patented technology of Petro-AVEC. I am looking forward with great enthusiasm to what I believe will be a very exciting and dynamic expansion of Petro-AVEC's worldwide licensing opportunities. We expect to capitalize very quickly on the broadly patented technology inside Petro-AVEC. I have spent most of my last 35 years working in this industry, not only in Investment and Merchant Banking, but also directly through my successful career history with numerous companies in this sector including Merck and Co., Chemdesign, Calgon Carbon, Polymer Corporation and Rexene Corporation where I was CEO."
Commenting on the North America Joint Venture, Petro-AVEC CEO Mark Cullen, M.D. said, "We are very pleased to continue AVEC's longstanding relationship with Constellation Capital Management's principals. Petro-AVEC recently announced that Emirates Capital (EICA) will provide the initial $ 7,000,000.00 USD in funding for our project. (Axial Vector Announces Emirates Capital of Dubai to Finance PETRO AVEC Joint Venture). EICA has deep strategic relationships in the World Wide oil production and refining industries. The newly formed Petro-AVEC North America Joint Venture will facilitate and accelerate the introduction of Petrosonics proprietary products and services to oil producers and refiners in the United States, Mexican and Canadian markets. Petro-AVEC believes that Bill Gilliam's 35 plus years of Merchant Banking and Capital Markets experience will be a significant benefit to Petro-AVEC's North American business plans and opportunities. I look forward to working with Bill Gilliam and our PANA team as we continue the process of immediately monetizing Petrosonics products and services to the North American markets."
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 owns all of the significant intellectual property associated with ultrasound assisted oxidative desulphurization of all oil fractions and the upgrade and desulphurization of crude oil.
About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops and licenses revolutionary 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.
About Constellation Capital Management, LLC
Constellation Capital Management, LLC (CCM) is a Novato, California based Merchant Banking firm. CCM's provides traditional Merchant Banking services to clients in the energy, specialty chemicals, high technology and health care industries. CCM is a minority partner in U.S. Windworks, LLC (USWW), AVEC's United States wind energy retrofit business. Principals of CCM were responsible for completing the leveraged purchase and initial public offerings of Chemdesign Corporation (NASDAQ), Calgon Carbon Corporation (NYSE), and Rexene Corporation (NYSE). CCM presently has investments in, and is assisting clients in the health care, defense technology, energy, and oil refining and processing industries.
About Emirates International Capital Advisory
Emirates International Capital Advisory (EICA) is involved in investing, trading and research in worldwide global equity and debt markets. In addition to substantial real estate investments and holdings, EICA has recently devoted considerable time and effort to investments in nano cap and micro cap equities. EICA and its affiliates have investments in Axial Vector Energy Company and PureSpectrum, Inc. In addition, EICA and its affiliates play an important role in the U.S. Windworks (a joint venture involving Axial Vector Energy Company and Constellation Capital Management, LLC) and Petro-AVEC (a joint venture between AVEC Acquisitions and Petrosonics, LLC).
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
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