NEW YORK, NY -- (Marketwire) -- 06/29/11 -- AVEC Corporation ('AVEC') (PINKSHEETS: AVEC) (FRANKFURT: BAE1) announced today it has signed a partnership agreement with GCC International (www.gccinternational1.com) for Upstream Technology Acquisitions and MEA (Middle East - Africa) Marketing.
Under this partnership AVEC will identify, recommend and coordinate new investment opportunities that will complement its existing business model and portfolio of technology, as part of the agreement AVEC will relocate its offices back to the United Sates. GCC will provide the required capital structure and investment expertise for acquisitions of technology recommended and approved by AVEC management. Samuel Higgins has been named Technology Managing Director of GCC and will coordinate all affiliate investments for the groups in the USA.
Senior Managing Director of GCC International is Mr. Paul Farah who is also Chairman of 'Global Operations' in Dubai (http://www.global-ocs.com) and Managing Director of Four Winds Capital Management MEA. (http://www.fourwindscm.com/)
Paul Farah has more than 25 years experience in investment, M&A, project development (real estate & industrial) and management consulting (corporate restructuring & turn-around) sectors. He has held key advisory positions with various corporations and HNWI, including international engineering and contracting groups such as Montedison's Techimont, Kinetics Technology International (now owned by Mannesmann GmbH), MARAIS Group, Gulf Development Corp. and Grosvenor Associates in London. He has also held senior executive positions in real estate and industrial and development firms, such as MIDANCO Group in Canada and USA, and GULF International in London (Owned by a prominent member of the Saudi Royal family) and Investia Group and Terrell International in Europe and the Middle East. In 2003 he co-founded Global Operations & Investments LLC for H.H. Sheikh Butti Bin Juma Al Maktoum to act as technical and financial investment advisory and company representation services in Dubai. The company acted as advisor on major development projects and represented several world-class engineering, contracting and financial services groups including DEXIA Bank. In 2006, he managed the acquisition of Global by Groupe Financière Centuria, then a subsidiary of DEXIA which developed and closed the largest real estate development acquisition for an investment bank in London valued at $3.8b. In 2008 Paul created and founded FourWinds Capital Management MEA a subsidiary of a Global Asset Management Company and launched the EIP fund which had its first closing in 2011 and secured water and waste recycling project pipeline worth in excess of $1.5b. The Group's affiliate offices are based in Geneva, Switzerland with additional offices in London, United Kingdom; Boston, United States; and Hong Kong.
Global Operations is led by a team of seasoned professionals with significant experience in the MENA region. The team recently managed the expansion of a well-known major Investment Banking and Asset Management Group into Dubai, Qatar, Bahrain, and Saudi Arabia.
Samuel Higgins, AVEC Chairman, stated, 'We are extremely pleased to have this new network of very credible institutional investors join us in partnership and their recognition that the business plan going forward is sound for growth and profits from our technology portfolio.'
Paul Farah, GCC Managing Director, added, 'We have previously made an investment in AVEC and have determined that the portfolio can now be commercialized and the opportunity has a very large potential upside given the enormous sums being committed in the Gulf Cooperation States for Green Energy such as AVEC's.'
About AVEC Corporation
AVEC Corporation (AVEC) is a Nevada Corporation and global solutions provider that owns, develops, invests in and licenses revolutionary technologies including solar, wind and geothermal alternative energy systems. It also owns and licenses multi fuel internal combustion engines and electric power generator technologies that have unlimited potential in military, industrial and commercial applications. AVEC and its partners are positioned to become unrivalled leaders in international green energy markets with technologies that produce more efficient, cost effective, environmentally sensitive and versatile solutions for use in a wide variety of important applications around the world.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, among others, all assumptions, expectations, predictions, intentions or beliefs about future events. You are cautioned that any such forward- looking statements are not guarantees of future performance and that a number of risks and uncertainties could cause actual results of the Company to differ materially from those anticipated, expressed or implied in the forward-looking statements. The words 'believe,' 'expect,' 'anticipate,' 'project,' 'targets,' 'optimistic,' 'intend,' 'aim,' 'will' or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Risks and uncertainties that could cause actual results to differ materially from those anticipated include risks related to new and existing products, product defects and any related product recall; any projections of sales, earnings, revenue, margins or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements regarding future economic conditions or performance; uncertainties related to conducting business in China; any statements of belief or intention; any of the factors and risks mentioned in the 'Risk Factors' section of our Annual Report on Form 10-K for the year ended December 31, 2007 and any subsequent SEC filings. The Company assumes no obligation and does not intend to update any forward-looking statements, except as required by law.
For further information, please contact:
Jebel Ali Free Zone
Dubai, United Arab Emirates