Axial Vector Engine announces standstill agreement

By Lisa Kerner

Charlotte, N.C., March 10 - Axial Vector Engine Corp. signed a stock standstill agreement with Emirates International Capital Advisory, the company's largest shareholder.

Emirates International agreed not to purchase or option any further equity in the company until Axial has traded in excess of $4.00 per share for 10 consecutive trading days, a company news release stated.

Axial, for its part, agreed to a freeze on any future investments from others and agreed that Emirates International's current stock may not be diluted without a two-thirds majority vote of the shareholders.

Emirates International has provided Axial with $45 million to finance the company's engine and generator technology rollout.

Axial, located in Portland, Ore., develops internal combustion engine technologies designed to make engines more fuel-efficient.

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