Axial Vector Engine Corporation today announced that, effective immediately, the board of directors has authorized an investment to repurchase up to five million of its common stock shares as part of a new buyback program. Although the timing, stipulations and exact number of shares to be purchased has not been specified, it was announced that the buyback program will conclude on or before August 31st, 2008. The company also noted that it is not obligated to acquire a specified number of shares and the program may be suspended or even discontinued at any time.
The timing and exact number of shares purchased will be at the discretion of Axial Vector’s management and will depend on market conditions. All repurchases will be funded from the company’s current cash and credit positions and will occur in open market, negotiated or block transactions. AXEC does not intend to repurchase any shares from its management team or any other insiders. The announcement of the buyback plan shows investors the current financial strength of the company as well as confidence moving forward.
Axial Vector is an international firm, based in Portland, Oregon, that owns, develops and licenses proprietary intellectual property with unique internal combustion engine technologies. Their engines use a linear power design to create a combination of horsepower, torque and fuel efficiency superior to that of standard internal combustion engines. In several tests, the engines manufactured by AVEC produce an average of three times as much torque as a standard engine while measuring only half the size. The engines also have significantly less moving parts, which allows them to require less maintenance and run for more hours without the need for an overhaul.
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