Axial Vector Energy Corporation announced over the weekend that it has formed a Joint Venture involving Petro-AVEC (the previously announced Joint Venture between AVEC and Petrosonics, LLC) and Constellation Capital Management, LLC of Novato, California.
This Joint Venture will be named Petro-AVEC North America, LLC (”PANA”). PANA intends to establish its North America headquarters in Northern California immediately. According to the press release, Constellation Capital Management, LLC will own 15% of the JV and Petro-AVEC will own 85%.
Petro-AVEC also announced that Constellation Capitalâ€™s 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.â€
He continued, â€œI 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.”
Petro-AVEC CEO Mark Cullen, M.D. stated, “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. EICA has deep strategic relationships in the World Wide oil production and refining industries.â€
â€œThe 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,â€ he added. â€œPetro-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.”
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