Axial Vector Energy Corporation announced this morning that Mr. Samuel Higgins has been appointed to the position of Chairman of the Board of Directors, filling a vacancy resultant from the departure of Mr. Ahmed Khalifa. As previously stated in AVEC’s SEC Form 8K on June 23, 2009, Mr. Khalifa resigned when Global Operations purchased all of the shares held by Mr. Khalifa’s firm, Emirates International Capital Advisory. However, the press release noted that Mr. Khalifa remains a private shareholder of AVEC.

Regarding the appointment, AVEC President and CEO Sanjai Chhaunker commented, “We are extraordinarily pleased to have persuaded Mr. Higgins to return from retirement. Sam is the firm’s founder, one of the largest shareholders and former CEO. No one else knows AVEC, its history, governance, the product line, the client market and the path forward as well as Mr. Higgins.”

Mr. Higgins stated,

Axial Vector Energy Corp. today updated the investment community with recent developments concerning its business. Two days ago, the company was told its Credit Agreement from its primary lender, Emirates International Capital Advisory, was cancelled. Consequently, current plans and related expenses on listing the equity on a higher market have been temporarily delayed.

However, the company has been negotiating with perspective new investors who have already agreed to subscribe to a new private placement, which would allow continuation and completion of bringing the company’s engines and generators to market. A bridge loan of $110,000 has already been received and transferred to the attorneys representing AVEC in its 4-year-old litigation concerning Transporter, Inc. The company continues to believe the case is without merit and will now proceed to trial on the issues over the bankrupt transporter software purchase.

According to the press release, AVEC

Axial Vector Engine Corporation (OTC: AXVC.PK) owns, develops and licenses proprietary intellectual property regarding unique internal combustion engine technologies. By developing these novel technologies, Axial Vector™ has the ability 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 company has seen steady growth over the years, but not until now have they received substantial attention. Recently, The Green Baron Report issued a summary saying they believe Axial Vector will begin to move up literally any day now. During the entire years of 2005 and 2006 the company’s share prices were between $1 and $5 per share without any revenue generating orders and without the support of an institution with Dubai Royal Family ties. Since then, the company has