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The dog and pony show to raise 2.5 million at 25 cents, when the stock price sits at .25 is a puzzle.
<<< the stock price should be moving based on that excitement and it's not. That's my point >>>
I agree, also no volume. Why does no one step up and buy the block sitting at 40 cents if this is such a no brainer?
At yesterday's close of 25 cents I agree they won't be able to raise the 2.5 million at .25 a share. Also from reading the report they cannot ask for less than 25 cents for the equity raise. <<< I'll be shocked if they get the $2.5m.>>>
The stock price will need to ascend for the equity raise to be successful. If you can buy on the open market for the same price there would be no reason to be a part of the equity raise.
Note to self...Find out if their is a buyer for Torvec's wearable technology (amongst all the wearable tech out there) before spending funds on inventory.
I would assume this has happened or is happening.
The watch may be a little rough used as a toilet tissue.
Life is good
Dino
Call me silly, but that just may be the case. <<< "oh, we haven't started production just yet but give us your number and we'll call when the watches are available " >>>
Anyone with facts to prove production has started? Last I knew we had a prototype.
Dino
Secret Service warned about officer fatigue.....
Washington (CNN)—The Department of Homeland Security's Office of Inspector General has sent a stern warning to the Secret Service after two officers were caught napping at their posts, saying that agents are overworked and creating a security risk.
The "management alert," which was sent to Secret Service Director Joe Clancy this week, came after two incidents over the summer in which officers -- one of whom was at the White House -- were found to be asleep on the job.
They were discovered while officials from the inspector general's office were touring facilities as part of an ongoing review of Secret Service radio communications. Both officers were referred by the Secret Service for disciplinary action.
According to the alert, one of the officers had worked nearly 60 hours of overtime in the two weeks prior to the incident. It said Secret Service employees described that as "minimal" compared to other officers' schedules.
The officer told investigators that long hours, travel and illness contributed to falling asleep. In particular, he cited a 36-hour shift involving a trip to Kenya.
The other officer reported regularly working 12-hour days. That officer blamed working in the heat and a lack of water.
"Fatigue from travel, overtime shifts and long hours contributed to these incidents," the alert said. It refers to a prior DHS panel's finding describing the detail at the White House as "overstretched" and "exhausted" with "low morale." The panel found that officers regularly work 12-hour days for 13-day stretches, followed by one day off.
"These issues impact officer safety and the agency's ability to meet its mission," the alert said.
The Secret Service strongly denied the allegations of overwork in a sharply worded statement.
"Regarding these two incidents, scheduling and staffing issues were not contributing factors to the misconduct by these officers, nor do they serve as an excuse for their behavior," the statement said. "In both instances, the officers had sufficient days off prior to the incident."
But several Secret Service officers, asked about conditions such as 12-hour shifts for 13 days, have told CNN such workloads are not unusual.
The inspector general's office is working on a broader review that includes workload and morale after a string of Secret Service embarrassments, including an incident in which a man jumped a fence and ran across the White House's north lawn, making it all the way inside the residence through an unlocked front door.
Clancy, who became Secret Service director in February, has vowed to turn the agency around, and it has been actively recruiting new officers.
I believe the post was referring to shareholder value/stock price/results/commercialization.
Dino
Posts of this nature seriously bring to me gloomy feelings and pain filled reminders of Torvec's history.
"just a matter of time"
"manufacturers need Torvecs" insert ???
"who makes the first buy-out offer"
Perhaps I should see a doctor, I just can't get excited about Torvec anymore.
I admire your enthusiasm Knot and hope you are right.
Life is good,
Dino
A lot of disgruntled/disappointed old timers (shareholders) headed for the exits this past year, confirmed by the extremely low attendance at the meeting and the share price dipping to an all time low 5 cents.
"One man's junk is another man's treasure" MAYBE
Dino
Volume 2,500 Why are people not buying the 20 cent shares that are available at the ask right now?
Well at least no one is selling.
Dino
Everyone here enjoy your evening whether attending or not. I am just too discouraged to bother to attend. I sold just about all of my shares earlier this year at a whopping lost.
We lost more shareholders this year who understandibly gave up. Again enjoy your evening. Go Torvec.......I hope the stock goes up immensely in the future. BUT AT WHAT PRICE GLORY.
Life is good,
Dino
However one chooses to view David Carlisles resignation, he certainly was correct that the Torvec glass at the time was not only half empty, it was bone dry. The 16 cents per share and the 10 years that have passed bears that out.
My favorite quote from his resignation:
"We almost made it to the confessional"
Dino
Thank you Sulax excellent post for those who are willing to face the truth about the Gleasmans/Torvecs past. It was all there right in front of me back in 2005. I turned a blind eye to the David C resignation letter and chose to continue to believe what I was told by Jim Gleasman instead.
There are no other choices for me now, but to hope that the pump is successful. And even if it is, "at what price glory"
Win or lose the Gleasman/Torvec experience is/was a horrible one.
Life is good,
Dino
What better opportunity to relate developments to shareholders than the annual shareholders meeting?
Too bad at last years shareholders meeting we missed by only days to ask and discuss the ISO-TORQUE setback with Mark Mcvea.
Mark Mcvea who was present at the meeting was gone only days later. I wish we could have heard more about the Iso at the meeting from Mark.
Timing is everything.
But (wam) some of us left last years meeting with a warm fuzzy feeling in our stomachs. You know that new product in the pipeline that they wished they could tell us more about but they couldn't.
Dino
As it turned out I was on the right track with my questions at that Torvec annual meeting you speak of. Like many other shareholders, after that I was no match for the "We are no longer a research and development company" misrepresentations at annual Torvec meetings that followed.
16 cents for a (Torvec/Gleasman) share of stock.
Dino
16 Pennies All time low close eom...
Sulax I remember that one also. I was told the big Nissan exec was not in Town for no reason.
As you remember year after year, everything was always just right around the corner for Torvec shareholders to cash in.
How can that be viewed any differently today, I wonder.
Dino
Yes fadeaway you definitely referred to the CFO. I am hearing what Sulax has been posting, that Fishback stepped down because he got a better offer.
Not because he wanted to save shareholders money, or that he was forced out by management, or that the position is not needed at this time.
Dino
Can someone tell me what the ups were that Fishback is referring to during his 4 plus years with Torvec in his resignation letter ?
"While we certainly have seen many ups and downs together over the past few years"
Yeah lotta great times. 19cents a share for shareholders.
Dino
Knot now I understand why you posted what you did.
I thought fadeaway was referring to the Bob Fishback resignation.
Honest mistake.
Dino
It is quite possible that the company forced Bob out, but it stands as a resignation unless stated differently by the company.
Dino
Why disregard?
Unless Torvec comes out and says that it was a company decision, on the face of it, it is a RESIGNATION/quitting.
A RESIGNATION can only be viewed as a company decision, if THE COMPANY ACTUALLY COMES OUT AND SAYS IT WAS THIER DECISION?
Myself, I stopped believing anything that came out of a Gleasman mouth long ago.
Dino
Nice post Cornbread... eom
Sulax, the closer "the investor" was to the flame, the more they got burnt by the Gleasman misrepresentations of the company Torvec.
The more meetings I had with Jim, the deeper into the quicksand I fell.
Dino
Thanks for your reply to my post KnotBad
Dino
With all due respect Knot Bad about your post stating, "An explosion of market opportunities are possible, thanks to Torvec innovation"
I hurt a lot of people in the past with confidence like that. It is one thing to lose your own life savings, but MY advising others to buy into the lies of the PAST, is just something I have to live with. I hate myself for that.
Nothing personal but reading the content of your post sickens me.
Dino
Nice post jfs... flat out lies and misrepresentations from Torvec for years.
<< No news about the pump testing scheduled for Sept. Did it blow up like the iso torque? Will it be put on the shelf like the iso torque, infinitely variable transmission, cv joint, FTV and every other project Torvec has failed at? >>
Dino
No, nothing that would be of interest to most here. Just a short conversation.
Dino
I did not realize we were betting the farm on the Iso-torque. Kaplan had said before that the pump was the company.
"I don't want to bet the farm on it anymore."
So after 3 years under Kaplan I have now leaned more about the differential
"The gears literally break in pieces," Kaplan said.
With the share price at 30 cents, we have accomplished nothing in the past 3 years.
Dino
Best post of the day Sulax. I felt the exact same way when I read the article.
<< I don't see this as a good article. I see it as article about failures and lies to shareholders. Really just a sad story. >>
Dino
"Torvec is better positioned for success today than at any other time in its sorted history".
Wish I had a nickel every time I heard that statement thru the many years Sammy. Ensuring "all voices have equal chance to be heard" on this board, there is no problem.
I am only guessing, but at 27 cents a share and no sales of inventions, I would think "bitch sessions" far outweigh love fest sessions in Torvec land.
Dino
Ironically McVea was at the meeting, while other Directors weren't. The debate would be, could his impending departure and its impact on the company have been discussed with the financially exhausted and FAITHFUL investors.
Or was the attitude, and I certainly hope not, we won't deal with it till the next years meeting.
Bonadio, Flaum, Saunders were the no shows. May have been another I am not sure.
Call me old-fashioned, respect to the Board of Directors position requires attendance to the one annual meeting. Maybe they were all sick and could not attend.
Dino
It's about results, not about if I as a shareholder like or dislike the new management. They are the only one we have.
But the share price over the past 2 or 3 years they have been in place tells they have not produced RESULTS. Of course as a shareholder I hope they will soon.
For PR alone it would not have hurt to have the full board of directors in attendance at a disappointing shareholders meeting.
Dino
Your answer lays in the 1 million dollars still to be raised.
Golisano would not put in the whole 6 million this time around.
Sammy you state you "like the management and its direction" and urge shareholders who are disappointed with the progress made by the new management to sell. That "cracks me up".
Investor return results as indicated by the share price is the bottom line. When this much welcomed new team was put in place, the "direction" of the share price hit 3.63 per share. At least 3 of the 10 board members could not even be bothered to show up at the annual meeting this year, while the share price hits an all time low of 25 cents.
You are entitled to "like the management team and its direction" I am entitled to dislike the stock price and the progress made.
Life is good
Dino
It is an all time low Mayday.
Management team is doing a great job so far.
Dino
Stop by The Ten Cent Millionaire Tavern the next time you are in my hometown. Appropriately named if I must say.
I'll buy you a beer and we can discuss the CEO'S other "disturbing" revelations prepared and presented at the annual meeting.
Would be good to see you again.
Life is good
Dino
ROCHESTER, N.Y., March 27, 2012 (GLOBE NEWSWIRE) — Richard A. Kaplan, Chief Executive Officer of Torvec, Inc. (OTCQB: TOVC.OB), announced today that effective March 27, 2012, it has engaged Dr. William Mark McVea, one of the world’s foremost drive-train and gear technology experts, as its Chief Technology Officer. Dr. McVea received his Ph.D. in Engineering from Purdue University and his degree in Mechanical Engineering from Rochester Institute of Technology. He is President of KBE+, Inc. a group of consulting engineers engaged in the design and development of gear trains and power transmission devices. He also develops and presents professional development seminars to practicing graduate engineers, primarily working for tier-one suppliers to, or directly for, international automotive manufacturers.
Joseph McMahon, Torvec’s Vice-President of Engineering, commented: “Dr. McVea has been working directly with me as a consultant to Torvec for the last year and we have made great strides using his services. I am excited he has accepted this position. He is a world class engineer who has brought new dimensions to our team.”
Mr. Kaplan stated: “This adds a huge asset to us and I am pleased that an engineer of Dr. McVea’s stature and reputation thinks so highly of our technology and our future potential that he would close his successful business and join Torvec on a full time basis. He will make a very significant contribution to our ultimate success and we are delighted to have him on our engineering team as our lead technology officer.”
Dr. McVea, who will be moving to Rochester, stated: “I am extremely excited about this opportunity. I believe Torvec’s technologies will be developed into world class products. We have a wonderful team and a great future.”
Mcvea was the much heralded fixer of the Iso-torque commercialization problems. Despite his credentials, Mcvea obviously did not take us to the promise land.
Tom Labus is the hydraulic pump leader.
At the annual, while maintaining future success of the iso, DK admitted problems with the progress of the iso. He boldly then stated "the pump is the company."
I called the office 6 months ago, Mcvea answered the phone. I asked to speak with Gary S., he told me that he was not in the office. I then asked to speak with Keith G. same reply given. I then politely asked if Andy G. was in. I was then scolded by Mcvea that "we were not going to go thru the whole directory, what did I want". I won't go into my long winded response to him, after he made that statement to me (a longtime shareholder)
I sensed frustration with his progress on our Iso-torque because of his irritation of having to play secretary by answering my phone call. I say good riddance to him.
Life is good,
Dino
Uh oh more fodder for the "naysayers".....
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective June 17, 2014, Dr. William Mark McVea resigned from the Company in his position as its Chief Technology Officer for personal reasons. It is anticipated that Dr. McVea will continue his association with the Company in an advisory / consulting capacity.
Effective June 17th must of hung on for the free cookies and soda at the annual whatchamacallit.......
Dino
Not all shareholders << to purchase at discounted rates >>.
Sammy I could be wrong but to raise the additional one million, I believe only accredited investors and directors (hence the "insider buying") will be asked to pony up more money for the cause.
An accredited investor is one who has purchased shares directly from the company in the past, instead of buying in the open market. I have been an accredited "investor" in the past, and obviously regret those purchases at much much higher share prices.
You are correct, the CEO did say at the meeting all shareholders would be offered a discounted price.
All in all, the meeting and Torvec remains a major disappointment .
Life is good.
Dino