Axial Vector(TM) Announces the Hiring of Dr. John F. Walter as a Consultant

Dr. Walter to Assist with Beta Site Testing

PORTLAND, Ore., March 2 -- Axial Vector(TM) Engine Corporation (BULLETIN BOARD: AXVC) announced today the hiring of Dr. John F. Walter as a consultant to Axial Vector(TM) Engine Corporation. Dr. Walter will provide technical expertise, strategic planning and consulting to industry or governments in the areas of power generation and alternate methods of electrification. Dr. Walter will also serve on the Advisory Counsel for the Company. Dr. Walter was formerly the President of Constellation Power, Inc., of Baltimore, Maryland, a company owning and operating over 40 energy generation plants and fuel generation facilities throughout the United States and Latin America. Prior to that, Dr. Walter was President of Ogden Power Corporation and a Co-founder and Director Gallagher Marine Systems, Inc. Dr. Walter also served as Director of Engineering for Gulf + Western Manufacturing Company, coming there from Westinghouse Electric Corporation, where he worked closely with Admiral Hyman Rickover in the development of United States Naval Nuclear Submarine Propulsion Program.

Dr. Walter has also served on numerous company boards, including Gallagher Marine Services, EGI, Inc., the Electrical Generation Association, the Valve Manufacturers Association, and Millennium Power, Inc.

Dr. Walter received his BS degree in Chemical Engineering, Summa Cum Laude, from the University of Florida, and his MS and PhD from the University of Pittsburgh.

"Hiring Dr. Walter as a Consultant to our company is an important milestone toward the implementation and operation of our Beta test sites for power generation," said Dr. Raymond Brouzes, President of Axial Vector(TM) Engine Corporation (AVE). He added: "We are seeking other equally qualified professionals to serve with Dr. Walter on our Advisory Counsel."

Dr. Brouzes indicated that he and his AVE team will be proud to update the public on key developments and other milestones on the Beta Tests Program as they unfold.

About Axial Vector(TM) Engine Corporation

Axial Vector(TM) Engine Corporation is a publicly traded company that owns, develops and licenses proprietary intellectual property regarding unique internal combustion engine technologies. We are applying these technologies to develop an exciting, new, smaller and lighter internal combustion engine that produces significantly greater horsepower and three times more torque on less fuel than conventional engines of similar size. The internal combustion engine as we know today may never comply with mandated pollution standards and meet the strong demand for cleaner and far greater fuel-efficiency engines. We see the Axial Vector(TM) as the engine design that will comfortably meet these challenges, and more.

Key entry markets for the Axial Vector(TM) engine include a number of specific military and industrial applications. Additionally, we are developing a family of electric power generators incorporating our unique Axial Vector(TM) technology. The generators will consume less fuel per unit of electrical power output and are considerably smaller than any know internal combustion engine generators.

Forward-Looking Statements

This press release may be deemed to contain forward-looking information. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements as to industry trends, future economic performance, anticipated profitability, anticipated revenues and expenses, and products or service line growth, may be significantly and materially impacted by certain risks and uncertainties, including, but not limited to, failure to meet operating objectives or to execute the operating plan, completion, and other economic factors. Additional risks and uncertainties are described in the Company's public filings with the Securities and Exchange Commission.