Wiser Oil, a subsidiary of Wiser Group, and Axial Vector™ Engine Corporation (OTC Bulletin Board: AXVC) yesterday announced the signing of a joint venture agreement. The joint venture, to be named “Wiser AVEC Power Corporation,” will combine the companies’ respective strengths in capital, energy, and technology.
Under the terms of the joint venture, Wiser resolved to pay 100% of the capital while Axial Vector™ Engine Corporation (AVEC) agreed to provide a license for its engines and Gensets (generator sets) in the fields of power generation, marine vessels, and pumps including water, hydraulic, and pneumatic.
The joint venture agreement will cover all G.C.C countries, orchestrating the sales and distribution of AVEC technology as well as assuring proper issuance of service licensing. With applications in all areas of industry and global development, the implications for the AVEC technology go far beyond simple electricity supply.
Commenting on the joint venture, His Highness, Sheikh Jassem Bin Humaid Al-Qassimi, Chairman of Wiser Group, stated “Through this joint venture with Axial Vector, we are able to ensure long term benefits in both a business and humanitarian sense. The applications for this technology are so far reaching, that we cannot yet fully appreciate the impact it will have on global issues such as poverty and energy production. We are proud to be affiliated with such a visionary initiative."
Wiser Oil, a fully-owned subsidiary of Wiser Group, is headquartered in Dubai, UAE and conducts off-shore operations servicing the GCC. It is an environmentally conscious oil company focusing on eco-friendly oil treatment solutions. Wiser Oil conducts research and technology projects outsourcing heavy oils and emulsions.
Axial Vector Engine Corporation is an American technology company that develops multi-fuel internal combustion engine and generator technologies in the United States and is currently expanding its operations to include the Middle East.
Dr. Raymond Brouzes, President of AVEC, believes the joint venture came in response to a global demand for more efficient management between the oil and technology industries. “Wiser AVEC is the realisation of a strategic objective of both parties—to combine revolutionary engine and generator technology with environmentally conscious oil production and supply procedures in order to create efficient and sustainable products and services,” he noted.
