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Hi Matt...
Have you ever heard of the "Carlisle Effect"....?
Trucker...
This isn't the frist time these guys have done this....now they are acusing dread, who has been nothing but objective since he started this forum, of being a gleasman...well they didnt actuially say it, but they were going to any minute..
the seed of Patroon has germinated...!! not got his feelings hurt when He felt like I was accusing someone from this forum of calling Mrs. Gleasman ...I actually didnt acuse anyone from the board...I was simply pointing out it was a low-life, slim ball play...
can anyone say "Carlisle Effect" for me........
Hey dread...
this is fun isn't it...the "Carlisle Effect" has em coming in from all angles...
we've reached a new low when even the thought of someone calling Vernon Gleasman's widow to ask about shares in his estate is floated let alone some one actually doing it...that is the lowest slime-ball manuever you could possibly imagine...
For those of you in the audience that are followers of this forum but don't post, this is Raging Bull all over again...same crew of shorts...differnent names...well there may be the occassional Eaton employee or guys from one of the other potential competitors who have the most to loose...but make no mistake....the game here is to get you to part with your shares by using the smear campaign....why do you feel they are out in full force right now..??? ...because they are nervous...why are they so nervous...?? gee what could the reason be...
nottor...
We've seen this one from you before..it's old....something like 250,000 insider shares sold in the last 15 MONTHS out of 16,000,000 insider shares held....that 250,000 was out something like 10 million plus shares traded...you are attempting to create a big negative for some reason out of something small....why is that...I think Trucker and I'm sure many others know what you're up to...again the nottorvecian handle speaks volumes...
This is all bringing back fond memories...
Ah..the good times we had back on the Raging Bull board...the frequency and intensity of the bashers is telling me the longs have alot to be encouraged about....
sorry dread..but you can see where this is all heading...
The "Carlisle Effect" is bringing em out of the woodwork albeit with alot of new names...
Hi kidman....
Glad to see you're still hanging around...very well said.
Stick around....
Info on David Carlisle....
Read the info on Carlisle below...once you have read it you have to ask yourself how many possible contacts does this guy have at high levels in the industry..? He appears to be very connected....I ask myself, "Torvecian, how does a guy like this end up on the board at Torvec at this particular time?"
fyi...this is just part of the info I got off of Torvec's web site ....
Relevant Areas Of David Carlisle's Experience
The type of work that I have done includes the following — note that in most instances the work is still highly confidential (we generally sign annual non-disclosure agreements with specific companies) and I am unable to link the specific client to the type of work.
Market Entry Planning — I have worked with several companies to develop their ‘blueprints' for doing business in the U.S. market — these are called market entry plans. These plans are comprehensive and represent a "how to" manual for conducting manufacturing/distribution operations in the United States. Elements of the plan typically include product positioning, sales and marketing strategy, pricing strategy and sales, forecasts, sales process, dealer network definition and management, logistics and vehicle distribution, service, parts, in-house vs. third-party assessment, organizational structure, executive office administration, launch economics, project management and implementation planning, product regulatory issues, and company regulatory issues. I have even been involved in market entry planning for various marques that did not enter the U.S. market after they reached various "no-go" checkpoints in the launch evaluation process. As a part of these efforts I have visited most of the U.S. ports of entry for bringing in motor vehicles.
Product and Division Launch Planning — I have assisted motor vehicle companies in launching new products (for example, a new sedan) or new divisions (for example, a new luxury car division). Launching a new division can require a level of effort similar to a complete market entry plan, whereas launching a new product might only require the development of a business plan and implementation work plan.
North American Service Parts Conference (NASPC) and European Aftermarket Conference (EAC) — I have accumulated through my company (Carlisle & Company, Inc.) 12 years of industry comparative metrics and fully documented best practices (and some worst practices) for over 20 companies in N.A., encompassing nearly 150 facilities, with over 100 metrics on each facility, and another 100+ metrics at the "corporate" level. Our database ranges from company-wide supply chain cost-of-sales, to square feet of dock space at specific warehouses. We also have similar data and detail for all the major European OEs. We leverage our extensive industry contacts to provide highly focused, "content rich", benchmarking services, employing the APQC Benchmarking Code of Conduct. The idea is to develop an extremely clear understanding of all aspects of the service parts business. How do different companies approach different business problems? What are the results in clearly comparable numbers? What are the IT, process, staffing, and organizational implications? Recent service parts benchmarking studies include: salaried staff — numbers and structure, vintage-car parts retention policies, parts pricing notification processes, terms and conditions, weekend order processing, returns policies, recall parts policies, inventory management policies, glass fulfillment, and accessories organization/strategies/practices.
Marketing — I have directed work focused on understanding market share and the impact of sales and marketing strategies. As a consequence of this work, I have reviewed dealer and customer-based market research that involved thousands of surveys to quantify the factors contributing to customer satisfaction and purchase behavior.
Global Software Development Advisory Council — I have worked with one of the largest software manufacturers in the world, on a highly select customer advisory council. The mission of this advisory council is to assess future trends, identify best practices, and guide the development of future service parts software solutions. Our client has formed several advisory councils in the past around other industries — typically third parties and consultants are not allowed into these forums.
Brand Equity — I have been involved in developing brand equity strategies for several OEMs. For one OEM, I led the internal brand equity task force that developed the brand product positioning strategies that have been in place for the past 5 years. For another OEM, I was part of a strategy team that refocused an ailing division based on close attention to a future vision of product brand equity. For others, I have helped reshape their brand equity strategies to become the seed from which other distribution, logistics, and pricing strategies are born.
OEM Focus Groups & Roundtables — I have facilitated dozens of focus groups, within OEMs and across OEMs, that brought together hundreds, if not thousands, of OEM employees to discuss matters of attitude, policy, and procedure.
Supplier Focus Groups — I have facilitated supplier focus groups that brought together numerous OE suppliers to discuss a broad array of issues.
Pricing — For the past decade, I have been intimately involved in developing strategies and enabling systems/processes for OEMs in parts and accessory pricing, and vehicle pricing. I led the efforts to develop these processes and strategies for one of the largest global OEMs. This OEM still has in place much the same processes we put in place in the mid-1990s, and refined in 2001.
Distribution Benchmarking — I have been involved in several vehicle distribution benchmarking efforts that encompassed global operations in North America, South America, Asia Pacific, and Europe. Almost all of my clients have either sponsored a benchmarking project or participated in one.
Production Logistics Strategy — I have worked in various projects that developed distribution strategies for the U.S. These strategies encompassed analysis of port-of-entry, port processing, rail distribution, and truck transportation of vehicles to dealers.
Service Parts Distribution Strategy — I have worked with a number of OEM service parts divisions in determining/optimizing their supply chain networks. This includes modeling and quantifying various product flows, warehouse quantities, locations, and sizes, and inventory management philosophies. A number of my clients have significantly modified their logistics networks based upon our recommendations.
Transfer Price Analysis — I performed an analysis for one of the leading OEMs to address its current transfer price arrangement between the U.S. and Canada in terms of selling parts back and forth between the U.S. and Canadian Service Parts Divisions. This study considered the services conducted by each division on behalf of the other. By investigating financial returns for comparable public companies performing similar services, we determined a fair "arms-length" transfer price mechanism to support sales between the two divisions.
Acquisition Analysis — I performed an acquisition analysis focused on an East Coast port processor that took into account all major facets of the port processor's processing operations as well as its geographic position for future sales growth.
Management/Business Auditing — I have provided management and business auditing services for nearly two decades. In general terms, the purpose of these audits has been to determine if company performance outcomes and management practices are within acceptable industry norms.
Sales Strategies and Visioning — I have been involved with a key Asian account for the past 11 years in preparing annual business plan strategies, visions, and initiative updates. These business strategies are then turned into annual Sales Force training curricula. As a consequence of these activities, I have been continually involved in activities that pertain to vehicle ordering, allocation, forecasting, wholesaling, and distribution.
"Project Genesis" Future of the Retail Environment — In the midst of the trend towards dealer consolidation and the forming of public entities, I led a 2-year effort focused on understanding where the U.S. retail environment was heading. This considered key trends in consolidation, taking retail groups public, wholesaling, retailing, order-to-delivery, and the use of the Internet by end-customers.
Ordering & Allocation Benchmarking — Several times during my career, I have been involved in benchmarking current practices in OEM vehicle forecasting, ordering, and allocation.
Vehicle Leasing Strategies — I have been involved in developing vehicle leasing strategies for OEMs; I have also assisted a large leasing company in refining its vehicle leasing portfolio.
Dealer Attitudes and Satisfaction — I have been involved with Carlisle & Company's product development and launch of various satisfaction survues here and in Eueope. These annual surveys measure U.S. dealer satisfaction along more than 200 areas of interest, encompassing more than 8,000 dealers, and representing approximately 15 different OEMs.
Service-Customer Needs and Attitudes — I have directed work that has involved surveying, as well as reviewing market research, for dozens, to hundreds, to thousands of OEM dealer customers. These surveys gauged customer satisfaction and understanding along a broad array of issues affecting them in the dealer and aftermarket environment.
Customer Retention Strategies — I have directed work with various OEMs that focused on increasing customer retention in their new car showroom and dealer service shops. This work has included extensive customer research, benchmarking, and analysis. The output of this work includes strategy visioning, gap analysis, cost/benefit analysis, and program plans.
Sales Growth Strategies — My work with various clients has focused on increasing sales through a variety of strategic levers, including terms and conditions, pricing, operational effectiveness, and policy changes. As is typical of all our strategy work, we bring extensive customer research into the customer-requirements phase of strategy development.
Dealer Focus Groups — I have facilitated numerous dealer focus groups that brought together hundreds of dealers to discuss how their business works, how they react to certain products or concepts, what they think about their brand, what they think about various policies, as well as myriad other issues.
Customer Focus Groups — I have facilitated and managed customer focus groups that brought together hundreds of customers to discuss what they think about vehicle product and support issues.
not...
we know your not Torvecian...you said that before..I'm Torvecian. It's clear though that because you choose to be nottorvecian that there's an agenda, which is fine....i'm not hot about anything, but it's kind of hard to have a dialog when you are trying to start a discussion by firing canon balls....
The posters on this and every other stock message board arrive with widely varying degrees of knowledge among other things...I get my info where everyone should get it..by doing homework and asking questions.....I find it a little humorous that you acuse me of not answering tough questions...that usually means that a question comes up that only someone from inside the company would know the answer to..since I am an outsider, ipso facto, I don't have all the answers..and for something like the 50th time, I am not a Gleasman, nor am I related to the Gleasman's....I offer my opinions on things here like everyone else and I have also answered every question thrown my way with either facts from filings/due diligence or with my opinions...
nottor...I too feel that the addition of David Carlisle to Torvec's board of directors is very good...the list of auto companies that he hasn't done business with is way shorter than the ones he has worked with...here is a comment that is prorbably going to fall into the category of "stuff Torvecian says that makes me use the name nottovecian"...while I am still doing some homework on Carlisle, it is my opinion that guys with his credentials don't just appear on the doorstep.. there is more to the story...(doesn't that just drive you nuts when I say stuff like that)
Just trying to be friendly and open to all viewpoints...
nottorvecian....
When you signed on to the board with the nottorvecian name, it wasn't hard to figure out that you had at leats some premeditation to bash me here...why don't you at least try to tone down the hostilities a notch....
As for the comment about not answering questions..when I don't know, I don't know...if you 've been around here or RB for the last few years, you should know that I am not in the automoive industry. I am however, a long term shareholder and supportive of the company. Things don't happen fast enough sometimes, but I like the momentum....with that said, there's no reason this can't be freindly dialog..is there..?
I already read all of it...
I also felt it necessary to call the company and talk with them about the project and what's envolved...I spoke with 3 different people there including Andy Chapman who is going to manage the project on Torvec's end....like you, I had some questions and concerns about what's in it for the company...etc..Now, not only do I have no concerns,I liked what I heard and feel very good about it......rather than speculate on it, you should call them..after you talk with them, let me know if you agree...
Dig....
Call Torvec and talk with them directly.....
Darpa and other topics...
Since the Darpa complaining doesn't seem to want to end and the information being thrown out on that topic and others doesn't seem to be backed up with real due diligence, I was compelled to call the company and ask some questions...I actually spoke to 3 different people at Torvec regarding DARPA....
First....there will be a very minimal amount of Torvec capital spent on Darpa....the company is contributing the FTV while all of the robotics and technical modifications will be done by the Darpa partners using their people and their capital. Torvec will ship the FTV to CA...one of the CXO guys will be the Project Manager requiring only moderate spurts of time staying in contact with Mototron and the project managers from the other Darpa partners...there will be NO engineeering resources from Torvec diverted to the Darpa project...so what I take from that is Torvec spends minimal time and capital on Darpa .... what's to complain about that...some of the same people complaining about it are same ones who were on RB saying the company isn't visible globally...if getting the FTV to the highest level of technological and robotic capabilities, using someone else's time and capital, leading to a gateway to interact and showcase with 181 other teams representing roughly 1000 other companies from around the world...all under the watchful eye of the DOD...call me nuts, but that seems POSITIVE.....a college science project..?? hardly..
I've said it before and I'll say it again...many mistakes have been made over the course of Torvec's emergence...show me a company that hasn't made em...the company has had more developments and activity across multiple technologies in the last several months than in the 4 or 5 years preceding that time......the combination of the founders and the managment team in place is yielding progress in a market segment that doesn't move real fast..give these guys a chance to operate..let em finish the testing..etc..etc..etc..
Agreed dread.....
My point on the vote wasn't really about re-election , but more about if 60% of the votes are a given in favor, 40% are up for grabs...39 point something percent of those 40% were yes votes. The number of votes against ANY of the directors was less than 1% and in most cases was less than a half of a percentage. My point was that there appears to be overwhelming support from the shareholders for the board memebers including JG. And if the people throwing JG under the bus on this board are actually shareholders and they voted against JG or the other board members, the tiny number of published against votes tells me that they don't own very many shares....actually, they own next to nothing based on the filings...I'm done with that one though..its a dead horse.
As for the progress, I'm with you....this is continuing to get more interesting every day...
A few observations....
.....while it would be great for a GM to run with it, China and Chery would be a very good start to what will turn out to be a mainstream product..i agree with the poster who brought that up...also, who says it WON'T happen with GM....I agree with you dread...if the tech works, it works...some guy one step removed from some guy at GM a long time ago who says that the other guy he was one step removed from didn't like somebody during their discussions.....for all we know, it was the other guy who wasn't likeable...the tech will speak for itself...
Still all the grumbling about JG....I noticed that 99 point something percent of the shareholders re-elected him and everyone else to the Torvec board of directors.....
So the guy was crude.....
Sounds like he deserved what he got...it seems like once his agenda was clear via his demeanor, sounds like Jim G. knew what he was up to...it's not the question, it's how is it being presented i guess...
The "why can't the insiders be believers too" question is hard to comprehend....first, out of roughly 15,000,000 shares held by insiders, only about 250,000 were sold last year...that is an extremely small number...as for why they aren't buying , they already own over 50%..! I am not sure that this is correct, but doesn't Read own alot of shares via CXO..if thats accurate, why buy more when you have alot already...the fact that these guys are working for the upside on the stock gain rather than huge salaries and consulting deals tells me they are believers....that should make a strong statement in itself...
"Can I wonder?" you ask....I wonder what the agenda is when you pick the alias you have...not trying incite anything, but why pick "nottorvecian" if you don't have a motive here..?
I just had to call the 2 guys that I know who attended the meeting to see what all this fuss is over what Jim Gleasman said at the meeting..they indicated that right after both the CEO and JG discussed the insider topic, some guy gets up and complains about insider trading and why insiders aren't buying, as if they hadn't just addressed the whole topic....they said it was asked and stated in a way that was designed to incite controversy....they said the guy looked silly the way he went about it...i won't say what else they said about the guy... but it was funny....that wasn't you by chance was it nottorvecian..??
As for JG in general, I dont know the guy personally, so i cant judge his character...it appears though that his Orator of the Year Award is in jeopardy..! What we have in common nottor is the vision that the tech is real and potentially worth big dough...
I assume then that you have sold your TOVC shares...
It's easy to see where this is heading with your comments..
and yes , i only mispelled about seven words in the previous post..
Rather than paraphrase what was said at the meeting...
The link below is the 8k filed this afternoon which includes a transcript, word for word, from the meeting. Irf anyone wants to know who said what, it's all there....it also helps whith understanding the complete pictuire of where the companmy is and where it's going.....
http://edgar.brand.edgar-online.com/fetchFilingFrameset.aspx?FilingID=3422721&Type=HTML
Thanks for the meeting highlights...
I talked with a few people who were at the meeting so I could get an all around feel for things..
I am encouraged by the progress and remain focused on the end game...seems like everyone wanted to hear test results...in my opinion, announcing partial test results takes away from the release of the full and complete results....I like the DARPA development....high visibility, DOD connected and global visibility...the Motortron/Brunswick connection is very interesting...when you look at what segments of the markets they operate in relative to the TOVC technologies, you can see what drives the connection...I would suggest looking closely at what those company's products are....this relationship is about more than the FTV in my opinion..
The Chery / China development points to validation of the IVT..deal not apparently complete, but appears heading that way...why would a shareholder of Torvec NOT think this is anything but positive.....this takes things toward "end game", not away from it..
Had to chuckle a little at some of the comments on the board today and last night....I like where this is heading....
Actually the sold number in Dec was 10,000...
That tells us nothing....except that Keith Gleasman has about 9,000,000 plus shares left under his control...
For the last 12 months, insiders have sold a whopping 250,000 or so shares out of a pool of 16,000,000 ....that tells us that the insiders are have held almost all of their shares...
Dread's point is right on...they told us in the filings that they were eliminating their employment agreements and will periodically sell some shares to pay themselves essentially...the insiders have never deviated from what they said they were going to do in that regard...
Lot of sceptical feelings from the longs here...
First...in my opinion, the fact that we have heard nothing is very positive...allows for an informative/positive meeting tonight to share what I beleive will be very positive news with what is generally speaking a big room full of long term supporters/shareholders.....can't think of a better way to deliver good news than in front of a shareholder meeting...
Second...before shooting arrows at the management for what you think they may be doing or not doing, why not wait and see what they have to say...aren't these the times that those of us that have been around for years have been dreaming about...now is the time to be really patient, not less...
Those of you attending the meeting, enjoy the night...I'm sure there will be a summary on the board by midnight....looking forward to reading and discussing...
Onward......
you forgot the FTV...
I think that upon commercialzation of all or most of the technolgies, the revenues and multiples of such will yield a market price for TOVC in your ranges....actually it could be higher and most likley long term it will be....
Hi dread..aka 49...
I was just using that as an example, however if that scenario played out, it is an option that might look something along those lines...as for your question on the P/E - revenue area...revenue and capitalization are two different things..the IVT JV company could have no revenue but have contracts in place which support the public valuation...
as for the old tranny's....let's retro-fit em all with a Torvec IVT...
the float remians our best friend...if an event or series of events(more likley) occurs, the small float causes shorts to run over and drives up the price quicker...where will the stock come from for new investors and covering shorts...not from me or you and long termers or major shareholders...
An observation...
Sounds like your son's future is already solidified.....
Cheers...
Hi Leitrim...
The potential partner on this thing is anybody's guess...my gut is telling me that the testing is producing good data..if it wasn't, I dont think that CEO update would have come out the way it did if at all...why the IVT Deisel Corp strategy if things were not going really well behind the scenes??...and while it may not be coming out publicly as fast as many would like, sometimes this kind of stuff takes a little longer than we may think...keep in mind, Torvec isnot some huge company with unlimited resources...
I personally think something is going to happen in the form of a deal....what shape that will take or with whom who knows..I can tell you this, I wouldnot want to be holding a sizeable short position in Torvec right now...anybody sitting on a TOVC short right now has got to be dumb and dumber..stay tuned....
As a side note...do you live in Ireland...was there not to long ago...the friendliest people I have ever meet and the most beautiful place...
Here's diffferent scenario...
Torvec and company X JV 50/50 on IVT Desel Corp with say 40,000,000 shares. 20,000,000 to Torvec and 20,000,000 to partner X...IVT Deisel Corp then sells maybe a 20% stake in the company to the public at say $20 bucks /share. Thats 8,000,000 shares at 20, generating $160 mill to fund growth of IVT Deisel Corp. Torvec and partner X now each still hold 16,000,000 shares of IVT Deisel Corp that the market valued at $20/share...the stock is held by Torvec, but the value of that asset gets reflected in the market value of TOVC stock..as shareholders of TOVC we experience the valuation with physically having IVt Deisel shares i our possesion...the 16 million shares at 20 bucks is $320 million in value which the market would recognize....$320 million divided by the roughly 29 million shares of TOVC outstanding is roughly an $11 per share increase in the value of TOVC...thats without doing a similar deal on the gas side of the equation...thats with no iso-torque deal with another player...nots without the maturation of the product channel producing revenues and profits....etc etc etc...
While the volume today was only 27,000 shares, it seems to have tightened up the supply....have a good evening
We might be able to call you 49 before this is all over..!!
Given all that appears to be happening I would think that anyone selling TOVC shares now would be making a tactical error, unless of course it's a short trying to hold it down..
There is way more to this story than we are seeing....
Dread no more...
Doing some late night surfing and found a new update from Torvec CEO on the web site...ladies and gentleman, I will bet my net worth that the company has the mystery JV partner already to go.....do you realize the ramifications of this if I am correct...also, check out the video of the Dodge Ram diesel running nice and smooth and quiet...I can't wait for the market to digest this tomorrow...read on friends...talk more tomorrow...Torvecian is happy...
Message from the CEO
January 6, 2005
Torvec Announces Formation of IVT™ Diesel Corporation
I am pleased to share with you that Torvec has incorporated a 100% owned subsidiary, IVT™ Diesel Corporation. This strategic business unit has been formed to facilitate joint ventures with other strategic partners to offer complete diesel drive-train units to the US military and for use in commercial vehicles, including Class 3 trucks and buses.
We anticipate that the diesel drive-train units offered will be loaded with technology driven features which will significantly improve performance in the recipient vehicles.
The units will incorporate the following Torvec technologies and assets:
The rights to the IVT™ patent for use with diesels
An agreement by Iso-Torque Corporation to supply Iso-Torque differentials
Current CV joint patent and pending heavy-duty CV joint patents
The Dodge 4x4 diesel powered vehicle
6000 psi pump and motor technology (The 6000 psi pump and motor are necessary to build the IVT™ for military Humvees and Class 3 trucks and school buses)
US military and robotic rights to our Full Terrain Vehicle (FTV™).
It is anticipated that the joint venture partners will furnish custom electronic engine control units, high performance engines, ABS braking systems and emission control systems as well as manufacturing/assembly facilities. The combined technological improvements should result in fuel savings, lower environmental emissions, increased driving performance, enhanced safety and greater reliability and durability.
The market opportunities for diesel drive-train units have increased dramatically for both US military and commercial applications. The increased weight of armoring the Humvee military vehicles as well as the difficult desert terrain where they are presently deployed requires continuous retrofitting of engines, transmissions and parts. Moreover, the 2007 Government emissions standards for commercial vehicles, higher fuel prices, the high level of school bus emissions and the resulting health concerns faced by state and municipal governments, all present opportunities for Torvec’s proprietary technology. Torvec’s IVT™ Diesel Corporation has been established to work with joint venture partners to provide such innovative, cost effective solutions.
Our funding strategy presently includes capital contributions from joint venture partners and military/commercial contracts which may lead, in time, to a public offering.
I am also happy to inform you that testing of our IVT™ equipped GM Tahoe is progressing nicely as we subject our IVT™ to increasingly demanding tests. I can assure you that commercializing our IVT™ remains a high priority.
Further details will be shared with you at our upcoming Annual Shareholders’ Meeting on January 27, 2005.
Sincerely,
Richard Ottalagana, CEO
On the money dread....
I think the CAFE regs loom large on the timing of Torvec's technology...the companies must meet 2007...all of our feelings about the technology will play out to be accurate. My instincts and opinion are that IVT testing will validate what we already "know" is going to occur. The mystery is in what form and magnitude will the first stage of the commercialization phase look like....I predict a fun shareholder meeting...wish I could be there...
Hi Leitrim..
There doesn't appear to be much stock available the last few days, which has helped with the price boost. Think of how little there will be available with all results for the IVT public and/or a deal announced....it will make this summer's run to the high 9's seem insignificant...Torvec will be on the international center stage sooner than later in my opinion...
http://www.torvec.com/messagefromceo121404.html
If you play the vidoe link from the website above showing the testing in progress you hear something very interesting.....you will hear almost nothing..that's a good thing.
Read between the lines folks....
Hi Dread...
Happy Holiday's to all...
To your GM question...I dont know the answer to that. I did predict that sooner than later we would have a better idea of direction. My opinion is that the stock is moving on speculation that the testing is proceeding and that the results will be extra special.....with that in mind, I believe TOVC longs will be very happy sooner than later...
Since I am an investor, not a trader, I dont care about how long it's been.....I care about how much....if what I speculate is going to happen near term is accurate, I will be rewarded for my due diligence from several years ago...doing it long and right is better than doing it fast and without maximizing value. Stay tuned friends.....
Zendo....
I thought of this as I was reading your post...by the way, it's meant as comedy...
"Our horse is too small, our jockey is too big, our trainer is too old and I'm too dumb to know the difference"
That's a quote from the owner of Sea Biscuit just before he kicked War Admiral ass into the turf...!!
A hunch...
Given the fact the testing on the IVT appears like it will be done soon, I predict a more visible Torvec is coming to a theater near you....while the update notes 2005 as the year of the FTV, I feel that the IVT action will be gaining speed near term...this is my opinion...the several years of patience and understanding will be rewarded...
From Torvec's website this morning..
Message from the CEO
November 10, 2004
I would like to update all of you on significant activity at Torvec.
Infinitely Variable Transmission (IVT™)
In my last update on October 26th, I mentioned that we have completed the full array of our EPA baseline tests of the GM Tahoe and that the installation of our infinitely variable transmission (IVT™), including our custom electronic engine control unit (ECU), was progressing on schedule.
I am very pleased to inform you that our IVT™ has now been installed in the GM Tahoe. Prior to installation, we performed a wide variety of final “bench tests” to ensure that our internal sensors (which measure heat, pressure and various other aspects of performance) were operating effectively. We also performed some verification tests of our IVT™ at extremely low psi and rpm and are very pleased with the results. Furthermore, our ECU has now been completed and is in the process of being installed and fine-tuned. Both the IVT™ and ECU “fit like a glove.”
I want to take this opportunity to provide you with further details regarding our strategic decision to design and develop our own custom ECU. The ECU is a critical component that regulates engine speed and horsepower to ensure that the IVT™ and engine continuously work together at optimum levels. In today’s autos, the engine controls the transmission; however, with our IVT™ and ECU the transmission directs the engine, thereby maximizing fuel efficiency across a wide variety of driving conditions.
From our experience in testing the Dodge Ram, we recognized that we would have to develop our own ECU. Our experience revealed that our opportunities could be significantly limited by relying on an OEM to develop our control unit. For example, patent opportunities can be developed with the design of the ECU. Therefore, we could be placed in a position of sharing a patent with an OEM covering a critical function. This could limit our options and hamper our ability to maximize shareholder value. Developing our own ECU caused some delay, however the extra time has allowed us to fine tune our IVT™ and ECU and to strengthen our overall patent protection. We are confident that our shareholders support these decisions. We will continue to take all necessary actions to ensure that the IVT™ achieves the best results while we put in place the strongest possible patent protection.
Iso-Torque™ Differential
We are intensifying our efforts to commercialize our Iso-Torque™ technology. To this end we have formed and funded a wholly owned subsidiary, Iso-Torque Corporation. We have transferred our Iso-Torque™ technology, know-how and patents to this subsidiary. Keith Gleasman and I will be spearheading the marketing and commercializing efforts as Co-Managing Directors of Iso-Torque™ Corporation.
We have started the tooling design and differential development for a specific automotive model at the request of an OEM. The result will be a production-ready unit. Fifty years of experience with the Torsen® differential gives us the liberty to skip the usual prototype process. In the early 1980s the Gleasmans designed the Humvee/Hummer differential units which passed the military’s 20,000-mile durability run and are still in use twenty years later. This was accomplished without the benefit of modern cad-cam and finite element ability that we have today. Torvec is excited because upon completion of the production model, the same gear set will fit in a large variety of domestic and foreign vehicles, including the Humvee.
With our technological advantages relating to cost, weight, performance and safety, along with interest expressed by OEMs, we envision a very bright future for Iso-Torque Corporation. This is accentuated by the fact that in August 2003, Zexel sold all of its rights to the Torsen® differential (Iso-Torque’s predecessor developed by the Gleasman family) to Toyoda (parent company of Toyota) for over $100 million, even after all patent protection for the Torsen® had expired.
Legal Proceedings with ZT Technologies
On October 26th, Torvec commenced an action in the US District Court of NY against ZT Technologies, Inc., an Indiana based corporation. The suit petitions the Court to declare a July 21, 2004 agreement between the two parties to be ineffective and unenforceable.
The purpose of the July 21st agreement was to manufacture, market, sell and distribute our Full Terrain Vehicle (FTV™) and accessories (i.e., trailers, personnel carriers and other ancillary equipment) to government agencies in North America including agencies of Canada, the US Government, various states, all political subdivisions thereof, and all territories of the US for emergency, forestry, homeland security and other uses.
To protect our shareholders, the agreement explicitly provided that it would become effective (i.e., a legally binding contract) only upon our receipt from ZT Technologies of at least five purchase orders for the FTV, together with the full amount of the purchase price for the vehicles ordered. To date, ZT Technologies has not provided us with any purchase orders and in fact, was making demands to us to provide them with design and engineering specifications for the FTV™. Given these circumstances, we believed that the most prudent course of action was to seek a federal court order that the July 21st agreement is unenforceable by its terms.
The bringing of this suit is a sound business decision designed to ensure that the July 21st agreement does not inhibit our ability to conduct negotiations with other potential joint venture partners for the production, sale and distribution of the FTV™ outside of North America.
I can assure you that Torvec has many suitors for the FTV™. However, what has prevented a deal from closing has been the precarious financial health of the light truck industry. This industry includes some of these suitors, who nevertheless remain extremely interested in the commercialization of the FTV™. We anticipate that steadily improving financial conditions in the light truck industry will aid us in consummating one or more transactions commercializing the FTV™ during calendar 2005.
Continuation of Torvec Technology/Gleasman Family Expertise
From time to time, I receive questions regarding the future ability of the Gleasman family to deliver innovative technologies to Torvec’s portfolio. I can assure you that after almost fifty years of tutoring by Vernon Gleasman, James and Keith Gleasman have been, and will continue to be, responsible for developing technology that continues to push Torvec’s portfolio to the forefront of the automotive industry. This is evidenced by patents in both their names which recently have been granted by the US Patent Office. Torvec is very fortunate to be in this position.
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The oil crisis, reduced vehicle sales and related economic turmoil have moved our technology-laden portfolio to the forefront as viable solutions. I will continue to keep you informed of our progress during these opportunistic times.
Sincerely,
Richard Ottalagana, CEO
Zendo..
I recall that in Torvec's filings somewhere they did an excellent job highlighting the differences and advantages of the IVT vs.the CVT....I am not an automotive industry insider but was able to understand what I read...you may want to look thru their annual filings for that info..it might help your though process relative to your investment in the company and why some of us are more patient than others ....
I have said it before..those that have done their homework on TOVC and understand what we as stockholders own in the Torvec technology portfolio, have a better understanding of the time line to monetization...
Zendo....
You have some catching up to do...
CVT has a torque converter....IVT doesnot...someone with more technical ability will have to elaborate on that...
you rang...??
The swagger...
That swagger must come from Jim G having lived in Texas for a number of years...they call it walking there..."W" has it also..