In September of last year, Axial Vector Energy Corp. announced that it had formed a wholly-owned subsidiary solely focused on acquisition. The new subsidiary, AVEC Strategic Acquisitions Corp., is led by Mr. Sanjai Chhaunker, the President and CEO of Axial Vector. Mr. Sanjai is working alongside Mr. Behzad Khakouei, Director of Strategic planning at AVEC.
Mr. Chhaunker, stated, Our strategic plan calls for acquiring businesses that complement our core technology and allow our revenue stream to grow more rapidly. With the proper structure and financing now in place, we will proceed to finalize our discussions on companies that we have researched and identified as strategic to our plans.
Now that we have our new CEO and the subsequent establishment of AVEC's new subsidiary, we are now in a position to execute the deals that will propel AVEC to the forefront of clean, efficient energy suppliers, commented Mr. Khakouei.
A month after the announcement, Axial Vectore acquired a product assembly and storage facility in Dubai. The new facility allows final assembly of the company's generators and electric motors as well as provides a platform for customer demonstrations. So far that has been the only acquisition since the formation of the subsidiary, but taking note of the statements above, it is expected that the company will complete more deals in the future.
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