Axial Vector Energy Corporation (Avec) said its wholly-owned subsidiary  Avec Strategic Acquisitions Corporation will aim for strategic buyouts and help boost the company's revenue.

Sanjai Chhaunker, new president and CEO of Axial Vector, said: 'Our strategic plan calls for acquiring businesses that complement our core technology and allow our revenue stream to grow more rapidly.

'With the proper structure and financing now in place, we will proceed to finalise our discussions on companies that we have researched and identified as strategic to our plans.'

The new company will be headed by Chhaunker who will be working closely with Behzad Khakouei, director strategic planning of Avec. 

The companies being looked at have been monitored and examined closely by Khakouei and his team during the past six months.

Khakouei said: 'Now that we have our new CEO and the subsequent establishment of Avec's new subsidiary, we are now in a position to execute the deals that will propel Avec to the forefront of clean, efficient energy suppliers.'

Avec is a global solutions provider that owns, develops and licenses revolutionary internal combustion engine and electric power generator technologies that have unlimited potential in military, industrial and commercial applications. - TradeArabia News Service