Axial Vector Energy Corporation announced this morning that Mr. Samuel Higgins has been appointed to the position of Chairman of the Board of Directors, filling a vacancy resultant from the departure of Mr. Ahmed Khalifa. As previously stated in AVEC’s SEC Form 8K on June 23, 2009, Mr. Khalifa resigned when Global Operations purchased all of the shares held by Mr. Khalifa’s firm, Emirates International Capital Advisory. However, the press release noted that Mr. Khalifa remains a private shareholder of AVEC.
Regarding the appointment, AVEC President and CEO Sanjai Chhaunker commented, “We are extraordinarily pleased to have persuaded Mr. Higgins to return from retirement. Sam is the firm’s founder, one of the largest shareholders and former CEO. No one else knows AVEC, its history, governance, the product line, the client market and the path forward as well as Mr. Higgins.”
Mr. Higgins stated, “As a shareholder seeking rapid growth in shareholder value, I’m particularly gratified that our products are performing so well, that mass production is just around the corner, and that the firm is poised to return to a fully reporting status and, hopefully, listing on a senior exchange and index. Our plan going forward involves reviewing all products, agreements and opportunities, a significant amount of licensing in the near term, accompanied by rollout and maturation of our previously announced JVs. In the near term, I’ll be travelling extensively to talk to future licensees, our JV partners, institutional investors and attendees at renewable energy conferences. We have a lot of work to do in a short period of time but I believe all of the major obstacles to profitability are behind us.”
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