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Axial Vector Energy Corporation JV Partner, Petrosonics LLC, Awarded Two Patents in Hong Kong and One Awarded Patent in Kazakhstan, the World's 18th L
Friday May 22, 12:14 AM
Axial Vector Energy Corporation ("AVEC") (Pink Sheets:AXVC)
(Frankfurt:BAE1) announced today that its PETRO AVEC JV partner,
Petrosonics LLC, was recently awarded two Hong Kong Patents, resultant
from the award of European Union patents 1 635 924 B1 and 1 668 095/04
781 388.6. The two Hong Kong patents protect the process by which sulfur
and nitrogen bearing compounds are removed from diesel oil through the
use of sonic energy and an oxidizing agent and also protect a related
process for the removal of the resultant oxidized sulfur and nitrogen
contaminants.
Hong Kong is home to several oil and gas companies, including CNPC Hong
Kong, China Resources Petroleum Company, Ltd., SS United Oil & Gas
Company, the Hong Kong and China Gas Company and the Hong Kong
Petrochemical Company. Earlier, the Hong Kong Petrochemical Company
announced plans to invest HK$40-60 billion in the construction of an oil
refinery, oil tanks, power installations and filling stations in Hong
Kong.
AVEC also announced today that its PETRO AVEC JV partner, Petrosonics
LLC, was recently awarded Kazakh Patent No. 19582, protecting the
process of removing sulfur from all types of crude oil fractions through
sonic energy, oxidation and the removal of all of the oxidized sulfur
through hydrotreatment. The patent will remain in force for 20 years.
According to the U.S Energy Information Administration, former Soviet
Republic Kazakhstan's proven oil reserves of up to 40 billion barrels
are comparable to those of OPEC members Algeria or Libya. British Gas
(BG), Chevron, ConocoPhilips, ENI, Exxon Mobil, Exxon Mobil CPC, Inpex,
LukArco, Lukoil, Rosneft-Shell, Shell, Total and Transneft (Russia) have
major projects there. At 1.7 million barrels per day, Kazakh oil exports
are growing rapidly, with current infrastructure delivering it to world
markets via the Black Sea (via Russia), the Persian Gulf (via swaps with
Iran), to the north pipeline and rail (through Russia), and now to the
East to China. The refining sector in Kazakhstan has three major oil
refineries with total crude oil refining capacity of 345,093 bbl/d.
Dr. Mazin Samman, lead PETRO AVEC licensing negotiator for Russia and
the former Soviet states noted, "The major oil companies are investing
heavily in Kazakhstan, which bodes well for infrastructure spending and
licensing through PETRO AVEC. The refining sector, which is State-owned,
is under-developed but will benefit from crude oil revenue driven
investment. We see a substantial opportunity to not only market into
both the upstream (wellhead) and downstream (refinery) markets, but to
market to the large, global oil companies as well. Refineries are
acknowledging that PETRO AVEC Technology could be worth billions of
dollars of cost savings and profits when fully deployed."
AVEC Chairman Mr. Ahmed Khalifa stated, "Achieving this broad
intellectual property protection in Kazakhstan and Hong Kong represents
the milestone in our efforts to achieve broad patent protection in all
major oil producing and oil refining nations. We are very pleased with
these awards and the markets that they open. While we still have an
additional 1500 patenting claims pending the company will now start to
accept invitations it has received for licensing negotiations beginning
next week. These invitations are the result of technical presentations
done by PETRO AVEC to both government owned oil companies and large
private refineries."
About PETRO-AVEC LLC
PETRO-AVEC LLC is a joint venture between AVEC and Petrosonics LLC to
develop; finance and market Petrosonics sulfur removal technology
globally. The joint venture is owned 60% by Petrosonics LLC and 40% by
AVEC.
About Axial Vector Energy Corporation
Axial Vector Energy Corporation (AVEC) is a global solutions provider
that owns, develops, invest in and licenses revolutionary technologies
including, 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.
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.
To be added to the Company's email distribution for future news
releases, please send your request to inquiry@axialvectorenergy.com
www.axialvectorenergy.com
www.PetroAvec.com
Contact:Axial Vector Energy CorporationPhone: 971 4 887 5351inquiry@axialvectorenergy.comorRedwood
Consultants, LLCJens Dalsgaard, Investor Contact(415)
884-0348
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