Torvec Lists Common Stock on Nasdaq
22 January 1999
Torvec Lists Common Stock on Nasdaq; Company Developed Advanced Automotive Technologies Focus is on Fuel and Manufacturing Efficiency and Off-Road Vehicles
ROCHESTER, N.Y., Jan. 21 -- Torvec, Inc., developer of
advanced and fuel-efficient automotive technologies and the FasTrack(TM)
vehicle, today listed its common stock on the Nasdaq Over-The-Counter system
under the symbol TOVC.
Torvec is a development stage company founded by experts with long track
records of success in the fields of automotive technology, off-road vehicles
and automotive product introduction. Torvec owns patents in the United
States, Japan and other industrial nations for five highly-advanced automotive
technologies: a transmission with infinitely variable gearing, a true
constant velocity joint, a lightweight hydraulic pump and motor assembly, a
steering drive for track vehicles and a spherical gearing mechanism.
Torvec believes that this portfolio of proprietary and patented
technologies has the potential to change paradigms of engine manufacturing by
significantly increasing fuel economy, reducing diesel emission particulates,
and reducing manufacturing costs. Torvec believes its FasTrack(TM) could be
an important new vehicle for use in the military, in agriculture, timber,
mining and could create a new paradigm for transportation in underdeveloped
regions.
Torvec is currently in confidential discussions with several leaders in
the transportation industry to license its technologies for commercial
production. Torvec will make an appropriate disclosure when an agreement has
been reached, however there can be no assurance that Torvec will reach such
agreement.
Torvec, Inc., based in Rochester, New York, is a developer of highly
advanced automotive technologies and the FasTrack(TM) vehicle.
This press release and supplementary information contains forward-looking
statements based on current expectations that are subject to risks and
uncertainties, as outlined in the company's 10-K statement.
Torvec's financial results are filed at http://www.sec.gov
SUPPLEMENTAL INFORMATION: TORVEC'S ADVANCED TECHNOLOGIES
Torvec, Inc. is a development stage company which developed and owns the
patents on five advanced automotive technologies:
-- Steer drive for Torvec's FasTrack(TM) vehicle
-- Infinitely variable transmission
-- Hydraulic pump and motor
-- Geared constant velocity joint
-- Spherical gearing assembly
These technologies are the result of Torvec's efforts to develop the
FasTrack vehicle. This vehicle, the company's patented advances, their
application and current stage of development are described below:
Torvec's FASTRACK(TM) is a new type of vehicle that "brings its own road
with it" -- making it ideal for unpaved areas comprising most Asia, Africa and
South America. The FasTrack(TM) steers as easily as a car using Torvec's
patented STEER DRIVE. The FasTrack's(TM) rubber track assembly was jointly
designed by Torvec and Goodyear. Additionally, the FasTrack(TM) incorporates
Torvec's infinitely variable transmission and a patent-pending suspension
system. The sum of these advances is the FasTrack(TM), which smoothly
navigates the roughest terrain off-road, can reach highway speeds on paved
roads, and leaves no ruts due to its very low ground pressure.
None of the 10 million four-wheel drive vehicles produced every year, and
no track vehicle, combines all the advantages of the FasTrack(TM). Given its
wide application and low cost to manufacture, the FasTrack(TM) vehicle could
be very useful to the military, agriculture, mining, timber and the general
consumer markets.
Torvec's FasTrack(TM) can be assembled on nine manufacturers' vehicle
frames. Torvec is in the final stages of assembling its first pre-production
prototype on an Isuzu truck frame; two on a Kia truck frame will follow.
During 1999, Torvec intends to showcase the prototypes to pursue joint venture
or licensing agreements with manufacturers of cars, trucks and related
equipment. There can be no assurance that Torvec will complete such an
agreement.
Torvec's second significant advance is its INFINITELY VARIABLE
TRANSMISSION, which provides an uninterrupted drive through an infinite number
of geared speed ratios, as opposed to the limited number of stepped gears in
today's transmissions. An "IVT" has long been a goal for automotive
engineers. This advance will improve the fuel efficiency of all types of
engines -- gas, diesel, electric and hybrid -- because it allows the engine to
run at a constant r.p.m. of approximately 2x idle rate. Torvec has
manufactured and tested earlier models of this transmission and proven them to
increase fuel economy. Torvec's transmission has almost 300 fewer parts, is
smaller and significantly lighter than a standard automatic transmission, and
is less expensive to manufacture. The current model has been designed and a
pre-production protype will be manufactured shortly for installation into the
FasTrack(TM) prototype.
Torvec's transmission is possible, in part, through Torvec's patented
lightweight HYDRAULIC PUMP AND MOTOR assembly. In the past, hydraulics were
not acceptable for use in cars and light trucks because of their excessive
noise, heat and weight. Torvec's infinitely variable transmission has none of
these disadvantages. Using Torvec's hydraulics, its transmission weighs 25 to
75 lbs. less than current transmissions, depending upon engine size.
Torvec's other patented technologies comprise a new breed of CONSTANT
VELOCITY JOINT which has true infinite gearing based on Torvec's proprietary
SPHERICAL GEARING assembly. CV joints are essential to steering mechanisms
and other flexible coupling applications which Torvec estimates comprise a
$15 billion market annually. The primary advance of Torvec's CV joint is its
reduced unit size, weight and manufacturing cost. Additionally, Torvec's CV
joint technology has constant gearing speeds through an 80 degree range, as
opposed to the 5 to 15 degree range of today's CV joints. Torvec has
manufactured a pre-production prototype CV joint for steering, which will be
installed in a test vehicle during 1999 for demonstration to auto
manufacturers. Torvec intends to seek a licensing or joint venture partner to
commercialize its steering CV joint.
SUPPLEMENTAL INFORMATION: EXECUTIVE EXPERTS
Torvec's senior executives include recognized automotive and off-road
experts:
-- Vernon E. Gleasman, inventor of the Torsen differential now used in
many Porsches, Audis, Toyotas, Mazdas, General Motors' automobiles and
the Hummer. Mr. Gleasman is winner of the 1983 Schwitzer Award for
Most Innovative New Product at the Indianapolis 500. He is the
principal inventor on over 120 patents for applications in the
transportation industry including advances in fuel injection and
clutches.
-- Dr. Herbert H. Dobbs, Chairman, retired colonel and technical director
of the U.S. Army Tank-Automotive Command. Dr. Dobbs oversaw
development of the Army's Hummer.
-- Lee E. Sawyer, Director, has extensive wholesale experience with Ford
and Toyota and was part of the teams that successfully launched Hyundai
and Kia Motors into the US marketplace.
-- Keith E. Gleasman, President, who launched the Torsen Differential into
the marketplace, has extensive experience in the sales and marketing of
automotive technologies and is co-inventor of all Torvec's patented
technologies.
DEVELOPMENT AND COMMERCIALIZATION TRACK RECORD
The Torsen differential, for which the Company's Inventor is recognized,
was a revolutionary advance that directs power to the wheels with the most
traction, improving performance and safety in off-road and poor weather
conditions. The Torsen differential is now used in a wide variety of vehicle
makes and models, including: Several models of Porsches; Audi Quattro's;
Toyota's Lexus, Supra and RAV4; Mazda's Miata and RX7; General Motors'
Chevrolet Camaro, Pontiac Firebird, Oldsmobile Achieva; Suzuki's SUV line; and
in the AM, General Hummer. The Gleasman family manufactured and produced the
Torsen differential from 1962 to 1982. Then, to meet the need for larger
production facilities due to expanding orders, the family sold the rights to
Torsen differential; these are now owned by Zexel Corporation, a company
jointly owned by Isuzu Motors Limited and Robert Bosch Gmbh.
