This board is an independent website made possible by the good people at InvestorsHub. (See #msg-23860012.)
This board is not controlled by Torvec. This is not a Torvec website. That said, the Moderators DO own TOVC shares. INTERESTED INVESTORS SHOULD PERFORM THEIR OWN DUE DILIGENCE PRIOR TO INVESTING.
Stock Price- 10 year (left) and Year-to-Date (right) history of TOVC share price: http://bigcharts.marketwatch.com/advchart/frames/frames.asp?symb=TOVC&time=8&freq=1
Positives: New CEO and CFO: Richard A. Kaplan, Chief Executive Officer and Robert W. Fishback were appointed the company's Chief Financial Officier. Three (3) members of the Board immediately offered their resignations. On September 26, 2011 the company announced that local Rochester NY billionaire Tom Golisano had invested over $6.2M in the company and would be providing input to management and the BOD. A few weeks after the Golisano announcemnt, Hyundai has issued a PR citing collaboration wtih TOVC in testing on their Genesis model (http://www.autoblog.com/2011/10/14/supercharged-hyundai-genesis-hurricane-sc-to-bow-at-sema/ ). The Gleasman family was responsible for the design and engineering behind the Torsen Differential. Torvec's automotive engineering skill was recognized by the industry and the military (see May 5 CEO Update: http://www.torvec.com/messagefromceo050508.htm). Since the Torsen, the company has developed several other potentially revolutionary products in automotive engineering. Their newest products address market needs for greater fuel efficiency, lower cost, less weight and reduced emissions. Torvec's technology holds the promise of giving American companies a competitive advantage in fuel efficiency, safety and the creation of a new class of vehicles - tracked vehicles with applications from border patrol, search and rescue and construction to a recreation. The company has announced that it is working with GM on various models including Cadillac. Recognition of their technological capabilities has come from the likes of NASA. Numerous patents and IP are held by and assigned to the company and its shareholders.
Concerns: Historically, there were a number of pink flags: (#msg-42787201). New CEO Dick Kaplan and Tom Golisano's role and bank-roll are looking to re-write the company's history
* For long term investors, the new Series C stock heavily dilutes the company but at least it may bring with it accountability, timelines, credibility and commercialization events.
* 57% of the company stock is held by the Gleasman 's so control rests entirely in the hands of a very limited number of family members
* Management has a history of moving the goalposts, painting rosy outlooks and optimistic projections. Dick Kaplan seems to be addressing this previous problem.
* Turnover in previous management teams has been an issue. New management has recently been put in place by the Gleasman family. Time will tell if this marriage works. It's still a family controlled company.
* The company is heavily engineering based. Sales, Marketing and Strategic Planning have not been successful as measured by the share price. New management brings new hope.
* Expectations of numerous previous projects have fallen short:: "Ford Tracked Vehicle", Hilary Clinton involvement, DARPA, Chery, Shanghai Automotive, Peng-Pu, City of Chicago 'Green" initiative, EPA testing, Koenensigg, Nissan and NYS School Buses have frustrated investors in recent years.
* Pending commercialization of their various technologies has been predicted since 2000 SEC filings. CEO Updates, which use to tick the stock price northward, began to have less and less impact until finally, with a website redesign, they were dropped completelyand erased as a historical record of mis-achievement. A classic, the Dec 2008 CEO Update, set expectations of one or more announcements of a "major development" and "watershed event" by or at the 2009 Annual Shareholders Meeting. That never occurred
* The company's IVT (infinitely variable transmission) technology does not appear presently to be a serious contender in spite of the "Perfect Storm" environment for fuel efficiency. As of September 2008, the "Perfect Storm' which had oil prices above $150 per barrel has at least temporarily subsided. This peak in fuel prices should have been accompanied by an commensurate peak in the valuation of some of the company's technology. As the YTD share price graphic above indicates, that did not occur.
* Until recently (October 2010), trading volume has been thin and hence volatile and only semi-liquid. With the announcement of Kaplan as CEO and Tom Golisano as investor and BOD member, both volume and share price have begun to recover. Whether this is sustainable will be seen as new management and a new BOD takes control.
* Suggest new investors review a decade's worth of SEC filings and over four years of CEO Updates found on the company's website.
January 2010 Shareholders Meeting - unlike past years, no SEC filings were submitted regarding the specific content of the meeting nor powerpoint slides used.
2009 Shareholder's Meeting
"Major development" still in the works with a large automotive manufacturer for FTV. $10K royalty/profit per FTV. GM still in discussions regarding IsoTorque diff in six models (half million rear wheel drive vehicles). Un-named heavy truck manufacturer interested in inner-axel differential. IsoTorque standing order supposidly in-house from Nissan but company can't afford to manufacture them until greater economies of scale are realized. Not to be found in the SEC 8-K filing is that the Ford FTV deal which was the highlight of the 2008 meeting appears now to be dead.
January 2008 Shareholder's Meeting
Management positioned the company's primary technologies as being 'in-play': It's an unusual use of the term given that the technology has now been "in play" for the better part of a year. Ford Motor Company was reported as in negotiations on the company's Fast Tracked Vehicle (FTV - also known as the Full Terrain Vehicle and referred to at this year's Shareholder Meeting as the "Ford Tracked Vehicle"), General Motors has been reported as in negotiations on the use of the Company's IsoTorque Differential across all its models, Lockheed-Martin in negotiation for utilization of up to 1.3 million the company's CV Joints (CVJ) for pending military use in the Joint Light Tactical Vehicle (JLTV), a California Hybrid Bus manufacturer in negotiation to implement the CVJ in the design of their product. See #msg-26492129 for text and powerpoint files as presented to shareholders on January 28th, 2008. A projected transaction with Nissan for Iso-Torque Differentials has still yet to be announced. Lockheed Martin was successfully chosen this month as one of three finalist in contention for the military's JLTV contact. In a recent board survey, 81% of Torvec shareholders believed the company's CV Joint to have been in the Lockheed prototypes. Recent evidence suggests they were not. The company says it can't comment due to non-disclosure agreements with Lockheed.
VALUATION #msg-20205087 and #msg-20206084, #msg-8231969 #msg-11828725 #msg-14443213. Developments as of October 2007 led to speculation that the company could be worth in excess of $30 per share but shares have been on a downward trend since January 2007 with the exception of a Dec/Jan blip up due to CEO Update promising the announcement of a "major development" by or at the 2009 Shareholder meeting. That didn't happen. A Jim Gleasman valuation model from April 2008 was posted: #msg-29039800. Valuation in this model is north of $150 per share. Management has been quoted as saying investment will either lead to "the outhouse" or "the penthouse". Throughout much of 2010, the stock has hit new low after new low, bottoming out at $0.30 during the Summer. That may change going forward from October 2010 with the announcement of new management. No new strategic plans have yet been announced.
Shares Outstanding: As of December 1, 2009: 35,448,646. and has commitments to issue additional common shares upon the exercise of common stock warrants and potential conversions of Class A and Class B Preferred Stock.
Float: About 16M (realistically much lower- probably on the order of 8 to 9M - as many shares rest in supposidly company-friendly hands - see #msg-8069620, )
% Held by Insiders: ~57% % Held by All Directors: ~37.89%
...Keith Gleasman, President , 9,328,273 shares or 23.34%
...James Gleasman, (deceased) 5,884,013 shares or 15.37%
...Margaret Gleasman, (Vernon Gleasman's Estate, Beneficial Owner.) 2,310,314 shares or 6.5%
Stock Dividend or Stock Splits: Board of Directors and shareholders voted in 2006 to increase the number of authorized common shares by 360,000,000 common shares. As a result of the amendment, the company's certificate of incorporation provides that the company has authority to issue an aggregate 400,000,000 common shares.
Torvec has two wholly owned subsidiaries: IVT Diesel Corp and Iso-Torque Corp. Both are expected to form joint ventures or license TOVC technology to partners.
The company believes its products are production ready: #msg-23996633
PRINCIPAL INVENTORS: THE GLEASMAN FAMILY
Vernon Gleasman (1912-2004) - responsible for invention of Torsen Differential (1951). See link: http://archive.twst.com/notes/articles/agu606.html
James Gleasman (1946-2010 )
Keith Gleasman (1953- )
PARTNERS AND TECHNOLOGY APPLICATIONS
United States Air Force - interest in development of an Advanced Combat Firefighting Vehicle (ACFV), a high speed, high maneuverability vehicle capable of traversing extreme and inhospitable terrain. Going where other vehicles can't go: #msg-29063650
General Motors Corporation - in discussion on TOVC's IsoTorque Differential for several models including Cadillac.
SMS Supercars - announced January 8, 2010 the availability of an IsoTorque Diff as an option on its SMS 2010 Carmaro to be shown at the 2010 Detroit Auto Show. (#msg-45306771)
Lockheed JLTV - Joint Light Tactical Vehicle. See #msg-23853213 . Follow JLTV development here: http://contracting.tacom.army.mil/ssn/jltv.htm
Announcement Oct 15, 2007 from office of Senator Hillary Clinton announces partnership of Torvec and Lockheed. "Our men and women, if they are called upon to engage in combat by their country, need to have the very best that our country has to offer," said U.S. Senator Hillary Clinton. "The relationship between Lockheed Martin and Torvec, Inc. creates an innovative solution for the next generation of tactical wheeled vehicles. Senator Clinton's interest in the next generation of tactical wheeled vehicles allowed her to make the connection with the automotive technologies produced by Torvec, Inc. and Lockheed Martin Systems Integration."
http://clinton.senate.gov/news/statements/details.cfm?id=285305&& While Locheed Martin has been selected as one of three finalists for this military contract, it is unknown for certain whether Torvec's CVJ is or will be a part of the final design, should Lockheed be selected as the manufacturer.
NASA Electrically modified IVT (transmissions) and IsoTorque differentials for next generation Moon Rover. An engineer's potential 'dream' endorsement of the technology. #msg-16513092 - artist's rendering. http://www.torvec.com/images/NASA/NASA_Diffs_2.jpg
The company says it is focused on the commercialization of the first two of the products listed below.
New version of their original Torsen differential, currently standard equipment on Lexis, Toyota, Audi, Land Rover, GM and >30 other models. ISO-Torque Differential is less expensive and more efficient (due to many fewer parts) and is much lighter than the original Torsen design. The original Torsen design, the patent on which has expired, was sold in 2003 to Toyoda Machine Works for > $100M. (#msg-8218965). Currently installed on a Nissan 350-Z and some GM models (Cadillac CTS). Post on three (3) models of Torsen differential (#msg-32189319) from http://en.wikipedia.org/wiki/Torsen. IsoTorque looks to be the first of the company's technologies which will see the light of day.
Hydraulic Pump and Motor
Historically, the problem with hydraulics has been their excessive noise, heat and weight. This made the technology unacceptable for most automobile and light truck use. Torvec's Hydraulic Pump and Motor, Rota-Torque™, has been designed specifically for automotive use and has none of these disadvantages. It is smaller, quieter and lighter than current models (80 lbs vs 360 lbs).
Fast Track Vehicle... Think of the track of a tank attached to the undercarriage of a standard pickup truck. Prototype vehicles incorporates many other TORVEC technologies. Steers with a steering wheel for ease of use and maneuverability. Designed for highway speeds. 17" wide rubber tracks won't leave ruts, making the FTV highway-and-environmentally-friendly. All-terrain vehicle capable of navigation thru sand, mud, snow, rocky terrain, etc. New 2007 patents around track and steer drive mechanisms. The "FTV" acronym has gone from "Fast Tracked Vehicle" to "Full Terrain Vehicle" to "Ford Tracked Vehicle" and now back to "Full Terrain Vehicle". Perhaps it should be called the "Future Tense Vehicle".
Infinitely Variable Transmission (IVT)
Utilizes TORVEC's patented lightweight HYDRAULIC PUMP AND MOTOR assembly. The transmission provides an uninterrupted drive through an infinite number of geared spread ratios allowing ideal torque flow to propel the vehicle while permitting the engine to run at optimum efficiency. Using TORVEC's hydraulics, its transmission is lighter than current transmissions and has far fewer total parts (170 vs 700+). The IVT allows an engine to run at a constant speed rather than having to variate. This results in reduced pollution and improved fuel economy.
Constant Velocity (CV) Joint
Approximately 300 million constant velocity (CV) joints are sold throughout the world every year, comprising a market of over $6 billion. They are primarily used in front-wheel-drive vehicles, sport utility vehicles, and 4x4 light trucks, and are also used in some rear-wheel-drive vehicles. New military applications such as the JLTV could increase demand for this technology. (See #msg-42623601 however!) Torvec's spherical gearing was invented for use in its own pumps and motors. This Torvec CV joint, which uses spherical gears, is interchangeable with existing CV joints, and has lower weight and manufacturing cost than current CV joints. The Torvec CV Joint has world-wide patent protection.
In June 2007, the company announced a transfer of its ice technology license agreement with Dartmouth College to Ice Engineering, LLC --- a company owned by the original inventor of the technology, Dr. Victor Petrenko. Torvec's gain of $3.5M in the transaction ($300,000 per quarter starting March 2008) is being held up by auditors. A future revenue stream based on commercialization of technology is possible.. See the company announcement: http://www.torvec.com/messagefromceo062007.htm
SEC Filings As management is fond of saying, "It's all in the filings!".
September 1998 Shareholder Update: #msg-26343885
Strategy and Highlights from Year End 10-Ks and Shareholder updates:
Year Ending 1999 10-KSB: n/a
Year Ending 2000 10-KSB: #msg-26344586
Year Ending 2001 10-KSB: n/a
Year Ending 2002 10-KSB: #msg-26345049
Year Ending 2003 10-KSB: #msg-26378279
Year Ending 2004 10-KSB: #msg-26378852
Year Ending 2005 10-KSB: #msg-26379770
Time sequence related to CXO management engagement: #msg-29847354
2007 Annual Meeting of Shareholders: held Rochester NY Thursday January 25th, 2007 at Casa Larga. Coverage of the meeting started here: #msg-16508364. #msg-16707077
2008 Annual Meeting of Shareholders: held in Rochester NY Thursday January 28th, 2008 at Casa Larga. Text and graphics linked at the following post: #msg-26492129
2009 Annual Meeting of Shareholders: held in Rochester NY Thursday January 29th, 2009 at Casa Larga. Summary of major points. #msg-35205006
2010 Annual Meeting of Shareholders: held in Rochester NY Thursday January 28th, 2010 at Casa Larga.
2012 Annual Meeting of Shareholders: to be held on June 14th, 2012 at 7:00 pm at Casa Larga Vineyards (2287 Turk Hill Road, Fairport, NY).
COMPANY WEBSITE and PHONE NUMBER:
http://www.torvec.com ……..Office: 585.254.1100 begin_of_the_skype_highlighting 585.254.1100 end_of_the_skype_highlighting ……… Fax 585.254.1105.