DUBAI, UNITED ARAB EMIRATES -- (Marketwire) -- 05/19/11 -- Corporation ('AVEC') (PINKSHEETS: AVEC) (FRANKFURT: BAE1) announced today the signing of an exclusive distribution agreement for its 'Solar Sun Systems' with MGT Group (http://www.themgtgroup.com/) covering Iraq, Djibouti and Afghanistan.
The MGT Group is a leading supply house in the region for seamless procurement services. Target industries for its services including the global oil/gas industry, NGOs, world militaries and international institutions such as the U.N. Red Crescent and is a global player maintaining offices on five continents.
Over the last 18 years MGT has secured a significant reputation in the region by development of its business along diverse lines such as camp supply/operation, humanitarian aid, national reconstruction, industrial and infrastructure development. MGT views its ISO 9000 certification as a means of furthering its global competitive status and by providing its loyal and longstanding customers a means of assessing its level of quality and their commitment to improvement.
The company they keep around the globe reflects MGT professionalism. Key clients include: the U.S. Military, British Forces, NATO, U.N. agencies, global oil/gas corporations, NGO's the World Banks and private humanitarian foundations such as the Zayed and Kuwait fund for International Development. MGT offices are in Iraq, Sudan, UAE, Afghanistan, Pakistan, Kuwait and Canada.
Under this agreement pilot demonstration plants will be set up in each of the three countries to demonstrate 'Solar Sun Systems' in all conditions and to secure orders for deployment in each country.
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:
Telephone: +9714 887 5351
Jebel Ali Free Zone
Dubai, United Arab Emirates
971 4 887 5351