Axial Vector Energy Corporation announced today that Emirates International Capital Advisory (EICA) will be financing the recently announced Joint Venture between Petrosonics LLC and AVEC called PETRO AVEC. The $7 million dollars of debt financing provided by Emirates Capital will be secured against AVEC’s ownership interest in the JV. EICA will be entitled to full repayment of its contribution from license fees received by the JV and will also have a five percent overriding royalty of per barrel income to the JV.
AVEC also announced in the press release that it is restructuring its credit agreement with EICA, which was suspended due to lack of delivery of its engines and generator technologies which are now being delivered and presented to customers.
Mr. Ahmed Khalifa, Chairman of AVEC, commented , “We are grateful to Emirates Capital for our new credit agreement and the financing of our Joint Venture with Petrosonics. All of this was made possible by our engineers finishing our products and the presentations we organized for Dr. Mark Cullen in the Gulf Cooperation Council Countries over the last two weeks with the world’s best oil producers and refiners. Our company agrees and will cooperate with President Obama to bring our clean and green technologies to the world.”
Dr. Mark Cullen, President of Petrosonics L.L.C. added, “The EICA contacts and financial abilities were well demonstrated in my two weeks making presentations at the highest levels of Gulf National Oil companies, Family offices and Royal Family members. We will now activate our current pilot plant with outside experts to optimize the sulphur removals and heavy oil upgrades. With our patent matrix complete we believe the value of the joint venture has the ability to grow beyond the two billion dollar mark which I obtained when I was President of Sulphco (AMX: SUF).”
Arash Masom, Senior Managing Director of Emirates Capital, stated, “From the beginning of the process, AVEC is the only company now capable of both completely removing sulphur from hydrocarbon products and to running engines on multi and clean fuels. Our new AVEC coreless generators are producing efficiencies only before seen in large room sized generators. We believed in AVEC from day one and now they have proved to us, and the world that their word was good.”
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