Axial Vector Energy Corporation announced tonight that it has successfully completed its technology transfer under development contracts with Adaptive Propulsion Systems LLC (APS), a subsidiary of Tactronics Holdings. The company also announced that it has acquired 100% ownership of Adaptive Propulsion Systems LLC (APS) as part of its initiative to invest in energy efficient and environmentally friendly technology.
According to the press release, APS was acquired without liabilities, and it will be at the discretion of Tactronics to retain salaried employees or leased real estate property. Substantial assets acquired include: the proprietary developmental models, computer aided design (CAD) Finite Element Analysis (FEA) and Computational Fluid Dynamics (CFD) software applications for further development of AVEC engines and generators. It was noted in the news release that physical demonstrations of prototype engines and generators met or exceeded all goals at meetings last month in Virginia Beach, VA.
In addition, the newly acquired subsidiary has developed a unique “diesel engine control system” which was joint-developed by software developers employed by APS. As terms of the acquisition, APS will provide a license utilizing this engine control system for engines and generators to Axial Vector, as well as make available licenses of this unique software to other manufacturers, which the company believes will produce significant revenue.
Tactronics Holding Group International LLC COO, William F. Silhan, commented, “The completion and integration of the multiple AVEC breakthrough technologies has been one of our most challenging and rewarding programs. These engines and generators are cutting edge new technology and we believe that its commercial applications are endless.”
AVEC Chairman Mr. Ahmed Khalifa stated, “Today marks a significant milestone in the history of Axial Vector. Through today’s technology transfer and acquisition of Adaptive Propulsion Systems, we believe we now have all the necessary pieces to ensure the broad based licensing and production capability of our engines, generators, gensets, electric motors, and engine control systems. Our view is that the world is more ready and eager than ever to adopt change through use of our products that will be profitable, energy saving and environmentally friendly. Tactronics, APS, Mr. Silhan, and all its engineers clearly deserve the world’s recognition and thanks for their tremendous capital and time commitments over the years. They have clearly lived up to their motto, ‘Failure is not an option’. ”
Mr. Khalifa added “The Company will now move swiftly on licensing opportunities for these products. Additionally, it will proceed on licensing products utilizing this technology under its Joint Venture, with U.S. Wind Works LLC, that has plans to retrofit existing energy producing windmills.
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