Axial Vector Energy Corp. (AXVC.PK) Sells First License to Manufacturer Engines in Malaysia with Premier Group of Kuala Lumpur
Axial Vector Energy Corp. announced this morning it has sold its first license to manufacture its multi fuel "work horse engines" in Malaysia. Headquartered in Kuala Lumpur, Malaysia, Premier Group signed the exclusive license agreement, which covers Malaysia, Indonesia and parts of Southeast Asia. Premier Group has agreed to produce a minimum of 5,000 workhorse engines to be configured for palm oil use only. The agreement requires a non-refundable fee of $500,000 dollars as well as a durability pilot site for 5,000 hours using palm oil, which is funded by Premier. The agreement also provides for further milestone payments of…