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allnumbers in reply to your post, sorry I am not going to call Torvec to get the answers to the questions you had.
<< As long as you are going to bother them anyway, could you share? >>
Dino
Yes I did offer to call Torvec to get your answers. This was your reply to my post:
"don't do it on my account. They are busy and you would just be bothering them"
Dino
This was the whole sentence Sorry you CONSIDER correcting misrepresentations about my Torvec holdings AND THE COMPANY is "banter".
The shorting did not just begin at .75
When the shorts FINALLY realized that Torvec was not going bankrupt, that caused a huge problem for them. If Torvec had gone bk they wouldn't have had to COVER. With such LOW DAILY VOLUME they have a HUGE problem on their hands to cover.
One way out is to scare shareholders out of their shares.
Dino
OT dread,
Sorry you CONSIDER correcting misrepresentations about my Torvec holdings and the company is "banter".
I FOR ONE AM NOT INTERESTED IN YOUR BANTER "My sincere hope is that one day soon, this company will actually do something worthy of serious discussion." LOL dread.
IMO you do not know what "this company is actually doing" on a daily basis to make a statement like that.
If you are disappointed/upset things are taking longer than you expected, You don't have the market cornered on that one.
WE ALL ARE.............
Dino
Now that is really funny dabreeze.....
<< not many people are crazy enough to short a stock that is at $0.75! >>
Anyone who knows anything about the stock market knows shorting penny stocks into oblivion can be quite a common practice.
Dino
Torvec took the time to apply for, and qualifies for Government funding so I am betting that TORVEC ALSO ANTICIPATES receiving government funds. But I am just a long Torvec shareholder here posting my view.
Dino
I MADE THAT POST. I ANTICIPATE GOVERNMENTAL FUNDING.
My posting, I don't know how many times I have to post about Torvec's anticipated governmental funding was my ANTICIPATION in response to his post/question of "THERE IS NO MONEY TO BUILD THEM"?
MOVE ON.........
Dino
ME ME ME ME ME ME ME ME ME ME...I I I I I I I I I I I posted that I ANTICIPATE government funding for Torvec.
I own and am continuing to buy shares in Torvec.
SO I(Definition of Anticipate) "look forward and expect" governmental funding.
<< I don't see anywhere in the March 2009 CEO message where it says that they anticipate getting the funding. >>sulax
"They must have the matching funds since the governement funding is "anticipated goverment funding", according to Dino. Dino must have talked to HQ and been given that information. How else could he be so sure the funding was coming thru????" sulax
I RETURN post to verify my posts. Somehow my thoughts about Torvec GET TWISTED, from what I actually posted about TOVC.OB.
Dino
ONCE AGAIN... read my post 17072 concerning anticipated funding.
<< "Dino must have talked to HQ and been given that information "there is no government funding and I'M BETTING THERE NEVER WILL BE">> sulax
March 9, 2009
Dear shareholders,
At our January shareholders meeting, I mentioned that board member Asher Flaum and Andrew Gleasman had “just returned from meetings in Washington, D.C.” In point of fact, Torvec has been engaged for quite some time in exploring the availability of federal dollars to expedite the completion of ongoing projects and help us accelerate the commercialization of the company’s technology portfolio.
In February, 2009, we signed a one-year exclusive agreement with Capital Campaigns, Inc. of Falls Church, Virginia to guide us through the maize of the federal bureaucracy. This company and its associates was formed by several Washington, D.C. veterans who have worked closely together on important national and regional issues for over a decade. All members have expertise as senior staff members of key Congressional committees or leadership offices and as senior counselors to companies and national organizations.
Capital Campaigns and its associated companies represent a large variety of clients, including large agricultural, energy and pharmaceutical companies as well as national and regional business associations and state and local governments. Services provided include:
monitoring legislation and federal regulations;
facilitating discussions with Congress and the Executive Branch;
guiding initiatives and funding requests through the authorization and appropriations processes;
drafting testimony before congressional committees;
building industry and grassroots coalitions.
As you probably are aware, in the past, we have sought local, state and federal funding and have engaged consultants to assist us with partial success. Despite our past experience, we believe we will be successful in lining up significant federal and state monies through this initiative for three very important reasons:
1. The National and Local Economy and Washington’s Reaction
It is perhaps the understatement of the century to state that our national and state economies are deeply frayed, almost to the breaking point. It has become equally obvious that Washington’s response is to make dollars available in abundance, far more than it would in normal times and make funds available at a much faster, more efficient pace than normally. Simply put, the pool of available money is deeper than in the past.
2. Torvec’s Products Are Eminently Suitable For Current Economic Climate
Our national mood today is all about economic revival, jobs, increased safety and increased concern for the environment (“green initiatives”). Torvec’s products and the company’s current projects are all about---------
a) Green---- we are engaged with one of Detroit’s “Big Three” to integrate our infinitely variable transmission with that company’s hydraulic launch assist device for its cars and trucks. This engagement materialized due to our outstanding test results, our transmission’s start-up torque and power density (size). It is anticipated that our combined efforts will lead to the production of vehicles with dramatically less emissions than currently available. Click here for a visual demonstration of particulate reduction;
b) Fuel-Savings----- the company’s infinitely variable transmission constitutes a major breakthrough in transmission design. Employing patented hydraulics and gear arrangements, the IVT has achieved significant (over 20% ) increase in diesel fuel mileage over existing automatic transmissions while at the same time significantly reducing engine emissions and diesel particulates;
c) Safety----- the company’s IsoTorque® differential is a traction differential that increases the safety, performance and handling of cars and trucks. Due to its unique gear design, the IsoTorque is more efficient than traditional traction differentials in that it transfers more horsepower to the ground, reduces tire wear, and improves fuel economy;
d) Jobs--- as discussed at our shareholders meeting, a major medium truck manufacturer is interested in licensing the company’s Full Terrain Vehicle and purchasing the steerdrive, pumps/motors and IsoTorque differentials for each vehicle directly from Torvec. To meet such demand, the company would need to expand its physical presence in the Rochester area and employ up to 400 new employees to build, assemble and ship such products for installation in each FTV manufactured.
3. Targeted Programs/ Sense of Urgency
As we all are aware, Congress has recently completed its work on an $800 billion stimulus bill. The stimulus has breathed new life (and dollars) into federal programs targeted to financially assist companies such as Torvec. And, the stimulus contains instructions to agencies to expedite the process so that targeted companies receive needed dollars more quickly.
For example, within the U.S. Department of Energy, there is an Innovative Technology Program that assists cutting edge technology companies. This Program received $6 billion in stimulus funding, with an additional $10 million to DOE to administer what is called the Advanced Technology Vehicle Program.
The Advanced Technology Vehicle Program is one of a number of relatively new DOE Programs established by section 136 of the Energy Independence and Security Act of 2007. It is an incentive program consisting of both grants and loans to support the development of advanced technology vehicles and associated components in the U.S. This particular program was beefed up as part of the auto industry bailout, particularly with instructions to DOE to expedite the application process.
The ATVM provides dollars to automobile and automobile part manufacturers for the costs of re-equipping, expanding, or establishing manufacturing facilities in the U.S. to produce advanced technology vehicles or qualified components as well as for the associated engineering integration costs.
There, of course, is an application review process, more exhaustive review of the proposed technology, DOE determination of the terms and conditions of the grant or loan and the closing. Grants or loans are issued in 90-day tranches. The $10 million appropriated to the DOE is to enable the agency to add additional staff and resources to process applications more quickly so that it is anticipated that the first monies will be disbursed in late April or early May, 2009. DOE plans to disburse approximately $4.2 billion in ATVM dollars by the end of 2010.
We have been told by our consultants that Torvec is “well-poised” to participate this program.
I have simply given an overview of one federal program available to us. We, together with our consultants, are working to access other commercialization dollars from a wide variety of government and private sources. We anticipate, for example, spending a number of days in the near future in Washington meeting with:
a) members of the New York Congressional delegation;
b) staffers on the House Energy and Commerce Committee, House Science Committee, Senate Energy Committee and Senate Commerce Committee;
c) officials at the Department of Energy;
d) key individuals in the Office of the Vice President who are responsible for administering stimulus funds.
e) officials at the U.S. Department of Commerce and the Environmental Protection Agency.
This CEO Update is simply designed to fill you in on what we are presently doing to access stimulus dollars. Pleased be assured that all of the projects discussed at our shareholders meeting and in our public filings are proceeding apace. We will fill you in on developments as material events materialize.
Sincerely,
James Gleasman
Interesting statement coming from a Torvec long shareholder: "there is no government funding and I'M BETTING THERE NEVER WILL BE"
Are you both long and short Torvec sulax?
March 9, 2009
Dear shareholders,
At our January shareholders meeting, I mentioned that board member Asher Flaum and Andrew Gleasman had “just returned from meetings in Washington, D.C.” In point of fact, Torvec has been engaged for quite some time in exploring the availability of federal dollars to expedite the completion of ongoing projects and help us accelerate the commercialization of the company’s technology portfolio.
In February, 2009, we signed a one-year exclusive agreement with Capital Campaigns, Inc. of Falls Church, Virginia to guide us through the maize of the federal bureaucracy. This company and its associates was formed by several Washington, D.C. veterans who have worked closely together on important national and regional issues for over a decade. All members have expertise as senior staff members of key Congressional committees or leadership offices and as senior counselors to companies and national organizations.
Capital Campaigns and its associated companies represent a large variety of clients, including large agricultural, energy and pharmaceutical companies as well as national and regional business associations and state and local governments. Services provided include:
monitoring legislation and federal regulations;
facilitating discussions with Congress and the Executive Branch;
guiding initiatives and funding requests through the authorization and appropriations processes;
drafting testimony before congressional committees;
building industry and grassroots coalitions.
As you probably are aware, in the past, we have sought local, state and federal funding and have engaged consultants to assist us with partial success. Despite our past experience, we believe we will be successful in lining up significant federal and state monies through this initiative for three very important reasons:
1. The National and Local Economy and Washington’s Reaction
It is perhaps the understatement of the century to state that our national and state economies are deeply frayed, almost to the breaking point. It has become equally obvious that Washington’s response is to make dollars available in abundance, far more than it would in normal times and make funds available at a much faster, more efficient pace than normally. Simply put, the pool of available money is deeper than in the past.
2. Torvec’s Products Are Eminently Suitable For Current Economic Climate
Our national mood today is all about economic revival, jobs, increased safety and increased concern for the environment (“green initiatives”). Torvec’s products and the company’s current projects are all about---------
a) Green---- we are engaged with one of Detroit’s “Big Three” to integrate our infinitely variable transmission with that company’s hydraulic launch assist device for its cars and trucks. This engagement materialized due to our outstanding test results, our transmission’s start-up torque and power density (size). It is anticipated that our combined efforts will lead to the production of vehicles with dramatically less emissions than currently available. Click here for a visual demonstration of particulate reduction;
b) Fuel-Savings----- the company’s infinitely variable transmission constitutes a major breakthrough in transmission design. Employing patented hydraulics and gear arrangements, the IVT has achieved significant (over 20% ) increase in diesel fuel mileage over existing automatic transmissions while at the same time significantly reducing engine emissions and diesel particulates;
c) Safety----- the company’s IsoTorque® differential is a traction differential that increases the safety, performance and handling of cars and trucks. Due to its unique gear design, the IsoTorque is more efficient than traditional traction differentials in that it transfers more horsepower to the ground, reduces tire wear, and improves fuel economy;
d) Jobs--- as discussed at our shareholders meeting, a major medium truck manufacturer is interested in licensing the company’s Full Terrain Vehicle and purchasing the steerdrive, pumps/motors and IsoTorque differentials for each vehicle directly from Torvec. To meet such demand, the company would need to expand its physical presence in the Rochester area and employ up to 400 new employees to build, assemble and ship such products for installation in each FTV manufactured.
3. Targeted Programs/ Sense of Urgency
As we all are aware, Congress has recently completed its work on an $800 billion stimulus bill. The stimulus has breathed new life (and dollars) into federal programs targeted to financially assist companies such as Torvec. And, the stimulus contains instructions to agencies to expedite the process so that targeted companies receive needed dollars more quickly.
For example, within the U.S. Department of Energy, there is an Innovative Technology Program that assists cutting edge technology companies. This Program received $6 billion in stimulus funding, with an additional $10 million to DOE to administer what is called the Advanced Technology Vehicle Program.
The Advanced Technology Vehicle Program is one of a number of relatively new DOE Programs established by section 136 of the Energy Independence and Security Act of 2007. It is an incentive program consisting of both grants and loans to support the development of advanced technology vehicles and associated components in the U.S. This particular program was beefed up as part of the auto industry bailout, particularly with instructions to DOE to expedite the application process.
The ATVM provides dollars to automobile and automobile part manufacturers for the costs of re-equipping, expanding, or establishing manufacturing facilities in the U.S. to produce advanced technology vehicles or qualified components as well as for the associated engineering integration costs.
There, of course, is an application review process, more exhaustive review of the proposed technology, DOE determination of the terms and conditions of the grant or loan and the closing. Grants or loans are issued in 90-day tranches. The $10 million appropriated to the DOE is to enable the agency to add additional staff and resources to process applications more quickly so that it is anticipated that the first monies will be disbursed in late April or early May, 2009. DOE plans to disburse approximately $4.2 billion in ATVM dollars by the end of 2010.
We have been told by our consultants that Torvec is “well-poised” to participate this program.
I have simply given an overview of one federal program available to us. We, together with our consultants, are working to access other commercialization dollars from a wide variety of government and private sources. We anticipate, for example, spending a number of days in the near future in Washington meeting with:
a) members of the New York Congressional delegation;
b) staffers on the House Energy and Commerce Committee, House Science Committee, Senate Energy Committee and Senate Commerce Committee;
c) officials at the Department of Energy;
d) key individuals in the Office of the Vice President who are responsible for administering stimulus funds.
e) officials at the U.S. Department of Commerce and the Environmental Protection Agency.
This CEO Update is simply designed to fill you in on what we are presently doing to access stimulus dollars. Pleased be assured that all of the projects discussed at our shareholders meeting and in our public filings are proceeding apace. We will fill you in on developments as material events materialize.
Sincerely,
James Gleasman
CEO
WOW... I disagree completely. We are miles away in our thought process.
<< you would just be bothering them. They can read and they will answer the questions if they want. My point, which you are missing, is that YOU should know the answers to these questions before you can be as sure as You are >>
Dino
Was there a link provided in the CEO update?
<< Please post the link to the Torvec PSD patent.>>
Sorry I do not have the answers to your other interesting questions. Perhaps I will call Torvec next week.
Dino
Hi allnumbers... I believe you may agree that no patent is 100% guaranteed/assured, as you have pointed out in the past with Solomon.
<< do you think that we are assured (at this point) that Torvec's technology is unique enough to be void of a claim of an infringement? >>
Dino
Respond about my post about governmental funding, instead of responding about me. Or PUT ME ON IGNORE IF MY POSTING/ BELIEVEING THAT TORVEC IS THE BEST INVESTMENT I WILL MAKE IN MY LIFETIME IS TROUBLESOME.
Pretty clear and looks like a great project for SEAL.
May 18, 2009
Dear shareholders,
The U.S. Government has set aside hundreds of millions of dollars for advancements in hybrid technology, through the Department of Energy for which we would qualify. This past month the government has reduced by 60% funding the fuel cell research in support of hybrid technology. For more information on our efforts in Washington D.C. refer to our March 9, 2009 update
Not redundant at all, all due respect to you also Dread.
I POSTED THIS FROM THE CEO UPDATE:
The U.S. Government has set aside hundreds of millions of dollars for advancements in hybrid technology, through the Department of Energy FOR WHICH WE QUALIFY. This month the Government has reduced by 60% the funding of fuel cell research IN SUPPORT OF HYBRID TECHNOLOGY .
IN RESPONSE TO THIS POST:
Aren't these government funds going to be awarded on the basis of cost sharing? In other words, Tovc raises $50M and the government kicks in $50M as well? If so we are in trouble since TOVC has no funds and no ability to raise more than a couple of hundred thousand bucks...is RIT going to pay for it??? More smoke and mirrors by management?
Dread, I do understand the feelings in your post.
Dino
For the "seems, appears, looks like, we are in trouble, money on the wrong horse" theories. This looks like a great project for SEAL......IMO Torvec will be the best investment many here have ever made.
May 18, 2009
Dear shareholders,
The U.S. Government has set aside hundreds of millions of dollars for advancements in hybrid technology, through the Department of Energy for which we would qualify. This past month the government has reduced by 60% funding the fuel cell research in support of hybrid technology. For more information on our efforts in Washington D.C. refer to our March 9, 2009 update .
As you well know we have been working with NASA on an all electric version of our IVT for the next generation Lunar Rover, and that program has borne other fruit that we are quite excited about. Our Patented IVT gearing, affords us design flexibility to create a Power Split Device (PSD) for Gas Electric Hybrid Technology.
The term PSD is essentially a transmission with more then one power source (i.e. gas/diesel engine & electric motor powered by a battery pack). The Toyota® Prius® is the number one selling hybrid in the world, and it is the standard on which hybrid technology is judged. Since their PSD is patented and is the key to their success, other automakers have tried to get around Toyota’s technology and have limited success. Torvec’s Patented PSD has the ability to level the playing field for companies that compete with Toyota and their Prius PSD technology. Torvec’s technology will function similarly to Toyota’s, with the same driver feel and performance and with future investigation might afford several advantages over Toyota’s technology.
This PSD technology is ideal for compact to full sized vehicles, while our Hydraulic IVT design will afford larger vehicles greater fuel savings.
In addition, we are please to report on the results of Formula SAE competition in Michigan are in, and out of 120 registered teams Rochester Institute of Technology finished 2nd overall running with our IsoTorque® differential! We at Torvec are very impressed and would like to congratulate the RIT team on a job well done and wish them continued success in the California and Germany competition later this summer. Full Event Results
Sales - 2nd
Cost - 5th
Acceleration - 15th (result of not doing enough launch control tuning)
Skidpad - 3rd
Autocross - 2nd
Endurance Race - 1st
Economy - 18th
Sincerely,
James Gleasman
CEO
sulax I ALSO thought the idea behind this board was for shareholders to discuss Torvec, not individual posters.
Dino
"I think it is pretty easy to see the win for both TOVC and RIT in such a partnership- what I want to hear about is how does this benefit Torvec Shareholders in the way of share appreciation....???"
I agree Leitrim....Per your inquiry I have had a buy order out their for days at .80 all or non that won't fill.
Dino
SORRY sulax do your own DD on TOVC.OB....
<< What's the circulation of the RBJ? It's a local business weekly that about 14 people read. The Pittsford Post gets more readers. It's worthless, said nothing that hadn't already been said.
When there is an article in the Wallstreet journal give me a call.
Please elaborate on what this partnership brings to the table.>>
I'll reserve the right to think what I want.....
<< And Dino - if you think anything new news was in that interview with the RBJ then you need to think about it again. >>
dabreeze, I don't agree with your thoughts on the Torvec/RIT partnership, NOR did I ever CLAIM that the article disclosed anything in addition to what was put in the 8-K.
The Rochester Business Journal article is added exposure and publicity for Torvec and....... "us shareholders" LOL.
Dino
dabreeze: some insight about RIT arrangement, taken from the RBJ interview of James Gleasman, the CEO of Torvec.
Q: Torvec and RIT recently announced an agreement to create a Safety and Efficiency in Automobiles Laboratory on the RIT campus. What do you hope to accomplish with the new lab?
A: Our basic goal is to establish SEAL as a center for advanced automotive and related energy technologies with a specific focus on enhanching and refining manufacturing processes so that automotive companies can bring these advanced technologies to market in the most efficient and environmentally friendly manner possible.
Obviously, as far as Torvec is concerned, we anticipate that our association with SEAL will enable us to further evaluate our advanced automotive technologies, leading to improvements in the production and manufacturing of our products. This will enable us to provide RIT faculty, staff and students with the opportunity to participate in the ongoing refinement and enhancement of advanced technologies designed for specific applications to the worldwide automotive and related energy industries.
We believe SEAL's success will enhance Rochester's image as a leader in the development and production of advanced automotive products, enlarge the pool of qualified engineers entering the auto industry and provide increased employment opportunities for skilled personel.
I appreciate the spin effort here, but nothing or no one is stopping this train once funding is in Torvec's hands.
Myself, I am long Torvec shares.
Dino
WHAT???? These 2 statements are from YOUR OWN posts.....
"Management issues a going concern statement, they have no funding to date, AND THE CEO HAS NO IDEA IN WHAT DIRECTION WE ARE GOING"
"I never said that Jim "SAID" he had no idea what direction we are going in"
HELLO... Jim is the CEO of Torvec. Hard to have a discourse here.
Dino
NICE TRY lolololololol....
The CEO NEVER SAID he has "no idea in what direction we are going"
Jim Gleasman and Torvec management will have choices, to manufacture themselves, license, or sell the company completely now that funding will become available.
I appreciate the spin effort here, but nothing or no one is stopping this train once funding is in Torvec's hands.
IT IS OVER FOR THE SHORT PLAY HERE.........
HELLO..... Torvec is part of SEAL so YES GOVERNMENTAL FUNDING for Torvec sulaz
Dino
The real possibility of Torvec receiving Governmental funding has caused quite a stir here along with the SMART MOVE to partner with RIT. Torvec is kicking tail, and this does not sit well with some.
NOW with the real possibility of funds becoming available for Torvec to be able to manufacture THEIR INVENTIONS for COMMERCIALIZATION, this becomes a GAME CHANGING EVENT for Torvec shareholders.
YES GOVERNMENTAL FUNDING sulax LOLOLOLOLOLOLOL.......
The CEO of Torvec will make the best MONETARY decision for its shareholders as to manufacture, license, or sell the company in its ENTIRETY at the proper time.
Dino
da.. if you had bothered to read the 8k you would have known your explanation is in #5. I don't know how many times I have to post about Torvec's anticipated GOVENMENTAL FUNDING, which is a game changer, before it sinks in lolololololol....
Form 8-K for TORVEC INC
--------------------------------------------------------------------------------
6-Aug-2009
Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On July 31, 2009, Rochester Institute of Technology and Torvec, Inc. executed a Memorandum of Understanding to create the Safety and Efficiency in Automobiles Laboratory ("SEAL") on the Institute's campus and establish it as a leader in the technological and manufacturing applications of advanced automotive and related energy technologies, including the creation of increased employment opportunities in automotive and related energy industries.
SEAL will explore the synergies that can be created by the mutual cooperation of RIT and Torvec towards the ongoing refinement of advanced automotive and related energy technologies designed for specific applications to the world-wide automotive and related energy industries, including the mass production and manufacturing of such technologies
in an environmentally friendly manner.
Pursuant to the Memorandum, RIT and Torvec agreed to use their best efforts to:
1. Provide RIT's faculty, staff and students with access to Torvec's advanced automotive and related energy technologies and know-how and provide Torvec's personnel with access to RIT's personnel, facilities and laboratories;
2. Engage each other's personnel, resources and facilities to refine and evaluate advanced automotive technologies and related energy technologies, including Torvec's, with a view to enhance the design-specific aspects of such technologies for their manufacturing and mass production;
3. Establish educational and training programs for RIT personnel, including where appropriate, creating and designing cooperative educational and employment opportunities for RIT's students in the fields of advanced automotive and related energy technologies;
4. Engage additional domestic and international automotive and related energy companies in the purposes and programs of SEAL;
5. Engage in mutual efforts to obtain governmental and nongovernmental funding for the purposes and programs of SEAL.
On August 6, 2009, the parties agreed to the following press release issued by
RIT:
Torvec and RIT Sign Agreement to Create Advanced Automotive Technology Lab College of Engineering to house new lab focused on increasing automotive manufacturing industry potential
Rochester Institute of Technology and Torvec Inc., a Rochester-based automotive technology company, signed a memo of understanding to create SEAL, the Safety and Efficiency in Automobiles Laboratory, on the RIT campus. The new lab will focus on developing advanced automotive and related energy technologies while opening up new employment opportunities in the manufacture and production of high-tech automotive equipment.
"Torvec has the potential to revolutionize the automotive industry, and we look forward to partnering with Torvec to help make that happen," says RIT President Bill Destler. Torvec employees will work with faculty and students from RIT's Kate Gleason College of Engineering to develop programs for emissions reduction and fuel-efficiency improvements of current and next generation automobiles. Torvec will also establish cooperative education and employment opportunities for RIT students in the fields of advanced automotive and energy technologies.
"RIT brings the expertise, facilities and equipment to deliver state-of-the-art results for all of the programs envisioned for SEAL," says James Gleasman, Torvec chief executive officer. The company, established in 1996, has more than 300 worldwide patents and inventions such as the IsoTorque differential, the infinitely variable transmission, CV joint, hydraulic pump/motor and full terrain vehicle technology.
"SEAL will initially build upon our existing resources with dynamometry and hardware-in-the-loop control systems," says Edward Hensel, department head of mechanical engineering at RIT, "but our vision includes the collaborative development of advanced automotive and related energy technologies with a view towards enhancing manufacturing and mass production of new products." Torvec and RIT will share access to technology, personnel, and facilities and will partner on joint research and development projects for the global automotive and energy sectors.
"SEAL will explore the synergies that can be created by the mutual cooperation of RIT and Torvec toward the ongoing refinement of advanced automotive and related energy technologies," says Andrew Gleasman, technology manager at Torvec. Through the relationship, the organizations will engage global automotive and energy companies to enhance the programs developed through SEAL.
"This new agreement builds upon a long standing relationship between RIT and Torvec, who has provided financial and technical support to our Formula SAE student racing team, " says Harvey Palmer, dean of RIT's Kate Gleason College of Engineering. "In fact, Torvec hardware was a big contributor to our team's recent first place championship in California."
RIT is a nationally respected leader in professional and career-oriented education, with eight colleges offering more than ninety different bachelor degree programs, including specific programs focused on technological applications that enhance efficiencies in manufacturing, improve product quality, streamline processes and protect the environment. Since 1912, RIT has been a leader in cooperative education whereby students enhance their formal education by active involvement with business and industry.
Torvec is a publically-traded company that develops advanced automotive and related energy technologies that increase transportation safety, mobility, fuel efficiency and reduce pollutants. Torvec's chief products and intellectual property include its Full Terrain Vehicle( FTV�), infinitely variable transmission, IsoTorque� differential, constant velocity joint, hydraulic pump and motor and hydrogen powered steam turbine.
Q: Where do you see Torvec 5 years from now?
A: I certainly see Torvec's IsoTorque differential, infinitely variable transmission and constant velocity joint in actual use in cars and trucks sold WORLDWIDE. I see our FTV being sold and used WORLDWIDE.
What I cannot predict is whether Torvec will itself be a major manufacturer of these technologies, whether Torvec will be a holder of significant revenue-generating licenses or whether Torvec will have been acquired by a major auto manufacturer.
What I truly believe is that Torvec will be, in one form or another, extemely profitable. I believe our shareholders will be rewarded handsomely for their trust and their patience. And I really don't think it will take five years.
Continuation of post 16995 *IsoTorque-
Torvec is building design-specific models of its IsoTorque differential for two domestic auto manufacturers, a Pacific Rim OEM and a well-known electric car manufacturer located in California. This specific-design model will fit approximately 50 car models WORLD WIDE and improve the performance, traction, safety and overall vehicle efficiency of each of these models.
With the new CAFE standards recently put in place by Washington, companies are more inclined to adopt new ideas. One such goal is the use of our IsoTorque in front-wheel vehicles to improve traction to 85% of an all-wheel-drive version of that vehicle while getting 2 MPG better fuel economy. The IsoTorque-equipped vehicle would have improved traction, handling and safety while not having the added expense, weight, and complexity of an AWD vehicle.
In addition, we are working with one of the world's largest commercial vehicle manufacturers to improve its axle design so that it, together with Torvec's IsoTorque differential, will result in greater traction and efficiency for trucks.Our new axle design has been approved, and the building of working prototypes is scheduled to begin in early 2010.
Continuation of post 16995 *IVT-
Over the past several months, Hodges Transportation Inc.(also known as the Nevada Automotive Testing Center) has evaluated our IVT technology on behalf of the Office of Naval Research for use in military vehicles, including observation of our IVT's operation on-site at our Mount Read facility.
We understand that Hodges has submitted a highly complimentary report to the office with respect to the functionality, fuel-efficiency capability and emission reduction potential of Torvec's IVT.
Hodges was engaged by the Office of Naval Research to evaluate IVT technology for installation in three different types of military vehicles, including the next generation Hummer. Our goal is to pursue this opportunity.
As time allows me later in the day, I will post for those shareholders who do not have a copy of the article, as much as possible of the Rochester Business Journal's Interview with Torvec's CEO.
Dino
Q: What projects or agreements has Torvec been working on in recent months?
A: We are currently engaged, at various stages, with 17 different projects for private companies, the government and the U.S. military. These projects involve Torvec's Full Terrain Vehicle, IsoTorque differential, infinitely variable transmission and constant velocity joint.
Recent developments include:
*FTV- In October 2008, we shipped an FTV to the U.S. Air Force forevaluation as the Air Force's Advanced Combat Firefighting Vehicle. After vigorous performance runs in a variety of hostile locales at Tyndall Air Force Base in Florida's panhandle, the Air Force requested us to make certain modifications to the vehicle. We have nearly completed these modifications at our Mount Read Blvd. facility and anticipate shipping the FTV to the Air Force for a final review early this fall.
Our goal is to secure the contract for the production of the Air Force's Advanced Combat Firefighting Vehicle. As part of that process, and depending upon the availability of government dollars, we would have to decide whether to MANUFACTURE THE FTV IN THE ROCHESTER AREA OR LICENSE OUR RIGHTS for manufacturing and distribution elsewhere.
Obviously, we anticipate that our success with the Air Force will lead to other contracts, for example, from other branches of the military and from state and local governments for environmental, emergency, homeland security and other similar uses.
Back-to-school looks weak for apparel retailers
On Thursday August 20, 2009, 7:43 pm EDT
Buzz up! 0 Print
Companies:Aeropostale Inc.Gap Inc.Pacific Sunwear Of California Inc.
By Alexandria Sage
Reuters - A basket of flowers hangs near Gap Inc's flagship retail store at the Powell Street cable car turn ...
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Symbol Price Change
ARO 35.88 +0.21
GPS 18.85 +0.24
PSUN 3.99 +0.20
WTSLA 3.32 +0.05
ZUMZ 12.28 -0.23
SAN FRANCISCO (Reuters) - If earnings reports released on Thursday are a sign of business to come, U.S. apparel retailers will have to continue cutting costs and discounting as slumping sales persist.
Gap Inc (NYSE:GPS - News), operator of the Gap, Old Navy and Banana Republic chains, streamlined operations and reduced inefficiencies to generate a quarterly profit that beat analysts' expectations. But its revenue fell 7 percent in the quarter and same-store sales dropped as much as 15 percent in its stores.
Other retailers that focus on teens rather than adult shoppers similarly struggled with sales while barely beating profit expectations.
The dismal current sales atmosphere caused one analyst to temper his optimism for the rest of the year.
"The second-quarter earnings season is shaping up with all the excitement on the bottom line, as the top line remains stagnant or down at best," said Brean Murray, Carret analyst Eric Beder. "There are faint signs of a turn, but it is way too early for retailers to get excited."
Gap said net income for its fiscal second quarter, ended August 1, fell to $228 million from $229 million a year earlier. Earnings per share were 33 cents, narrowly above the 32 cents per share expected by analysts, according to Reuters Estimates.
Revenue fell 7 percent to $3.25 billion, while same-store sales, a key gauge of retail performance, fell 8 percent.
Pacific Sunwear of California Inc (NasdaqGS:PSUN - News) topped analysts' estimates by a penny although it swung to a loss in its second quarter.
But wary investors were more concerned about the company's outlook, which was far worse than analysts had expected and its shares fell nearly 10 percent after the bell.
"Clearly we have a lot of work to do to stem our decline in sales and ultimately return to profitability," said new Chief Executive Gary Schoenfeld in a statement.
Rival Zumiez Inc (NasdaqGS:ZUMZ - News), which sells snowboard- and skate-inspired clothing and gear, reported a loss for the quarter that was narrower than expected and said sales trends had improved.
But a third-quarter forecast from Wet Seal Inc (NasdaqGM:WTSLA - News) was below Wall Street expectations and shares fell 6.6 percent.
"Back to school is likely to be disappointing for all but a few select value-oriented retailers," wrote Moody's Investors Service in a report published Thursday.
FALL INTO THE GAP
Last week, the Gap chain launched a major denim campaign, offering jeans with better fits and higher-end styling in hopes of bringing back once-loyal customers who gravitated to more fashionable rivals.
Gap has improved profit margins in recent quarters even as slumping sales have pressured results.
"We are finding the right balance between maintaining cost discipline and changing the trajectory of revenue that we've been on for far too many years," said Chief Executive Glenn Murphy, speaking to analysts during a call.
Gap stores saw a 10 percent decline in same-store sales, while Banana Republic, a more upscale chain that sells clothing to young professionals, recorded a 15 percent drop.
At Old Navy, the company's largest unit in terms of total sales, same-store sales fell 4 percent as recent merchandise improvements and value-priced goods lured new shoppers.
But analysts believe Gap's cost-cutting efforts will be difficult to sustain in coming quarters.
In the second quarter, operating costs fell by $52 million, but those costs are likely to be flat or rise about $20 million in the third quarter due to more marketing, Gap said.
EXCEPTION TO THE RULE
Aeropostale Inc (NYSE:ARO - News) was the exception to the tepid sales as its low prices appealed to teens and their budget-conscious parents.
Its second-quarter net income rose 83 percent on a 20 percent rise in sales. The company has been one of the few apparel retailers to consistently post higher monthly sales amid the downturn on lower pricing.
Net profit was $38.6 million, or 57 cents per share, from $21.1 million, or 31 cents per share, a year earlier -- above the 56 cents per share Wall Street had been expecting.
The company said it expects third-quarter earnings of 76 to 78 cents per share. Analysts were expecting 76 cents. Aeropostale shares rose less than 1 percent to $36.08.
Shares of Pacific Sunwear fell 9.8 to $3.60, while shares of Zumiez closed at $12.28 and did not move after hours.
Wet Seal shares fell 6.6 percent to $3.10 and Gap shares fell 1 percent to $18.65 after closing at $18.85.
(Reporting by Alexandria Sage; Editing by Steve Orlofsky
Just out... POSITIVE Form 8-K for TORVEC INC
17-Aug-2009
Other Events
Item 8.01 Other Events.
On August 17, 2009, Torvec's executive officers, James and Keith Gleasman, each waived their right and interest to a board of director - approved deferred compensation package. Under the compensation plan each of these executive officers is to be paid $300,000 per year for services rendered and inventions transferred to the company. Actual payment of this compensation is deferred until the company has the requisite cash, after the complete funding of all projects, to so pay their compensation.
As of June 30, 2009, the company had not made any payments under the compensation plan but had accrued in excess of $900,000 in liabilities for eventual payment. As a result of the Gleasmans' waiver, the company is no longer indebted to either of its executive officers for any amount of deferred compensation under the plan.
A copy of James and Keith Gleasman's letter to Torvec's board of directors follows:
August 17, 2009
Gary A. Siconolfi
Chairman
Board of Directors
Torvec, Inc.
1999 Mount Read Blvd.
Building 3
Rochester, New York 14615
Re: Compensation Plan
Dear Mr. Siconolfi,
On March 28, 2008, the board instituted a compensation plan for each of us by which Torvec would compensate us for services performed and inventions and know-how transferred at the rate of $300,000 per year. The actual payment of this compensation would be in the form of cash and was expressly conditioned upon a board finding that Torvec had sufficient cash, after the complete funding of all projects, to compensate us.
The board's decision to create this compensation plan was made, in part, in recognition of the fact that since January 1, 2004, neither of us had received compensation from Torvec. The board also recognized that since Torvec's inception, neither of us has sold any significant amount of stock in the open market or otherwise, even though such sales would be perfectly legal and above board.
While we certainly were and are appreciative of the board's intent, we believe that we should reaffirm our belief in and commitment to achieving Torvec's success and profitability by waiving any right and interest each of us has or may have to the compensation plan instituted by the board on March 28, 2008, including waiving any right and interest each of us has or may have in the amount(s) accrued to date for deferred payment thereof.
As we stated in our July 1, 2009 CEO Update, we have always believed and maintained the philosophy that we should "profit only when all of our shareholders profit. We have not shrunk from the obvious implications of this philosophy, nor will we."
In making this decision, we are mindful that we share in the board-created "Commercializing Event Plan" and that we continue to own significant equity in Torvec. We are confident that a "commercializing event" will happen and that we, as well as all shareholders, will share in the appreciation in the value of our shares as the result. As your appointed management, we can assure you that, as in the past, we possess many, many significant reasons to achieve success by generating significant revenues for Torvec.
We are working night and day, yes, including weekends, to bring all of our dreams to reality and we will not rest until we have achieved success.
Very truly yours,
s// James Y. Gleasman
James Y. Gleasman
Chief Executive Officer
s// Keith E. Gleasman
Keith E. Gleasman
President
Can you guys knock Torvec back down to the 60-80 cent range please.
I have a close friend I would like to get into Torvec before the fireworks start.
I appreciate it, thank You
Dino
I DID NOT TAlK TO JG sulax......
<< Did JG tell you that this was a very important development? Are they going to produce Iso's and FTV's in the SEAL LAB? Is the Dyno going to be relocated? What did JG have to say? >>
Discuss Torvec on this site.... not posters. WHERE did I post that I talked to Jim Gleasman?
Dino
#5 of Torvec's Press Release the governmental and non governmental funding possibilities, is what I like most about partnering with RIT.
Advanced Automotive Technology Lab Agreement Signed Between RIT and Local Industry Leader Torvec
New lab to combine educational opportunities, new technology development and increased automotive manufacturing
industry potential
Rochester Institute of Technology and Torvec, Inc., a publically held automotive technology company, signed a memo of understanding to create the Safety and Efficiency in Automobiles Laboratory on the RIT campus. The new lab will focus on developing advanced automotive and related energy technologies as well as open up new employment opportunities in the manufacture and production of high-tech automotive equipment.
“Torvec has the potential to revolutionize the automotive industry, and I look forward to partnering with Torvec to help make that happen,” says William Destler, RIT president. Personnel from Torvec and faculty and students from RIT will develop programs and lead automotive projects related to emission reduction and fuel-efficient equipment toward the manufacturing of production models. Torvec will also establish cooperative educational and employment opportunities for RIT students in the fields of advanced automotive and energy technologies.
“RIT brings the expertise, facilities and equipment to deliver state-of-the-art results for all of the programs envisioned for SEAL,” says James Gleasman, chief executive officer, Torvec, Inc. The company, established in 1996, has more than 300 world wide patents and inventions such as the IsoTorque® differential which helps automobile traction, handling and safety, its Infinitely Variable Transmission which saves up to 25% fuel savings and reduction in emissions, as well as its CV joint, hydraulic pump/motor and Full Terrain Vehicle technologies all of which are revolutionary in their segment.
As stated in the agreement, the parties have agreed to:
1. Provide RIT faculty, staff and students with access to Torvec advanced automotive and related energy technologies and know-how and provide Torvec personnel with access to RIT personnel, facilities and laboratories;
2. Engage each other’s personnel, resources and facilities to refine and evaluate advanced automotive technologies and related energy technologies, including Torvec’s, with a view to enhance the design-specific aspects of such technologies for manufacturing and mass production;
3. Establish educational and training programs for RIT personnel, including where appropriate, creating and designing cooperative educational and employment opportunities for RIT students in the fields of advanced automotive and related energy technologies;
4. Engage additional domestic and international automotive and related energy companies in the purposes and programs of SEAL;
5. Engage in mutual efforts to obtain governmental and nongovernmental funding for the purposes and programs of SEAL.
The agreement between RIT and Torvec also opens the door to additional governmental and private sector funding for the programs within SEAL that advance the automotive industry and manufacturing opportunities in Rochester.
“SEAL will explore the synergies that can be created by the mutual cooperation of RIT and Torvec toward the ongoing refinement of advanced automotive and related energy technologies,” says Andrew Gleasman, technology manager at Torvec, Inc. Through the relationship, the college and Torvec will engage additional domestic and international automotive and energy companies to enhance the programs developed through SEAL.
Torvec is a publically traded company that develops advanced automotive and related energy technologies that increase transportation safety, mobility, fuel efficiency and reduce pollutants. Torvec’s chief products and intellectual property include its Full Terrain Vehicle (FTV®), infinitely variable transmission, IsoTorque® differential, constant velocity joint, hydraulic pump and motor and hydrogen powered steam turbine.
Rochester Institute of Technology is internationally recognized for academic leadership in computing, engineering, imaging technology, and fine and applied arts, in addition to unparalleled support services for students with hearing loss. Nearly 16,500 full- and part-time students are enrolled in more than 200 career-oriented and professional programs at RIT, and its cooperative education program is one of the oldest and largest in the nation.
For two decades, U.S. News & World Report has ranked RIT among the nation’s leading comprehensive universities. RIT is featured in The Princeton Review’s 2009 edition of The Best 368 Colleges and in Barron’s Best Buys in Education. The Chronicle of Higher Education recognizes RIT as a “ Great College to Work For.”
Allnumbers.....
The steer drive in the CAT is not new. CAT has had that in the dozer since 1986.
It cannot work in a FTV type vehicle.
I just called the office and received this information.
Dino
Hi allnumbers....
IVT is a name for a type of transmission. Like automatic,CVT or troidal transmission. I know you have expressed that you don't like to, but stop by or call Kieth, I say this only because I don't think you will get the answers to your questions on this message board.
Dino