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Axial Vector Energy receives USD250,000 license payment from Kirloskar.

M2 EQUITYBITES-19 March 2010-Axial Vector Energy receives USD250,000 license payment from Kirloskar(C)2010 M2 COMMUNICATIONS

Axial Vector Energy Corporation (AVEC) (Pinksheets:AXVC) (Frankfurt:BAE1) has received USD250,000 from Kirloskar Oil Engines (KOEL), an engineering conglomerate in India.

This payment, announced on Thursday, is booked as the first revenue payment ever received by Axial Vector.

The company said that the joint venture with KOEL is well underway, with KOEL financing 100% of the cost of readying AVEC engines and an assembly line for mass production.

The preparatory process is expected to be completed later this year, enabling AVEC to fulfil on its previously announced Eurasian order backlog.

Axial Vector Energy Corporation is a global solutions provider which owns, develops, invests in and licenses revolutionary technologies.

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Publication:M2 EquityBites (EQB)
Date:Mar 19, 2010
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