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Could anyone explain to me what if anything these filings mean? I see there are 3. Ones for Jim, Keith and their mother. It looks to me like its just in reference to the shares they already own.
Did you transfer shares from a Traditional IRA or other qualified account to a Roth or from a personal investment account to a Roth. The first option is possible but I didn't think you could move shares held in non-retirement accounts to a Roth.
After last years meeting there was a written account of what was presented. This year the only thing I see are the voting results that were posted and discussed earlier. Was this done as a courtesy last year or is this something that will be coming out soon?
If there was going to be an annoucement I think that the share price would have already started rising.
I notice that it wasn't signed by Jim as well. What was the A & Y controversy? That must have been before I was around (4 years).
Who does plan on attending the meeting this year? It seems as if most on this board are not attending.
I voted the same.
Does Torvec have regular BOD meetings? Do the board members participate at all?
I have a question about the manipulation.
I am under the impression that the same firm is on the bid and the ask selling and buying shares back and forth during the day setting the price where they want it.
If someone puts in an order at the ask price can they elect to not sell their shares therefore always holding the amount of shares they need to keep manipulating the price?
My thought is that if they sell the shares and with so few shares outstanding that eventually the price can no longer be toyed with because all shares are in friendly hands. Anyone follow me here?
I am not at all sure that the technology was not in the JLTV. I just read it here.
It is true that these layoffs are from the helicopter program. I live in Binghamton and this has been big news. Lockheed is one of I believe the top 3 employers in the area. My guess is that they do not need this large amount of new employees on the JLTV program.
The purpose of cutting the program was to save money because it was over budget. Congressman Hinchey has been meeting with officials attempting to show them that cutting the program will actual cost more than it will save and attempting to pursuade them to restore the program. Either was it has little to do with the JLTV program.
Also, last I remember hearing Torvec's products weren't even in the JLTV.
The bulk of these layoffs are due to Obama cutting the Presidential helicopter program. It has little to do with the JLTV program.
Perhaps the next CEO update will shed some light on the Air Force. The last update that had any info was July 1st. Since then its all been about RIT and the race team.
I am also curious about the Air Force. It seemed to me that the Air Force was having the FTV customized and would then place some type of order once their specifications were met.
Also curious about the potential FTV purchase that was the watershed event last December. What went wrong?
Did I miss something? What is next week?
1.....Why are you posting or just following this board?
I follow the board because other than CEO updates there is not much Torvec related information out there. When I first started watching TOVC this board was a good source of info. I enjoy the speculation of others and the thoughts from people close to Torvec.
2.....Why are you long, (or short if you are willing to say)?
I am long for two reasons. First, I do believe that with all that is going on, and all the different companies involved, something will have to be commercialized. One year or 10 more years from now I don't know. And second, I wouldn't be able to live with selling my shares and then one or more commercialization event occur and I miss the boat. At this point I am in and will be in until it goes to zero.
Has anyone been able to pick up any shares while the price is under $1? In the last couple months I have placed orders between $.60 and $1.00 but have not been able to execute them. The lowest I have purchased is at $1.75. I am curious as to what the lowest price is that people have been able to purchase shares at.
If they received a proposal, why was nothing accounced? Did they not like the terms? Did they send a counter offer?
Could someone post the RBJ article? I cannot get into it.
I visited back in April and saw the crate that was being shipped to Lockheed with the CVJs. I was under the impression that it was Torvec's CVJ that was allowing Lockheed's JLTV to maneuver and have an increased turn radius, better than that of its competitors. So I am one of the investors who has visited and voted incorrectly.
If they sent the FTV they already had what was the $106,000 for? And what happens is the Air Force destroys it during testing?
I thought that order from the Air Force was for a FTV. They didn't have to build one? They sent the one they had?
The technology development contract will be 27 months in duration. The first 15 months require competitors to develop and deliver seven JLTV variants, four trailers, four blast hulls, and ballistic panels that will be used for testing.
Will the Torvec tech be used in all 7 models?
Sources: 3 Firms Win JLTV Contract
By kris osborn
Published: 28 Oct 17:14 EDT (21:14 GMT) Print | Email
The U.S. Army has chosen three firms to receive $60 million contracts to develop technology for the Joint Light Tactical Vehicle: General Tactical Vehicles (GTV), Lockheed Martin-BAE Systems and Northrop-Oshkosh, according to U.S. industry sources and analysts.
The Army has twice delayed making a formal announcement. On Oct. 24, the winners' names went for approval to Defense Secretary Robert Gates, the sources said. The announcement was planned for that afternoon, but was moved to Oct. 27, then Oct. 28, then pushed off again to an unspecified date.
The delay is due at least in part to the service's last-minute attempts to forestall protests of the award by the losing bidders, said an Army officer familiar with the process.
"The contracting process requires the Army to give an explanation to those who do not win as to why specifically they did not win," the officer said.
He said protests may yet come, especially since more than one dozen firms and teams submitted bids. Such protests have slowed the Air Force's CSAR-X helicopter and tanker aircraft contracts.
Under the 27-month contracts, the firms will further develop plans for a blast-protected vehicle that can drive off-road and produce unprecedented amounts of electricity. The awards will follow a competition that lasted more than two years and drew prototypes from at least seven industry teams.
The technology development contracts will be followed by System Design and Development (SDD) contracts to a yet-to-be-determined number of firms, and ultimately, production orders as well. The vehicles are to enter service in 2013, and Army plans call for buying 1,385 JTLVs and 755 trailers by 2015.
The Army's five-year plan calls for spending a total of $1.3 billion in 2013-15 to buy JTLVs.
"I think that JLTV is one Army program that you can count on going forward as planned, because Iraq has been a real eye opener with regard to force protection," said Loren Thompson, vice president of the Lexington Institute, Arlington, Va. "We have to have a better-protected light utility vehicle for the field, and JLTV is the only real candidate."
The Army hopes it can start deploying JLTVs even earlier than currently planned.
"What we are looking for is a technical readiness level for integration," U.S. Army Maj. Gen. Scott West, who runs the Army's TACOM Life Cycle Management Command, said in an Oct. 7 address at the Association of the United States Army's annual convention. "So if they come in and the technology proves to be TRL [technology readiness level] six or higher, and it meets the payload, protection and performance requirements, the program could accelerate."
Citing Wall Street analysts, the Associated Press reported Oct. 28 that GTV, Lockheed-BAE and Northrop-Oshkosh were the expected winners.
Industry Winners
General Tactical Vehicles, a joint venture between General Dynamics (GD) Land Systems and Humvee-maker AM General, offered a 10-ton JLTV prototype with two overlapping hulls, 30 inches of ground clearance and semi-active suspension.
"GD and AM General are the team to beat because they combine the company with legacy knowledge of the Humvee with the company that is already the Army's biggest contractor," Thompson said.
The GTV vehicle has a 300-horsepower engine with a high power-to-weight ratio.
"We have a 27- to 29-horsepower-to-ton ratio, which gives us the performance characteristics we did not want to lose by increasing payload and protection," said GTV's director of business development, Jim Flynn. "There is growth in the program to make it electric drive that is hybrid-capable if needed."
Northrop-Oshkosh is the one team of the three with an alternative propulsion system as its primary mode. Their prototype uses a diesel-electric propulsion system drive: a diesel engine drives a generator that creates electricity to power an electric traction motor that drives the axle, Oshkosh Vice President Steve Zink said in September. The system is built to be easily modified as technology improves, he said.
"Our diesel-electric propulsion system allows you to optimize the weight of the system," Zink said. "We have gone with lightweight components. This also enables us to create a smaller crew capsule."
The Northrop-Oshkosh JLTV also has a recently upgraded TAK-4 independent suspension, allowing the vehicle to move faster across open country and rough terrain.
"They [the Army] wanted a nontraditional contractor who could come up with something very imaginative. Northrop-Oshkosh brings imagination to the table," Thompson said.
The Lockheed Martin-BAE team delivered three prototype JLTVs to the Army led program with variable ride-height suspension, a unique hull design and lightweight armor composites.
"What the Army saw in the Lockheed team was the opportunity to get new ideas," Thompson said. "The virtue of the Lockheed team is that it combines new ideas with all of the vehicle depth and expertise of Armor Holdings, which is part of BAE."
JLTV Announcement Again Put on Hold by U.S. Army
By kris osborn
Published: 27 Oct 19:46 EDT (23:46 GMT) Print | Email
The U.S. Army has picked three industry teams to receive 27-month development contracts for the Joint Light Tactical Vehicle (JLTV), but the service is again delaying the announcement in hopes of decreasing the chance of protest from the losing bidders.
"The contracting process requires the Army to give an explanation to those who do not win as to why specifically they did not win," said an Army officer familiar with the process, who said protests may yet come, given the large number of contractors who entered the competition.
On Oct. 24, the winners' names had gone for approval to Defense Secretary Bob Gates, and the announcement was planned for the afternoon. It was moved to Oct. 27, then pushed off again to an unspecified date.
Protests have slowed the Air Force's CSAR-X helicopter and tanker contracts.
The Army plans to buy an unspecified number in the thousands of JLTVs over years, seeking a blast-resistant vehicle that can go offroad and carry plenty of with on-board electronics, said U.S. Army Maj. Gen. Scott West, who heads the Army's TACOM Life Cycle Management Command in Warren, Mich.
No announcement yet...
AP
Pentagon nears decision on Humvee replacement deal
Monday October 27, 3:59 pm ET
By Donna Borak, AP Business Writer
7 teams await Pentagon's decision on multibillion-dollar contract to build Humvee replacements
WASHINGTON (AP) -- The Pentagon is days away from awarding the first phase of a contract for a lightweight tactical vehicle to replace the once mighty Humvee that has been beaten up in Iraq.
Several Wall Street analysts expect teams led by Lockheed Martin Corp., General Dynamics Corp. and Northrop Grumman Corp. to beat out four others competing for an initial award estimated to be worth $180 million. Army and Marines Corps officials confirmed Monday a decision on the first round of deals is expected this week. Future contracts could bring the program's value to $20 billion or more.
Both services are seeking a lighter, more agile tactical vehicle that can withstand roadside bombs and explosive devices. They have pressed industry to bring an array of technology that will allow the Joint Light Tactical Vehicle, or JLTV, to do everything from providing reconnaissance capabilities to serving as a field ambulance.
But analysts caution that the road ahead for replacing the military's favorite truck is loaded with obstacles.
"The vehicle has yet to replace the Humvee," said Garrick Ngai, a senior defense and aerospace analyst with Frost & Sullivan. "It's going to be quite some time before that happens."
The expected awards will start the clock on a 27-month testing period. The Pentagon will then pick two contractors to go forward. It's unclear whether the government will make a final award to a single company or use multiple vendors.
Ngai is skeptical of the program's ability to survive beyond the first phase, saying new technology likely would be spun off to other vehicle programs.
Another potential stumbling block for the JLTV is its attachment to the Army's controversial Future Combat Systems modernization program being led by Boeing Co. and SAIC Inc. Analysts suspect that program's budget, which has ballooned to $200 billion by some estimates, likely will be cut by the next president.
"Future Combat Systems' vehicles have always been at risk," said Ngai.
Any setback on the tactical vehicle would follow recent missteps among other major defense programs. The Air Force alone has seen three high-profile programs delayed in recent weeks: a $15 billion rescue helicopter deal, a $35 billion pact for refueling planes and a communications satellite worth roughly $6 billion.
"These are developmental programs that have experienced significant delays, cost overruns, or a combination of both," said Scott Ellison, an analyst for Friedman, Billings, Ramsey & Co. Having funding in place and the relatively small investment by industry are positive signs for the tactical vehicle program, he added.
While a new vehicle program could be a boom for the defense industry, the ongoing global financial crisis and the U.S. government's response to it could diminish future Pentagon budgets, especially on programs in development, analysts said.
Even with approved dollars for the JLTV program, a potential protest by losing bidders could stall the Pentagon's plans. A protest would push a decision until the next administration, which could kill the program, analysts warned.
Among the teams competing for a stake in the deal are: Northrop Grumman and Oshkosh Truck Corp.; General Dynamics and Humvee maker AM General; and Lockheed Martin and BAE subsidiary Armor Holdings.
Others teams include Boeing, SAIC and Textron Inc.; Force Protection Inc. and DRS Technologies Inc.; the U.S. subsidiary of British defense conglomerate BAE Systems PLC and Navistar International Corp.; and Blackwater USA and Raytheon Co.
Each team is being asked to build a family that will include an infantry vehicle, a general purpose vehicle and a utility vehicle to support various Army and Marine Corps missions.
The services are expected to order 65,000 vehicles, which will not enter initial production until 2013. Each vehicle is estimated to cost $400,000, according to Merrill Lynch analyst Ronald Epstein.
Where will the announcment of the 3 chosen contractors be? Is there a website?
If Lockheed is chosen, and Torvec's tech is in each JLTV manufactured, what is the possible payoff? Has there been estimated on the potential of this project?
Q What price per share do you want, jim?
A We've turned down $5 per share and other offers all over the board. We could sell the whole thing tomorrow morning for $1M but does anyone in this room want us to do that?? NExt?
I wonder if $5 a share is still on the table. The air force was in a couple weeks ago and no update. Is that a good thing or a bad thing? Down to $1.36 this morning.
The June 16th CEO Update told us of the Air Force placing a purchase order for an FTV on May 31st. I would imagine that it takes some time to build another FTV. Does anyone have any idea if they have started to build it, or when the Air Force expects it to be completed by? I will probably get a response of "call Jim" but I do not want to waste his time as I am a small shareholder in comparison to most of you.
I think this was put off until October? I think I read that in a previous post. I am wondering how the Air Force's visit went and who they brought along with them.
I believe that there is only one FTV.
The last survey is tricky. I would start selling off my position at a lot lower price than I would sell off my entire position.
The new video is far more effective than the first. I love that they use the FTV to pull the Pathfinder out of the mud. I wonder what it would take to flip the FTV? Seems like it would have to fall off a cliff.
How long does it takes to build an FTV. Seems to me like that may take some time, then it needs to be tested, then they decide if they want to make a deal or not.
Im encouraged by the fact that they will be showing the video and putting Torvec's name out there at upcoming events.
I don't care if you can get 180+ miles per gallon, your still driving a Prius.
Lockheed submits proposal for military vehicles
OWEGO — Lockheed Martin Systems Integration — Owego said Monday it submitted its proposal for the technology development phase of the Joint Light Tactical Vehicle program to build next-generation JLTVs for the U.S. Army and Marine Corps.
The program could ultimately be worth billions of dollars and has been a large focus of the company’s entry into tactical wheeled vehicles, Lockheed said.
The services are expected to award a 27-month-long technology development contract to two or three JLTV competitors this summer. The technology development phase will be followed by a systems design and development phase in 2010 and later by a production contract.
The services plan to order as many as 50,000 vehicles during the initial production phase.
Lockheed said its vehicle offering relies more on situational awareness to avoid and communicate threats versus additional armor for survival.
“Today’s brute force approach to survivability is based on adding more armor,” said Louis DeSantis, vice president and general manager of Ground Vehicle Systems at Lockheed in Owego. “Our holistic approach to JLTV survivability sees armor as a last resort.”
Lockheed said its vehicle also features excellent mobility, weapons and countermeasures to neutralize threats, and a new armor composition combined with a hull and structural design for protection if an attack cannot be avoided.
The Lockheed-led JLTV team includes BAE Systems Mobility & Protection Systems, Alcoa Defense and JWF — Defense Systems.
I don't usually post articles on here but I think that this is the project that Torvec is working with Lockheed on. If not feel free to delete this post.
Hardly any movement, up or down, since it was stated at Buy.
Probably a dumb question....do they have a few FTVs up there or is there only one?
Perhaps they are holding off on a monthly update to report some good news??? Just wishful thinking I'm sure.