Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
LOL...
dabreeze is on to the whole scam though...they even went so far as to make a $500,000 deposit on Friday...they thought of everything...good catch dabreeze...
Where is Velvet Spicer when you need her..?
allnumbers..
It's $3.5 million that Torvec will be paid, not $500,000. The $500,000 was sent to Torvec on 6/15 as the first installment in this deal according to the filing today...
dread...
Is anyone else out there...?
Torvec sells an impaired asset, the Ice tech, for $3.5 million and already has $500,000 of it in the bank....Torvec will be paid the $3,000,000 balance in installments quarterly starting with Q1 08'...the $3,000,000 is now an A/R asset and the $1.5 million libility that had been on the balance sheet is now gone...Torvec will also get royalties off of gross sales of the ice tech...
That is a thing of beauty.....
This is a very nice development for Torvec...8k copied below
This is a $3.5 million revenue producing event and cleans a $1.5 million liability off of Torvec's balance sheet...combine that with the Variable Gear liability removal from the balance sheet and what is left is a windex clean balance sheet for Torvec...it's essentially a $5 million swing in the balance sheet..you take off the $1.5 million liability and add a $3.5 million recievable as an asset(actually it looks like $500,000 was paid to Torvec on June 15th)...that cash also funds the company's burn for a couple of years..plus Torvec gets a royalty off gross sales....nice job Torvec..!!
Item 1.01 Entry into a Material Definitive Agreement.
Effective June 15, 2007, the company assigned all of the rights, title and interest in a license agreement granted on November 28, 2000 by the Trustees of Dartmouth College to the company’s majority owned subsidiary, Ice Surface Development, Inc. ("Ice Surface") in exchange for an agreement by Ice Engineering, LLC ("Ice Engineering") to pay the shareholders of Ice Surface a royalty equal to 5% of the gross revenues generated by the license ("Assignment").
By virtue of the Assignment, the company will receive a 56% interest in each quarterly royalty payment generated by the commercialization of the ice technology in the motorized and nonmotorized land vehicle field covered by the assigned license agreement. The other shareholders of Ice Surface will divide the remaining 44% interest in each such quarterly royalty payment.
The company previously had written off certain of the acquisition costs associated with the ice technology license as an impairment in its consolidated financial statements for the year ended December 31, 2006.
The company also entered into a reimbursement agreement with Ice Engineering, pursuant to which Ice Engineering will reimburse the company for a portion of the acquisition and maintenance expenses paid by the company on behalf of Ice Surface over the approximately seven year period the ice technology license was held. Included in such expenses are minimum royalty payments and ongoing patent expenses paid to Dartmouth College.
Under the reimbursement agreement, the company will receive approximately $3.5 million, payable as follows:
$500,000……………………………paid on June 15, 2007
$300,000……………………………payable quarterly commencing March 1, 2008, - until entire obligation paid.
As a result of the Assignment, Ice Engineering has also assumed all of Ice Surface’s obligations under the license agreement effective on and after June 15, 2007. Unpaid, but accrued expenses payable to Dartmouth College under the license agreement amounting to approximately $52,000 through June 14, 2007 will be deducted from the first quarterly reimbursement paid to the company.
A final, definitive agreement between the company and Ice Engineering will be executed by both parties within the next 30 days and upon execution, will be filed as an exhibit to a forthcoming Form 8-K (Current Report).
In anticipation of the Assignment, the shareholders of Ice Surface adopted and approved a Plan of Liquidation and Dissolution on June 7, 2007. Pursuant to the Plan, all liabilities owed by Ice Surface to its former officers, approximating $1.5 million, are extinguished and therefore no longer will be treated as a liability on the company’s consolidated financial statements. Further, pursuant to the Plan, upon the Assignment and distribution of the 5% royalty interest to its shareholders, Ice Surface shall be dissolved.
--------------------------------------------------------------------------------
Top of the Form
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Torvec Inc.
June 18, 2007 By: James Y. Gleasman
--------------------------------------------------------------------------------
Name: James Y. Gleasman
Title: CEO
Loper...
I bought 300 Clappers a few months ago...have them in my garage....figure they'l come in handy
Thats not silly at all...
As the company heads into the revenue producing deal stage, borrowing reasonable amounts of capital to accelarate ramp up makes alot of sense.
People that complained about the company using stock to fund operations and pay consultants apparently didn't read the section of every single annual and quarterly that has been out since the company has been public stating that as a development company they will be funding operations using stock....then they complain that the company uses stock to fund operations...? I think the company is UNDER diluted compared to where I thought it was going to be at this point in the their plan...for that my hat is tipped again to management team at TOVC for protecting our interests as shareholders...
It's nice to see....
that the management at Torvec is even working on Sunday's...
I see a drive up window at Torvec HQ in their future....
Tomorrow's 8k.....
from Torvec will be to annouce a new shirt technology that automatically inflates the shirt when it senses it's occupant is drowning........
You're speaking my language...
The "no debt" nature of Torvec is truly amazing....the clean up of the Variable Gear item on the balance sheet is another example of how Torvec has managed to get the company positioned for the future, tech ready to go, and did it without debt....and while I'm not a financial wizard, i believe the expenses accrued to date since the inception of the company can be used to offset earnings for corporate tax purposes ....I agree Leit...our day is coming...
Carnac has spoken...
Allnumbers predicted the HAMMER situation for TOVC...
Here's hoping that you're on a roll allnumbers and that Torvec tech is indeed on Cerberus's radar...
Hybrids appear to be only a fraction of the answer...
Honda to Discontinue Accord Hybrid
By BREE FOWLER
AP
NEW YORK (AP) - With gas prices reaching record high levels and increasing public interest in environmentally friendly technologies, you would think that any car labeled as a hybrid would sell easily.
But Honda Motor Co. on Tuesday announced that it will discontinue the hybrid version of its Accord sedan, citing disappointing sales.
Analysts said that despite the Accord's superior performance compared with some of its higher-volume competitors, it just doesn't fit with the current consumer demands for the smallest, cheapest hybrids with eye-popping fuel economy.
Brian Chee, an analyst with the vehicle research firm Autobytel.com, said the Accord's relatively low fuel economy and high price tag compared with other hybrid vehicles made it a tough sell.
"It was a pretty perky performance car that it was fun to drive, but it was expensive and it was not exactly what people were looking for as far as a hybrid," Chee said. "It was a clean-burning performance vehicle, but people wanted a hybrid with fuel economy."
The hybrid Accord gets an estimated 28 miles to the gallon in the city and starts at about $31,090, while the hybrid version of the company's smaller Civic sedan gets about 49 miles per gallon and starts around $22,600, according to Honda's Web site.
By comparison, Toyota's market-leading Prius model gets an estimated 60 miles per gallon and carries a $22,175 price tag, and the Toyota Camry hybrid gets about 40 miles per gallon and has a $26,000 sticker price.
"The Accord gets good mileage and that's just it. Hybrids have to get great gas mileage in order to sell," Chee said.
Honda, Japan's No. 2 automaker, said it will keep making the hybrid version of the Civic but stop offering the hybrid Accord after the new model expected to go on sale later this year.
In the years since its debut in 2004, Honda sold a total of 25,000 hybrid Accords, and just 6,100 last year.
In comparison, it has sold more than 153,000 of the Civic hybrids since they went on sale in 2001 in Japan, Europe and North America.
Meanwhile, demand for Toyota Motor Corp.'s market-leading Prius hybrid has taken off, with 729,800 units sold since December 1997. The company also has sold 53,681 of the Camry hybrids since they hit the market in May 2006.
Bill Kwong, a spokesman for Toyota, said that while the Camry sedan has not produced the same sales volumes as the Prius, Toyota officials are happy with its sales performance and have no plans to take it off the market.
Kwong said the Camry has had more sales success than the Accord because of its lower sticker price and more fuel efficient four-cylinder engine, compared with the Accord's more powerful, but less efficient, six-cylinder engine.
Brett Smith, senior industry analyst at the Center for Automotive Research in Ann Arbor, Mich., agreed that the Accord's price and fuel economy hurt its sales, but said it also remains unclear exactly how much demand there is for hybrid vehicles overall.
"Certainly there are those who are interested in hybrids and think fuel efficiency is good thing, but it comes down to willingness to pay for it," Smith said.
Smith said that as a hybrid vehicle's premium over its traditional gas model increases, the number of people willing to pay that premium decreases.
Chee said General Motors Corp.'s "aggressive" entrance into the hybrid market also could shake things up.
GM said Tuesday it would introduce four new hybrid models this year: two-mode gas-electric systems in the Chevrolet Tahoe and GMC Yukon large sport utility vehicles, and hybrid systems for the Saturn Aura and new Chevrolet Malibu sedans.
Smith said GM is billing the SUVs as no compromise vehicles that will provide the power and performance SUV drivers have come to expect, but it's too early to tell if they'll catch on with consumers.
As with other hybrids, sales of the SUV models will depend on the automaker finding the right mix of power and fuel economy to attract buyers, he said.
Chee said he thinks there's a market for the larger hybrids, even if the fuel savings is minimal.
"A lot of people buy large vehicles because they need to tow and they need to haul people as well," Chee said. "I think anybody who owns a large vehicle is going to appreciate any fuel savings and they're going to be willing to pay for that."
Leit...
There have been almost 12,000 posts on this board and yours is the first to inject the Philistines into the discussion..!
"best of breed regardless of corporate size"....I love that line...
Add to your scenario...
....the fact that the kingpins of the transmission world can't deliver the answer for the IMPACT engineering guys yet Torvec has the goods. How many more of these scenarios are in play behind the scenes...this is no longer a development company..that's what the first ten years were for...it's now game time....
I used to feel that this was a one deal "launch" and have stated that for a quite awhile going back to the Raging Bull days...I am more of the opinion that this going to produce multiple deals of varying sizes, one or two of which will morph into bullseyes of significant magnitude...
Nice manipulation to open the day....
UBS executed a sale at 9:21 this morning @ 3.77 for 500 shares, 9 minutes before the market opens, and then follows with 7000 more shares at the opening bell. UBS and Citi accounted for 50% of the trades in May.....
Hi buytovc...
When they were spending money on that project that is supposed to deliver the answer and it's not working, I would suspect that they wanted to keep it as quiet as possible for as long as possible while they tried to fix it....the answer never came....now they come to Torvec who has the answer...
Torvec has been saying for years that comventional pumps and motors willnot work effectively in transmission applications...
Mike ...
If you want to have meaningful dialog on this board, we use each others designated alias. Mine is Torvecian....understood?
If you want to sling trash, there are other places to do that...
Some observations about todays released info...
Here are some quotes from the CEO of IMPACT and from the accompanying articles discussing the HAMMER program...
"Diversified industrial manufacturer Eaton Corporation has received a $2.15 million contract from IMPACT Engineering Inc. to accelerate commercial development of Eaton's Hydraulic Launch Assist system technology for a program with the U.S. Army's National Automotive Center." (This occurred in 2005)
From Michael Cummins, CEO of IMPACT Engineering in his letter to Torvec after visiting and seeing the tech...."There is nothing more convincing than to see actual prototype hardware being physically tested in a way that demonstrates your core engineering competencies, your ingenuity, and the veracity of your claims."
and this form him as well..."The subcontract role we are considering for Torvec at this time is one that would involve research funding well exceeding the funding levels available in normal federal government programs for small business innovation research."
So IMPACT hires Eaton for the HAMMER program for $2.5 million. Eaton cannot deliver tech that performs so IMPACT has to go elsewhere to find it. They come to Torvec and hit the motherload. Cummins loves what he sees and wants Torvec in the game....if IMPACT paid Eaton $2.5 million and didn't get the answer, how much is the answer worth from Torvec...? Cummins stated it was very "convincing"....
I would suggest to all the viewers out there that this is the tip of the ice berg on multiple fronts...
The tech keeps getting validation from multiple entities....
That validation is leading to early stage deals...
Deals lead to more deals and the price of the stock goes along for the ride...
It's been said by some of us here but worth repeating...the company is very well positioned right now....the patience chromosome is a delicate area on the double helix we know as dna and will be needed to see this thing out to the finish line....but, ah yes, at the finish line there are rewards for those that can be patient and let it unfold...
The stock price will be there...I'd rather see it ease up on sustainable deal traction while other deals percolate..the time is coming where the world will know who Torvec is and what they are sitting on...there will be many who wish they bought at these levels...
Word seems to be spreading some...$3.85 @ 26,800 shares
Hey Dino....don't give up on your theory just yet...
Well said speedway...
I agree with that prediction...
An observation....
What else does Torvec have going on behind the scenes...there is more to this than meets the eye... This is great example of stuff happening within Torvec that no one knows about and yet here we are with an entry into the big leagues....these types of developments don't just happen by accident....they happen because Torvec has the goods.
What's next guys? Keep it coming....!
Somebody check on allnumbers to see if he's ok..LOL
allnumbers can see the future....
Torvec is getting into the game on multiple fronts and he predicted this one...touche..!
Here is the text of Article 2 from the update link...
Off to a quick start: Eaton's Corp.'s Hydraulic launch assist system demonstrated in shuttle bus, delivery van applications
Bill Siuru
It is generally accepted that hydraulic hybrids are well suited for the frequent start-stop duty cycle of medium-duty vehicles like shuttle buses and package delivery trucks. In both parallel and series hydraulic hybrid systems, benefits include fuel savings that occur when stored hydraulic energy is used to assist the engine during acceleration. Acceleration can also be significantly improved due to the high power density of hydraulics, and the energy transfer is virtually transparent to the driver. Also, the regenerative braking inherent in the systems reduces brake wear.
Prototypes for both parallel and series hydraulic hybrid vehicles have been developed using Eaton Corp.'s Hydraulic Launch Assist (HLA) technology. Eaton supplied its parallel HLA system for use in a hybrid shuttle bus demonstrator program managed by IMPACT Engineering Inc. As part of the U.S. Army's HAMMER (Hydraulic Hybrid, Advanced Materials and Multifuel Engine Research), the program is aimed at reducing fuel consumption in military ground vehicles.
Ford Motor Co. was responsible for the design and manufacture of the vehicle, MKP Engineering preformed structural analysis and the University of Toledo, Ohio, was responsible for hydraulics research.
In a parallel hydraulic hybrid configuration, the conventional powertrain is augmented by a hydraulic system consisting of a reversible hydraulic piston pump/motor coupled to the driveshaft through a clutch, a high-pressure accumulator, a low-pressure accumulator or reservoir and associated plumbing.
Fuel savings come from regenerative braking and by shutting off the engine rather than letting it idle when the bus is stopped. When a driver steps on the brake pedal, kinetic energy from deceleration drives the pump/motor as a pump to force hydraulic fluid out of a low-pressure fluid reservoir into the high-pressure accumulator. The fluid compresses nitrogen gas in the accumulator to pressurize the system. At start-up or in acceleration conditions, the HLA system switches from pump to motor modes. The nitrogen gas forces the hydraulic fluid back into the low-pressure accumulator passing through the pump/motor, which applies torque to the driveshaft through the clutch.
In the hydraulic hybrid shuttle bus, a 14,000 lb. GVW Ford E-450 Cutaway chassis is used with a bus body supplied by Glaval Bus. The bus is powered by a 6.0 L Ford Power Stroke V8 diesel engine rated 235 hp with 440 lb.ft. of peak torque. Eaton's Gen 2 HLA system boosts the overall output of the drivetrain to approximately 300 hp and 1000 lb.ft. of torque.
High-pressure fluid is stored at 5000 psi in the 10.5 L accumulator, which is part of the "filled for life" closed-loop system. When combined with a reduced axle ratio, the shuttle bus has demonstrated a 26% increase in fuel economy, and vehicle noise has been reduced during acceleration.
In the delivery vehicle application, a UPS package truck was developed through a partnership between the EPA, Eaton, UPS, International Truck and Engine Corp. and the U.S. Army. In this series hydraulic hybrid truck, a high-efficiency 6.0 L International VT365 V8 diesel was combined with a hydraulic propulsion system that replaced the conventional transmission and driveshaft. The series hydraulic hybrid gains its improved fuel efficiency through regenerative braking, by operating the engine at its optimum speed range and by shutting the engine off when not needed.
Again high- and low-pressure accumulators are used. A hydraulic pump driven by the engine pressurizes the system, while a combination, piston pump/motor connected to the differential drives the wheels and recovers kinetic energy during braking.
This hydraulic-diesel hybrid technology has achieved a 60 to 70% improvement in fuel economy and more than a 40% reduction in carbon dioxide emissions in initial laboratory testing. The EPA estimates that the technology has the potential to save more than 1000 gallons per year for each urban delivery vehicle. UPS will begin testing the vehicle this year on the road in the Detroit area and then will bring it to Cleveland for additional testing.
According to the EPA, when manufactured in high volume, the added cost of the hybrid components could be recouped in less than three years through lower fuel and brake maintenance costs. The series HLA has the advantage that a conventional transmission and driveshaft is not needed, while with the parallel HLA, the conventional drivetrain is still available for backup. In both systems, the hydraulic component is designed to last the life of the vehicle.
Bill Siuru, PhD, PE, is a Diesel Progress field editor based in Temecula, Calif.
COPYRIGHT 2007 Diesel & Gas Turbine Publications
COPYRIGHT 2007 Gale Group
Here is the text of Article 1 for m the CEo update link...
Eaton Receives $2.15 Million Contract to Accelerate Development of Energy-Saving Hydraulic Launch Assist Technology
NEMA > Media > Industry News > Eaton Receives $2.15 Million Contract to Accelerate Development of Energy-Saving Hydraulic Launch Assist Technology
14 Apr 2005
--------------------------------------------------------------------------------
Diversified industrial manufacturer Eaton Corporation has received a $2.15 million contract from IMPACT Engineering Inc. to accelerate commercial development of Eaton's Hydraulic Launch Assist system technology for a program with the U.S. Army's National Automotive Center.
The program, known as HAMMER (Hydraulic Hybrid, Advanced Materials, & Multi-fuel Engine Research), was established to help reduce fuel consumption in military ground vehicles, and is being funded by the U.S. Department of Defense. The funding will run through 2005, during which time a Class 3 demonstration vehicle will be developed for testing and use on U.S. Army bases.
According to the company, Eaton's energy-saving regenerative braking system has demonstrated significant benefits in fuel economy, emissions, and brake wear in start-and-stop vehicle applications. Eaton's contract work will focus on designing the third generation HLA system and optimizing the benefits of the HLA technology to the specific vehicle application that the U.S. Army will ultimately evaluate. IMPACT Engineering is leading the program management and is the prime contractor.
Other key partners involved in the program include: Ford Motor Company, responsible for the design and manufacture of the vehicle; MKP Engineering, responsible for structural analysis; and the University of Toledo, responsible for hydraulics research.
"Eaton's system is representative of the company's commitment to leading-edge technologies that benefit both customers and the environment," said Steven Nash, director of new business ventures for Eaton's fluid power group.
CEO update came out this morning....
Hey allnumbers....looks like the Ford, Eaton, Torvec connection
is in play via Impact Engineering and appears Torvec has the answer....
Message from the CEO
May 31, 2007
I have repeatedly said that Torvec has a policy to furnish our shareholders with as much information as we are able as soon as we are able. In our May 21, 2007 Update, we shared with you comments made by a member of one of the racing teams about the high performance of our IsoTorque differential. In this Update, I want to share a letter we received from the President and Chief Executive Officer of Impact Engineering, Inc., a company that is working with Ford and Eaton on the hydraulic launch assist program.
Article #1-http://www.nema.org/media/ind/20050414c.cfm
Article #2- http://findarticles.com/p/articles/mi_m0FZX/is_4_73/ai_n19041534/print
Needless to say, this represents a tremendous opportunity for Torvec:
May 25, 2007
Messrs. Jim and Keith Gleasman
Torvec
1169 Pittsford Victor Road
Pittsford, NY 14534
Dear Jim and Keith:
Thank you very much for hosting my visit yesterday and introducing me to your transmission innovations and to your engineers that work on them. There is nothing more convincing than to see actual prototype hardware being physically tested in a way that demonstrates your core engineering competencies, your ingenuity, and the veracity of your claims.
As a prime contractor for the U.S. Army, it is my job to conduct technical due diligence with potential subcontractors we are seriously considering for key roles. My expectations, although already quite high, were indeed exceeded. Very well done.
I know how precious time is for a small business, so I will get to the point of my visit. Our program with the Army is called HAMMER which stands for Hydraulic hybrids, Advanced Materials and Multi-fuel Engine Research. The subcontract role we are considering for Torvec at this time is one that would involve research funding well exceeding the funding levels available in normal federal government programs for small business innovation research.
The military demands technological superiority. It is ourjob to deliver it as quickly and efficiently as possible. The commercial automotive industry is no less demanding. Competition is exceedingly fierce. We must seek out the best of breed regardless of corporate size.
I look forward to discussing this opportunity with you further. Impact Engineering, Inc. and its partners are ready to proceed with vehicle baseline testing. Details will be provided in the next several days.
Sincerely,
Michael G. Cummins, P.E.
President & CEO
Sincerely,
James Gleasman
CEO
The published short position for May 07...
increased slightly.........
TOVC $
Torvec Inc.
Shares Short 153,600
Days to Cover (Short Ratio) 14.1
Short % of Float 0.91 %
Shares Short - Prior 151,400
Short % Increase / Decrease 1.45 %
Squeeze Ranking™ 14
% from 52-Wk HIGH ( 6.60 ) %
% from 52-Wk LOW ( 1.52 ) %
% from 200-Day MA ( 4.53 ) %
% from 50-Day MA ( 4.05 )%
Price % Change (52-Wk) 110.00 %
Trading Volume - Today 6,550
Trading Volume - Average 10,900
Trading Volume Vs. Avg. 60.09 %
Total Shares - Float 16,910,000
Total Shares - Outstanding 31,367,039
% Held by Insiders 72.50 %
% Held by Institutions 0.10 %
Market Cap 125,154,486
EPS -0.26
PE Ratio
Sector: Consumer Goods
Industry: Auto Parts
SI Record Date 2007-May
Hi Leit...
I cant remember the criteria for going on NASDAQ, but I think that it's beginning of setting the stage for that....based on the activity we know about, add to it the discussions we dont know about and it adds up to alot going on...there are now a few revenue producing scenarios that I predict will lead to additonal deals with more mass...put several deals together invovling multiple technologies and then they have a customer base for someone to value....
Would love to see them move to NASDAQ.....
This is my favorite part Artguy....
"but it is probably moving uncomfortably fast for anyone who has a big short position."
I love this stuff....
My instincts tell me some of the same speedway...
I think there will be multiple deals that gain speed and size which will at some point force the hand of an acquirer..... They will come in many shapes and sizes...deals that may appear smaller on the intitial revenue side, such as those highlighted in today's CEO update, morph into propduction deals..those produce the measurable revenues and further validate the tech in the market place...granted that the process is excruciatingly long, but the wait will be worth it...
As you say, the company is positioned to go in what ever direction makes the most sense for each technology...today's CEO update seems to be indicating that all projects discussed at the shareholder meeting continue and then some, despite what some here seem to try and imply..Torvec is moving into the sales stage....
Smokey Robinson....and the Miracles
If you're crazy....
So am I......nice post.
There is a new CEO update out today....
It appears that things are moving along nicely....
http://torvec.com/messagefromceo052107.htm
Message from the CEO
May 21, 2007
I want to share with you some interesting news concerning the projects we told you about at our annual shareholders meeting in January.
Recently, a major U.S. manufacturer furnished us with a purchase order for approximately $100,000 to acquire several constant velocity joints. The manufacturer intends to incorporate the CVJs in a new vehicle design to enable it to land a new production contract.
We have also been informed by NASA that the space agency will be providing us with a purchase order in the near future to build and incorporate several electrically modified transmissions and IsoTorque differentials in its lunar rover for that agency’s planned return to the moon. The estimated amount of the order exceeds $200,000.
You will recall that we provided NASA with a model of our transmission in January to test its suitability for the lunar rover. NASA’s decision to move forward to acquire several transmissions and IsoTorque differentials is a tribute to the quality of our technology and the next logical step in our working relationship.
Last year, we shared with you that we had shipped an IsoTorque differential to a Nissan-affiliated racing team. We have since shipped Isotorque differentials to a number of additional racing teams to demonstrate its high performance capability and durability. This is a well established approach used by automotive industry executives to “vet” new technology.
I want to quote from a letter sent to us last week from one of these teams:
Nissan gave us the 350z in hope of developing it to the point of winning the manufacturers title at the Run-Offs.
We have been winning with the Z consistently, but have been having problems with the Nismo diff. We were having to change the fluid out constantly because of the amount of heat generated was cooking the fluid. It was always pushing fluid out the vent and after just a handful of weekends, the diff expired. This past weekend we ran at Laguna Seca in a SCCA regional event just to test the car and go after the track record. We broke the track record in our class last month at Thunderhill Raceway and I then set the goal of going after the record at all the west coast tracks that we run. We had never run the car at Laguna before. The track record was a 1.43.50 held by another competitor. We immediately were going faster than the track record and our driver had good things to say about how the IsoTorque diff worked. During practice we ran an unofficial time of 1.41.80 and in qualifying we were fighting a lot of slower traffic but still managed to break the track record with an official time of 1.42.30. The car has more left in it, we did not do any chassis tuning at the track and were running on use tires from a previous race weekend.
Our driver says the diff really feels good. The Nismo unit always felt like the car was bound-up and in a binding situation causing the car to go into a “loose” condition when the power was applied. The IsoTorque makes the car feel free and gives our driver the ability to really put the power down. I am anxious to go to a track that we have run before with the old diff so we can directly compare how much quicker our lap times are.
We will be running the car for a few more west coast National races in order to qualify to get invited to the Run-Off’s held at the end of the season in Topeka. Like I told you on the phone, I already have a few of these units sold to fellow Z racers once you go into production.
While we are not surprised by the update, we, of course, are very pleased the team shared its experience with us. In this regard, even if you can guess the identity of the team, please do not contact or pester team members with your calls or emails. These teams do not like to be bothered, are very protective when it comes to sharing information on technologies which give them a competitive advantage and eventually refuse to provide companies such as Torvec with ongoing information if they feel harassed.
Obviously, we prefer to keep the lines of communication open with our racing teams and share with you all that we can. So, let’s all respect the confidential nature of the relationship. Otherwise, we will not be able to share such interesting news with you.
This is the first in a series of CEO Updates describing recent events about your company. In the next Update, I will describe the progress we are making with the City of Chicago, the Chinese and our school bus program. And, please remember, just because I am not mentioning a given project does not mean that the project has been abandoned. We are moving forward on all fronts with all our technologies (yes, including the FTV) and I will share with you what I can share, when I can share it.
Sincerely,
James Gleasman
CEO
That's a nice way to get your week started...
LOL...
Good call Sherlock....
Some good points Lhasa...some that are way off the mark....
The bus program is layed out in significant detail in Torvec's filings....the program is designed to certify the fuel savings by retro fitting IVT's in a small number on school buses. By certifying the fuel savings, a bond program can then be floated to pay for the retro fit of all school buses in the NY state school system with the Torvec IVT.
The $5 million would be used for the intial certification process costs and the endorsement of the politicians is very important in the potential funding of that capital. This has nothing to do with the bus companies....this is about the potential retro fit of existing school buses in NY State...it is laid out in detail in Torvec's filings...I think you are confused on what the intent of this program is based on your comments from your post...go into Torvec's filings and read the bond proposal info and you will have a better understanding of that plan.
Pitching the products to the bus makers and then giving them a license to produce and protype the units is the Torotrak model...that isnot Torvec's business model and I'm glad that it is not going that route. As for the adoption of Torvec's IVT into mainstream auto production, it's certainly a long process.....who knows the ultimate time-line answer on that one...? As a Torvec investor, you should be thrilled that Torvec isnot a one-trick-pony with only one product...there are several other technologies in the portfolio that we as shareholders own that are ready to go....that is what makes this investment so hard to analyze and predict how it all ends...should some company buy the whole thing, there would certainly be a discount paid compared to the value of future profits from the entire line of Torvec products...opinions vary on what that number is..... it's not a single digit number though....
I still think the play here from an investors perspective is that Torvec will produce a series of deals on multiple technologies that will allow a more viable method to value the company....you may be right..the IVT might be the last one to be commercialized in some fashion, but it seems like the rocket scientists from NASA like it...people moan and groan about how long it takes for this stuff to happen as you have experienced yourself with your Torotrak investment. Everybody's got their own level of patience I guess....
Personally, I understand how people can tire with an investment and they get an itchy trigger finger and sell...I think this investment is still going to provide a very nice return from these levels and I am holding onto every share.....
Hi Zendo...
You can at least have some comfort in the 20% return you experienced and have now eliminated the stress of shareholder(SOS) syndrome....
I'm holding for the finish line.....then I'm going to sell my holdings to Dino...
Enjoy the summer....
LOL...
"I was one who was delighted to read here about March Madness, however apparantly nothing of consequence happened since we are well past that date.".........
Has it been an entire 6 weeks already....time is flying by so fast my clothes are going out of style.....