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I thought that your dot connector was....
Infinitely variable and hydraulically powered with a backup electrically modified transmission featuring an axle that was a combination of some fancy CV Joints working off a Iso-Torque differential that was properly cooled with some ICE Tech along with steer drive continuous tracks.
Better get one of those soon.
I think that Torvecian will have some of them in the supply cabinet located at Tor-Acres unless, of course, Carlyle takes it private.
When you send your E-mail to Maggie
think about suggesting that she bring Rochester Institute of Technology (RIT) President William Destler and Nabil Nasr, Director of The Center for Integrated Manufacturing with her.
IMO these guys are the ones that we need to share excitement with. Maggie will facilitate the political side just like she has done with this effort so far.
This would then go down a natural Torvec shade of green path.
I've been privately contacted also,
with ideas that might be helpful, but it usually is from someone who has been banned from the board.
I think that Maggie would get a better idea of the technology by showing her the actual integral workings of the separate inventions on the work bench instead of touring the park in the finished product. She is quite smart and would be able to see the vision for the future and how these inventions could be implemented to produce jobs and foster the Rochester economy. However, I sort of remember that she had been on site and had that opportunity before.
Well, anyway, RIT has chemical engineering students, along with electrical engineering and mechanical engineering students that would be interested also. It seems to me that the business students there could also see the possibilities. In fact, each department at RIT could contribute to the effort. These students could expand Maggie's project to the real Torvec shade of green that has nothing to do with E-85, and end up doing more for the environment.
What's up with all the private messages anyway? Have your other posters decided that there is nothing to discuss? Are they shy about posting there ideas and comments in public? I think that there is more to discuss than ever in the past and can't understand why the posters are private.
Brooks & RIT Announce New Green Fleet Vehicle Partnership
http://www.monroecounty.gov/files/Communications/rit_e85_partnership.pdf
Seeing as this effort is in Torvec's front yard, Let's take the FTV over to the campus to let the students experience first hand some of the green vehicle research that is being done in Rochester. -OR- Let's invite them over to Webster for a field trip.
Boise State's wind research
"The main problem with wind turbines in general is that electrical generators want to run at a fairly constant speed, and the wind is not nearly as cooperative," Gardner said. "So what we want to do is allow the rotors to move at the best speed for the wind at that moment, and generators run at a constant speed — so it's like an automatic transmission."
The idea, called "continuously variable transmission," is among the federal government's research priorities. Five BSU faculty members are working on it now.
Large turbines used in the world's largest wind farms already overcome the problem, Gardner said, by using variable pitch rotors and other approaches. But those are expensive and difficult to maintain, and they don't work well for small turbines.
http://www.idahostatesman.com/business/story/108920.html
This would be a good spot for an IVT from Torvec.
Truckers Moving to Hybrids, But Not Electric Ones
According to a Thomson News edge online report quoting the publication Design News:
"Researchers at the U.S. Environmental Protection Agency’s Office of Transportation and Air Quality have developed a hybrid in conjunction with Eaton Corp., the Southwest Research Institute and other partners, the report noted. Since June 2006, this system has been under evaluation on a UPS delivery truck in Detroit. The EPA has also worked on aspects of hydraulic hybrid design with Parker Hannifin under a separate cooperative research and development agreement, the report noted."
http://www.tmcnet.com/green/articles/8554-report-truckers-moving-hybrids-but-not-electric-ones.htm
"The EPA has opted to offset the efficiency loss during highway driving differently than Parker. Weve redesigned the pump-motors to get more efficiency than we could with an off-the-shelf model, Kargul says. For example, EPA researchers created a pump-motor design with higher displacement angles than most off-the-shelf bent-axis pump-motors the type used to drive the rear wheels. Our pumps displacement angles in the 45-50 percent range in the same package size as off-the-shelf pumps with displacement angles in the 20 to 25 percent range, says Kargul, noting bent-axis pump-motors run most efficiently with higher displacements."
"The main difference between EPAs UPS truck and Parkers in-house hybrid design comes down to the use of a secondary mechanical direct drive system for the rear wheels under certain driving conditions. In the EPAs full-series hybrid, only the hydraulic system connects the diesel engine and rear wheels. Parker, by contrast, augments the hydraulic drive train with a mechanical direct drive system that connects the engine to the rear wheels during highway driving, meaning steady state speeds of 50 mph or so."
http://www.tmcnet.com/usubmit/2007/07/16/2786068.htm
Where have we heard this before?
Oh, that's right at TORVEC.
I think that JG had been the first to mention all of this.
Here's to the Torvec patents.
Victor Petrenko news update on ICE tech progress
Here is a link to a recent update on the ICE Tech commercialization effort.
At this link there are interesting audio and video links to experience.
http://www2.ljworld.com/news/2007/jan/21/toplikar_chip_cold_block/
It appears that since Victor Petrenko had figured out new advancements, he needed the rights to the technology "given" back. It must have been an instinct of his to keep working on a technology that had been sold. Well, it will be good to be on the receiving end of the royalties instead of being on the paying end of them. These royalty payments should be cashing in much sooner than otherwise now that Victor Petrenko is back on the job.
Steering compensated speed override for vehicle drive system
Looks like John Deere has found a need for a technology similar to Torvec's Steer-Drive system.
While Torvec's Steer-Drive system’s initial function appears to be limited to tracked vehicles, I wonder if it either is or can be further enhanced to become appropriate for wheeled vehicles also.
With a portion of the leading hydraulic technology momentum headed towards digital, it seems to me that motors at the wheels are a natural part of Steer-Drive enhancements. Torvec's technologies either already are or could become a part of this effort.
It seems to me that the work that is being done by Torvec to incorporate Torvec’s Power Train components into the Lunar Rover is complementing this effort. The fact that the Lunar Rover’s six independently driven wheels are controlled by the Steer-Drive system included with that technology; this is really part of the same effort.
I can only imagine how HUGE that would be for the average 4 wheeled vehicle here on Earth!
Here is some recently published patent information of the effort at John Deere that they will use on their wheeled vehicles:
http://www.freepatentsonline.com/20070162211.html
I am imagining that this Lunar Rover Steer-Drive work and research contributed to the annual meeting’s announcement that Torvec has at least 50 new patented technologies in that last fiscal year.
Rep. Timothy Ryan funds hybrid hydraulic drivetrain program
"On Thursday, Ryan’s office announced that the district may be in line to get $11.2 million in federal funds."
"$2 million for the Cleveland-based Parker-Hannifin Corp. hybrid hydraulic drivetrain program."
http://www.tribune-chronicle.com/Editorials/articles.asp?articleID=20267
http://www.tribune-chronicle.com/News/articles.asp?articleID=20198
Finally, there is more funding surfacing for new research in hydraulic drivetrain technology. I wonder when Torvec will get some of the Federal budgeted amount.
Torvec to build and incorporate....
Since Mr. Rizzo is an attorney and on the Torvec's BOD, will he be doing the Incorporation?
I’m just kidding…., OK?
As you can see, I'm not good at jokes.
Seriously, will this incorporation include the development of the software to drive the Rover? Sounds like it will. In order to lead the incorporation effort, it sounds like Torvec will be involved with the entire Power Train development of the Lunar Rover.
Torvec's electrically modified transmissions
This sounds like a patched up enhancement of somebody else's idea. I never thought of this product as being like that. Couldn't someone like Artguy come up with a different way of describing this product? Granted Torvec has other transmissions, but is this one only an electrically modified version of one of those original ones? I think not. I think that it is really an original enough of a transmission that it isn't really a modified anything. Let's get a technical writer on the team.
Another point on the NASA project is....
It seems to me that while Torvec is contributing to the transmission aspect, and getting credit for that, I think about the contribution as being on to the entire power train for the Lunar Rover. This "transmission" unit actually includes the power source, the electric motors, right? Then the power is transmitted through the Iso-torque differentials directly to the wheels. The only other major components to the power train are the batteries, solar collectors, and the software that the computer utilizes to drive the equipment. So, I think about the involvement as being the major portion of the entire power train. That sounds better, and more accurate, than the claim to fame that is in the current discussions.
And, I would think that the Torvec patented constant velocity joints would be in the mix in come capacity.
What do you think?
NASA taps Torvec for lunar rover components
By VELVET SPICER
Rochester Business Journal
July 12, 2007
http://www.rbj.net/fullarticle.cfm?sdid=67682
NSF Funds $15 Million in Fluid Power Research
The U.S. Environmental Protection Agency is developing one of the world's first fully hydraulic urban delivery vehicles in partnership with United Parcel Service and other companies.
"There have been ideas just sitting there, waiting for funding," John said.
http://www.jsonline.com/story/index.aspx?id=632672
Glad to see that all of this is directly related to Torvec's efforts with the EPA's development project.
I really hope that you are wrong about that.
It seems to me that the Iso-torque differential would produce a lot less heat than the original equipment that they had tested for as much as 3 years. I can't believe that the Iso-torque would deliver more HP to the wheels except for the HP that is saved by a smaller lost to heat. I think that the advantage has always been the distribution of the HP, not an increased HP. I didn't think that the Iso-torque had a ring and pinion in the design. I thought that was eliminated by design. Wouldn't the Iso-torque have been supplied by Torvec to the race teams with the proper recommended viscosity of lubricant. You speak with a very authoritative manner and it seems that you have knowledge that is first hand. Have you attended some of the races, been in the pits, or have personal communications with members of the team. I am, so far, still in disbelief of some of your statements. Could you clarify some of these matters? Thanks.
So, you think that it was....
Torvec's Iso-torque differential that overheated, Right?
I was hoping that is was Nissan's differential that overheated.
Which one was it that overheated?
Could you clear this point up?...
When following the leads which begin in the latest CEO update, it takes us to the following description of the race.
"I radioed in the differential temp reading on each pass down the straightaway, and after about six laps the crew pulled me in, sending me straight to the trailer so the boiling differential fluid could be changed for fresh fluid. It was too late to save the race, but not too late to save the differential from a hideous and expensive meltdown. The job was done in 15 minutes, but the car was clearly ailing.
At this point, Biscevic took my place to try to squeeze in a few laps in his own race car and nurse it over the finish line. After a few more lengthy pit stops and fluid checks, the 350Z finally took the checkered flag running 34th, last among the living but ahead of seven cars that had crashed or otherwise expired.
At Laguna Seca, simply surviving was as much victory as we dared hope for. Thanks, Mr. Shepard.
The next race for the Car and Diver/NoHotWire 350Z will likely be July 19–22 at Barber Motorsports Park in Birmingham, Alabama."
http://www.caranddriver.com/features/13128/project-350z-update-2007-grand-am-koni-challenge-finishin...
I'm confused, are they speaking of the original differential, or the Iso-torque differential?
It seems to me that both descriptions (the CEO update and this article) are speaking about the same actual race.
I think his question was.......
more in the direction of knowing where Torvec is in relation to the commercialization of the non-impaired technologies.
I can't really answer that, could someone else help with this?
I would really like to know that also.
I remember that we are production ready and working on the final stages of deals that could initiate commercialization.
I don't think that the street address makes much difference at this point.
Of course, if they are giving tours and have time for that, I could find time to take one in.
Will Tor-Acres go private?
"On July 2, Carlyle disclosed that it was taking nursing-home chain Manor Care private for $6.3 billion."
http://www.washingtonpost.com/wp-dyn/content/article/2007/07/09/AR2007070901829.html
Will Tor-Acres be next?
Hybrid transmission change expected to boost efficiency 25%
"Chrysler provided a sneak peek into the future of large SUVs during a media preview of its 2008 lineup at its Chelsea proving grounds. Journalists were given an opportunity to drive a Chrysler Aspen Hybrid and a Dodge Durango Hybrid, both powered by a two-mode hybrid system the company is developing in conjunction with General Motors and BMW.
The two test vehicles are actually three generations removed from production models, the earliest the automaker has ever exposed a future product to media scrutiny. Its confidence in the system, which bubbled out from everyone I talked with who is involved with the project, is no doubt a key factor in the early release."
http://autos.canada.com/news/story.html?id=e391422f-3a8b-450b-b373-63af126b032f
Looks like Chrysler is trying to take a technology lead.
Intelligent Hydraulic Drives
"IHD, acquired from the Dana Corporation last year, specializes in the development, engineering, and integration of hydraulic hybrid components into motor vehicles. "
http://www.mhmonline.com/nID/5646/MHM/pNum=1/viewStory.asp
"First Industrial Realty Trust Inc., Chicago, announced Bosch Rexroth Corp. leased 57,850 square feet in the Rochester Hills Executive Park, 2730 Research Drive, Rochester Hills. Bosch Rexroth is the U.S. arm of the German-based Bosch Rexroth AG, which makes electric drives, hydraulic systems, bushings and shafts, and pneumatic valves and actuators. Signature Associates and Cushman and Wakefield of Illinois Inc. assisted in the transaction."
Looks like Dana's system has survived lots of trouble.
Hopes are high for hybrid diesel engines in tractors
"When the brakes are released and it's time to move off, the gas powers the oil back through the pump, which now acts as a motor, to help power the vehicle along.
Developed by Eaton Hydraulics, this form of so-called regenerative braking is said to be able to "re-use" up to 70% of the braking power and, as a result, save significant amounts of fuel.
It also reduces emissions because the engine no longer has to employ peak power to start the vehicle from a standstill. Eaton says it plans to have prototype vehicles up and running later this year."
http://www.fwi.co.uk/Articles/2007/07/06/104914/hopes-are-high-for-hybrid-diesel-engines-in-tractors...
Hey Neb, with this tractor, just think of the plants that can be cultivated.......
Zendo, this may be due to.....
The fact that they Variable Gear "problem" (which never really was a problem) was essentially resolved at the last annual meeting. This was prior to your divestiture. JG had reported at the meeting that there was an understanding for the resolution. That actually occurred as he had mentioned at the meeting. So that was old news. In order for you to think of the actual resolution as being news, you would have had to have no faith in the annual meeting discussion. I wonder why you would have no faith.
The ICE "deal" was not necessarily a good move for the company. Granted it added to the income and improved the balance sheet. But, keep in mind, that the tech was as good on the day that they released it back as it was on the day that they had acquired it. For the auditors to claim that the asset was impaired, that was pretty silly. If they used the same reasoning on all of Torvec's technology, most of the technologies would have to be deemed to be impaired. The auditor's decision seem to have been flawed, and is best evident by the fact that it was immediately sold for the $5 million dollars (1.5 Million in debt reduction along with the 3.5 Million in sale price) as soon as the auditors announced the impairment. Incidentally, this deemed impairment was part of the 12/31/06 annual report which was prior to your divestiture also.
So, now that the stock price is down, it would be a good time to get back in.
In order for the stock price to really go up, there would have to be an announcement of a commercialization event.
GM's new Fuel Efficient Transmission.....
GM project clears major hurdle
Osprey News Network
Local News - Wednesday, July 04, 2007 Updated @ 7:04:13 PM
"A new transmission line and up to 600 new jobs have cleared a major hurdle towards their eventual location in St. Catharines.”
“As soon as they announce the new product, we’ll call the media,” White said. “Then I’ll tell you everything we’ve done to secure this product for St. Catharines.”
Added Gates: “We’ve done our work but we made a decision we are not releasing anything to the press until we have this product. We are not going to say anything that might jeopardize it.”
http://www.niagarafallsreview.ca/webapp/sitepages/content.asp?contentid=597954&catname=Local%20N...
I think the press is on to GM's secret.....
Your product development process.....
Have you secured the required patents on this process?
Is your company out of the research and development stage?
Are you going into production with the OEMs?
Do you have any intention to list on NYS Stock Exchange?
Will your production be infinitely variable?
Will it hold up to the torque requirements of the Carlyle arm twisting that could occur?
Will you wish that you kept the ICE tech as it could have reduced the associated swelling that could occur?
When do you expect a commercialization event?
I agree that reporters should use full dates.
I wrote 2001 because that is the year that I thought it was reported. However, when I have time, I can try to find out what year it really was. When I first read that and posted it on this board ( it was within days from the original report ) I remembered it and wondered about the progress that they were making on it ever since. It is interesting that the G's have no recollection of it.
You must have the premium version of the I-Hub. Could you do a word search for my earlier posting of this same article?
The other post that you were referring to as old came from a blog. The blogs have a way of presenting as new information that is really quite old. I really need to be careful about that.
Incidentally, if this (six year old) report was true and really just issued today it would be more exciting than some of what is going on today.
Thanks for the update......
It is nice to hear of the progress on this.
Are they still working with Malone Specialty, Inc. of Mentor OH to solve this portion of the process?
http://www.theautochannel.com/news/2001/10/17/031137.html
Of course the last update that the shareholders had on this was in 2001.
Unnamed fork-lift truck manufacturer to design and supply a prototype vehicle equipped with Infinitely Variable Transmission to be used for testing and evaluation.
http://www.hemscott.com/news/latest-news/item.do?newsId=45709189773034
I guess when you put your IVT in a lawn mower, good things could happen.
Some of us thought that was a bad move.
Marine V-22 grounded, parts being replaced
"The culprit was a faulty swashplate actuator pressure switch, which has been traced back to a manufacturing error by supplier Eaton Aerospace, according to ITN.
A V-22 has six swashplate actuators with two pressure switches each. The swashplate is a device that allows the pilot to control the movements of the rotors. "
http://www.upi.com/Security_Terrorism/Briefing/2007/06/25/marine_v22_grounded_parts_being_replaced/5...
Looks like the processes necessary to control the actions of a swashplate actuator can be complicated. I wonder how Torvec is coming with the controllers for the IVT swashplate.
Has anyone heard of any update on that? I heard that it was production ready, but I was wondering if that is still being tweaked.
Digital Hydraulic Hybrid Drive Systems technology
"U.S. Rep. Fred Upton's 15 requests include a defense appropriation for Eaton Corp. in Galesburg for Advanced Digital Hydraulic Hybrid Drive Systems technology that will enable vehicles to be operated more safely and effectively in combat.
According to Sean Bonyun, Upton's communications director, Upton has secured about $4 million for Eaton in the past two years for the development of enhanced four-by-four vehicles mobility systems in military vehicles, but Upton is not releasing the amounts of funding requests."
http://www.battlecreekenquirer.com/apps/pbcs.dll/article?AID=/20070626/NEWS01/706260311/1002/NEWS01
Right, Dread, I agree that the military knows somewhat of Torvec's technology and other companies that have similar technology and that they are slowly moving towards Hydraulic drive systems. It seems to me that this digital enhancement to the hydraulic drive systems is necessary for features such as antilock braking, symmetrical power, vehicle stability control and the like. This work will take the value of the hydraulics to a new level that will make the commercialization more appealing to the auto makers.
Here's to hoping that the Military is looking at Eaton, and that Eaton is looking at Torvec.
Don't be so sad.....
ArvinMeritor has been quoted as follows:
"We’ve been working on development of hybrid drivetrains for some time. This Class 8 project is a major step in our continuing work in alternative drivetrain development—both for power transmission and emissions—and holds tremendous promise for the worldwide heavy-duty trucking market in a number of important environmental and economic ways.
—Carsten J. Reinhardt, president ArvinMeritor Commercial Vehicle Systems"
They are working on the class 8 trucks with Wal-Mart.
Here is a recent article on what ArvinMeritor is doing with the technology that they are working on.
http://www.greencarcongress.com/2007/01/arvinmeritor_an.html
When I reviewed this, it seemed to me that the motors that drive the wheels were going to be located at the wheels, and the only purpose of the axles were to add strength and steering, not to contain a drive shaft with CV Joints. With the drive motors at the wheels, there would be little use for a CV Joint. What I was thinking was that the motors located at each wheel could very easily be Hydraulic Motors instead of electric ones. Therefore, the CV Joints would be replaced with Hydraulic lines instead of electric wires.
Gundersen's three-legged stool represents his upstate strategy.
There's the first leg -- preparing upstate New York to compete in what Gundersen calls the "innovation economy." He cited BAE Systems' announcement in April that it will add 125 jobs at its Johnson City facility, where it already employs 1,300, as an example of creating "the jobs of the innovation economy."
http://timesunion.com/AspStories/story.asp?storyID=599707&category=BUSINESS&newsdate=6/24/20....
For those I-Hubbers that aren't following Spitzer; Gundersen is upstate NY's chairman of the Empire State Development Corp.
Interesting that he is so taken with BAE Systems' announcement to MOVE jobs to New York. Little does he know that moving jobs is easier than creating jobs.
I wonder what he would do of they actually created a new job.
I got an idea..... Let's introduce him to Torvec's plans. There would be some new jobs for NYS in those plans.
It seems to me that so far, his work has accomplished the renaming of the program he is working on from "Restore NY" to "Renew NY". Boy that is real good work Gundersen..... Nice "JOB".
Well, he did create a job.... his own.
Here is the link to what BAE is doing in NYS with those relocated jobs.
http://www.na.baesystems.com/releasesDetail.cfm?a=556
http://www.na.baesystems.com/releasesDetail.cfm?a=635
Mississippi State wins third year of GM-DOE Challenge X
"The University of Michigan competed with a unique hydraulic hybrid, with a 1.9-liter diesel engine used only to pressurize the hydraulic fluid that makes the truck go. "
http://wwj.typepad.com/mer/2007/06/mississippi-sta.html
Ok, now let's put a decent pump/motor from Torvec in that set up along with Torvec’s IVT, Torvec’s CV Joints, and Torvec’s Iso-torque differential, and some Ice Tech to keep the windows clear in the winter.
Now that would be something that would win a prize.
A more important fact to check out
ArvinMeritor to supply drive axles with brakes for new military vehicles
http://www.thetrucker.com/News/Stories/2007/6/21/ArvinMeritortosupplydriveaxleswithbrakesfornewmilit...
I thought there was recent discussions saying that Torvec's CV Joints would be the mainstay of the Military's (MRAP) vehicle drive axles?
Is Torvec sending the CV Joints to ArvinMeritor to be incorporated into the work that they are doing?
Well, one aspect of the Torvec Technology...
is that it speeds up when you slow it down.
I think that they patented that feature.
The Concept of Impairment
From the Journal of Accountancy, Dec, 1994 by Kimberly J. Smith
"If an asset's value declines, the asset has suffered economic impairment. If its value in place (the net present value of remaining cash flows) falls below its abandonment value (the amount that could be obtained through sale or other disposal), the asset should be abandoned and an impairment realized. If an asset is disposed of for less than book value, a realized loss will be recognized.
If the asset's value in place declines but remains greater than its abandonment value, the asset should be retained. This type of impairment is unrealized because there is no disposal. As long as an asset's value in place remains above book value, no loss is recognized. However, if the asset's value under such circumstances declines so it is worth less than book value, a loss may be recognized, even though there is no disposal."
The last sentence seems to summarize what must have been the recommendation from Torvec's auditors.
Are you reporting that....
The development project Torvec has with Koenigsegg is to put a Torvec IVT in that car? Will it be the Lunar version or the Hydraulic version? I always thought they were placing an Iso-Torque Differential into that car in this development project. Could you tell us more about that?
Are you saying that the Torvec IVT works on the moon? Could you tell us more about that? Has it been taken there? How did it test out? Were there any problems?
Along with you, I'm also glad that they cut the Ice Tech loose.
Before you fall completely out of your chair
while your are LOL,
Keep in mind, that I didn't make that post hoping for a comment from you. I wrote it hoping that the G's might think about those thoughts.
And, as to your point, the Ice Tech was not purchased back without the buyer already having a plan to commercialize the technology. There will be gross reciepts. That is something that we can take for granted. There will be royalties paid. 56% of 5% of something will go to Torvec, Inc. Given all of that, it would be nice to know if the something (gross) that is the starting point is the Manufacturer's gross or the Licensee's gross.
And, as far as the 3.5 Million price goes, that was a steal.
The Technology was not impaired, IMO.
I wonder how the auditing firm came to that conclusion.
Were we suppose to believe that that tech was impaired?
Do they have errors and ommissions insurance?
Well, anyway, if Torvec's 56% of the 5% Royalty ends up being charged on the Manufacturer's gross, that will be very good. It might actually end up being more than any amount of revenue that Torvec could have received any other way and if that is the case, I guess the crummy 3.5 million doesn't even matter in the long run.
Some thoughts on Ice…..
When Torvec acquired the Ice Technology it was reported as follows: “Torvec, Inc. will develop the technology for land-based vehicle applications.”
Here is a report of the history: “Then in November, 2000, Dartmouth and UTEK Corporation - a business development company dedicated to building bridges between university developed technology and commercial organizations - announced jointly that the Dartmouth Trustees had granted a worldwide exclusive license to Ice Surface Development, Inc. (ISDI), a subsidiary of UTEK, for Petrenko's ice adhesion modification system for land-based vehicle applications. ISDI was subsequently acquired by Torvec, Inc., a Rochester, New York-based developer of advanced automotive technologies. In addition to integrating Petrenko's inventions into Torvec's "Fast Tracked Vehicle," ISDI plans to develop a marketable non-thermal windshield de-icer, which would prevent ice from even forming, and further develop Petrenko's "Electrostatic IceBraker" traction system which works by inducing an electric field strong enough to significantly increase the friction between tires and ice. "There's nothing like a 60-ton tank slithering around on the ice to make you think Professor Petrenko's technology is a good idea!" said Dr. Herbert H. Dobbs, Chairman of the Board of Directors of Torvec. "This is a new direction for Torvec. Up to this point we've used only our own technology. But we think this has enormous potential." Mikhail Starostin, a Thayer School visiting professor from Russia, is helping Petrenko to develop a prototype of the windshield de-icer, while Masahiko Arakawa, a visiting professor from Japan, is working on the ice-traction system. In the future, both technologies may well be available as options on new cars -- like a sunroof or a CD player. The traction system could also be used for shoes, requiring only a simple ice sensor and a small battery.”
Of course, all if this is an overview and some reporter’s summary of the results of the underlying legal documents. Now we have an impairment event reported by Torvec’s auditing firm. And then we have a transfer back of the entire package in exchange for cash to “reimburse” the past investment costs along with a 5% Royalty share in the future commercialization.
With all the other non-impaired technologies that Torvec owns, we have the reliance on the patents for the protection of the shareholder value, while with the Ice Technology, we have no patents, only contracts to rely upon. So, I was wondering why there is a need to change the terminology from what it has been in the past to the new terminology of “the motorized and nonmotorized land vehicle field covered by the assigned license agreement”. It would seem to me that there are other fields covered by the assigned license agreement that are beyond the motorized and nonmotorized land vehicle fields.
Why not cover all fields? Why limit it to only these fields?
Also, what is the rush to liquidate the Ice Surface Development, Inc. that establishes the sellers as a group? As we know Torvec only owns 56% of the interest in that group. Will there not be any new business items to come before the group? What about the future litigation necessary to collect the Royalties? Will Torvec now be responsible to pay all the future costs for collection the Royalties in absence of the other shareholders of the Ice Surface Development, Inc.?
It was stated that there would be a royalty that is equal to 5% of the gross revenues generated by the license. Now, 5% of the manufacturer’s gross is a lot more than 5% of the royalties that will be earned by the assignee. It would seem to me that we need to clear up the base amount that the 5% is computed on. Hopefully it would be the manufacturer’s gross, not Ice Engineering, LLCs’ gross. It seems that we are setting ourselves up for 56% of 5% of 5%; which happens to be .14%.
Ice tech.....
Was it really an impaired asset? ...or...
Was Torvec impairing a perfectly good asset?
If you are relying on the auditing firm to make that call, you might have the wrong answer.
Question: Does this event qualify as a commercialization event for this impaired asset. If so, then the $500,000 in cash might not be around quite as long as the two years that you have calculated.
It seems that this was the best thing to do to move forward.
It separates and clears the way for the commercialization of the non-impaired technologies.
I too agree that this is a nice move.
I was also impressed with Mr. Horton's decision.
That also was a nice move that showed lots of respect for his flock of followers.