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.......as you well know......
I'm in it for the absolute end game. My assessment is that current activities will produce multiple deal scenarios which always take longer than we as shareholders want them to..so I don't get caught up in the timing..I only care about that it happens and that the deals are good deals for the company that lead to other larger relationships and revenue growth....timing doesn't concern me...it's about monetization and growth....the end game for me is a positive series of events borne out of current company activities...
Hi....it's me....Mr. positive....
As I continue to watch the events of the markets globally, I had a feeling that in the middle of Q4 that things were starting to calm down and then we get the Bank of America type scenarios from yesterday and today still coming at us.....
As it relates to my position in Torvec, even though the shares trade lower than at this time last year, I feel as if keeping what for me has been a long term, sizeable investment in TOVC has actually proved to be a nice hedge for me....the sky remains blue and sunny in my world....I remain steadfast in my prediction that we will be rewarded for our patience (those of us that have patience...)in the Torvec team to finish the marathon in good time....for JG to put it out there in that CEO update like he did tells me there are events occurring behind the scenes that will ultimately prove to be meaningful for those of us long the stock..( i guess those events would also be meaningful for those short the stock as well...).I am not as focused on the timing (as some here) as I am in the end game....the naysayers can take all the shots at me they want, it doesn't change where I believe this is heading....
My best to all in 2009....
To All....
In case I don't get a chance to do so over the next few days, I wanted to wish everyone here a safe, healthy and happy holiday .........and let's raise a glass to one another for a properous New Year for all of us....
My best to each of you....
Torvecian
The tape action on TOVC has been positive...
Alot of buy-side transactions this week....today included. Someone wanted to get their hands on about 13,000 shares in the first five minutes of trading today....
I wonder what is causing that......
OT....Thank you .........
......I have received a few private messages which were sent during the ihub Happy Hour on Friday afternoons the last few weeks....I havenot been around during those times to respond but want to say thanks for the messages....
Condolences.....
.....to former Torvec CEO, Eric Steenburgh, on the passing of his wife Maureen. My thoughts and prayers go out to Mr. Steenburgh and his family.....
Interseting read pasted below....
Fedex has had 5 years and big bucks to throw at its' goal of replacing the fleet with hybrids....it ain't working...things like this help me appreciate how far Torvec has come with limited resources.....seems like Fedex veered in the wrong direction several years ago....
Green Business: FedEx's Hybrid-Truck Program Stalls
By: Melanie Warner
Why FedEx's ambitious goal of putting 30,000 hybrid vehicles on the road by 2013 has stalled.
Tim Acton rolls up to a stoplight in downtown Denver, and the diesel engine of his FedEx delivery truck purrs gently. As the light changes, a smaller, nondescript white truck in front of us guzzles to a start, belching out black smoke. "There's none of that smoke with these," Acton says, wrinkling his nose in disgust. "They're really clean, and much quieter."
I joined Acton on his delivery route this summer because his hybrid electric truck is part of the largest fleet of its kind anywhere. The vehicles get about 40% better gas mileage and emit 96% less "particulate pollution" than FedEx's regular medium-duty trucks.
Sound impressive? It's not. FedEx is nowhere near where it hoped it would be when it launched a hybrid-truck program five years ago. In 2003, the company predicted that the environmentally friendly hybrids had the "potential to replace the company's 30,000 medium-duty trucks over the next 10 years." Today, it has 172 of the trucks on the road. Something tells me FedEx isn't going to make its goal.
FedEx has good intentions and a hefty budget, but those haven't been enough. The truth is that even big, smart outfits such as FedEx need help creating new markets and adopting new technology. They need help from other companies, and despite what free marketeers like to believe, help from our government.
Mitch Jackson, FedEx's director of environmental affairs and sustainability, always knew he couldn't go it alone. His team, which included the green group Environmental Defense, decided from the start that it would share all engine technology it devised with anyone. "We were optimistic," he says, "that if we were out there helping manufacturers to sell it, then others would follow and create the market."
Jackson, 44 and a FedEx lifer, figured that other companies would realize the ultimate cost savings and start placing orders for test vehicles. They didn't -- in large part because of the initial sticker shock. Priuses and other passenger hybrids carry a 20% to 25% price premium over comparable nonhybrids; the engines that Mercedes and the Cleveland-based Eaton Corp. produced for FedEx upped costs 75%.
FedEx also bet that federal incentives would defray expenses. The 2005 energy bill included provisions for commercial-hybrid-truck tax credits, but the IRS never put them into place. Frustrated, William Logue, COO of FedEx's U.S. express-transportation subsidiary, went before Congress in January 2007 and asked for help. "We would like nothing more than to put more of these incredible vehicles on the road, but they are very expensive," Logue pleaded. While on Capitol Hill, Logue also called for the federal government to create fuel-economy standards for commercial trucks. Amazingly, these have never existed, which is why your average medium-duty truck gets as little as 6 miles per gallon.
Recently, the future has started to look brighter, and we have high oil prices and more government involvement to thank. Last year's Energy Independence and Security Act finally mandates commercial fuel-economy standards, though they are unlikely to be implemented until late 2010. Large companies such as UPS, Coca-Cola Enterprises, and AT&T are now bringing hybrid trucks into their fleets, which will eventually push engine prices down.
For five years, Jackson has lived with the uncomfortable fact that his hybrids don't pay for themselves, even spread over the 12-year life of a truck and with gas prices sky high. But he holds steady to his goal: dumping all of FedEx's dirty combustion-engine trucks. When might that happen? Jackson, understandably, is out of the prediction business.
Gee..I wonder what's going on with the trading..
800 shares almost daily take the share price down 40 cents.....31,000 shares in an hour trade, mostly at the ask and the price is up a nickel...and now the spread is .55 and 1.05
With all of the negative events of the world coming at us not stop - rapid fire....
...it's quite possible that TOVC is poised to bring us joy and peace on earth...
CEO update copied below..
Message From The CEO
December 4, 2008
Dear shareholders,
Much has happened since I last wrote to our shareholders through a CEO Update-----a financial crisis not seen since the 1930s, a stock market implosion with resultant unprecedented volatility, heightened-awareness that terrorism is still with us and a new president-elect.
Despite troubling economic times, we at Torvec continue to be very optimistic that the best days for the company and its shareholders lie ahead. On December 2, 2008 we filed our proxy statement with the SEC for our upcoming annual meeting to be held at Casa Larga at 7:00 p.m. on January 29, 2009. Based upon the information available to us at this time and the direct feedback we have received from specific companies with whom we have strict confidentiality agreements, we believe we will be able to announce at least one, and perhaps more, major development(s) at or just before the meeting. This is one reason why I am really looking forward to this year’s meeting. In fact, if one of the developments I believe will eventually happen takes place and can be announced at or just before the meeting, this annual meeting could truly turn out to be a “watershed” meeting for our company.
In the meantime, I just want to take this opportunity to update you on the current status of ongoing projects which we have previously announced.
The Air Force continues to “evaluate” the FTV it purchased in October for adaptation as its Advanced Combat Firefighting Vehicle. It also has demonstrated the vehicle to other military personnel, state and local governmental officials and representatives of a number of state and regional firefighting associations. We anticipate the next step in the process will be an Air Force order for the second generation unit;
We have received positive feedback from a domestic auto company upon completion of its evaluation of our IsoTorque™ differential for use in its RWD models. The company now wants us to build and furnish it with our IsoTorque™ technology for use in its FWD models;
We are now building seven IVTs for NASA’s lunar vehicle and anticipate delivery of these units in the first quarter, 2009;
Please refer to our November 5, 2008 Update for more information on the status of projects not discussed here.
Quite naturally, over the past several months, I have received expressions of concern from shareholders about the decline in Torvec’s stock price. Let me say at the outset that while I am disappointed that our stock has declined to recent levels, I am not “distressed” over the price.
First, as your CEO, I know the identities of the companies we are talking to, the nature and scope of the discussions and the very real potential for consummation of one or more business transactions in the very near future. I know and see first hand how excited executives are in our products and the very real interest they have taken in developing relationships with Torvec. To me, it does not matter what happened in the past when our products were not as mature and “market-ready” as they are now. What matters now is that real companies are discussing real transactions involving real and significant dollars with us today.
The maturation of our products and the real interest of companies to engage in discussions gives me great confidence in Torvec and its future. I understand that these developments and my confidence are not reflected in our stock price and that fact does disappoint me. To me, this confirms what I have said many times in the past--- our stock price in no way reflects the true underlying value of Torvec and is more reflective of the fact that the price—whatever it may be from time to time ---is unduly (and negatively) influenced by uncontrollable and turbulent market conditions. Reasonable people may have other explanations but that is my take on the issue.
The point I am trying to make here is that Torvec, as a company, fundamentally has never been stronger if “stronger” is measured by possession of mature technology that works and sincere and growing interest on the part of third-parties to acquire and/or license these products. I am fully confident that significant revenue-generating events will take place. As I said, I believe there is a reasonable chance we can have a major announcement by our shareholders meeting.
I could end this Update here, but I want to highlight a couple of very important points. First, as mentioned, Torvec has filed its proxy statement for the 2009 meeting. The statement discloses the stock ownership of your board and management, including Keith and myself. The document discloses millions of reasons why those named are disappointed in the stock price but no one is “bailing” despite the temporary price decline. No insider is “bailing” or even thinking about “bailing”. Why? Because we are aware of developments which are taking shape now that could very well lead to significant revenue producing events and a higher stock price. This is fact, not fiction (unfortunately, as I have said before, it is also fact, not fiction, that Torvec can not unilaterally control the exact timing of any of these events--- which, admittedly, is frustrating to all).
For the same reason--- our knowledge of developments taking shape that could have a very positive effect on our stock price---we are prohibited under SEC rules from buying more stock even though, personally, we would like to do so to underline our commitment to our shareholders and our belief in Torvec’s future.
So, we at Torvec continue to move forward. I would like to thank you, our shareholders, for walking with us in the past and trust that you will continue to do so in the future.
Sincerely,
James Gleasman
CEO
Leit....
Everybody is entitled to their own opinion...and noone has to agree with anyone else.....stockswap is coming unglued..he suggests people call the company...I think he should himself...
As for opinions and how they are formed or swayed, I suggest to you that some formed opinions and were swayed by this very forum....to quote stockswap from an earlier post..."This is just a stinking message board"...that is true...only now it has flies on it...what happened here was wrong...
LOL....
I agree on all counts...
Stock swap.....
You indicated that people should be "contacting TORVEC managment and asking them why they are sitting on their thumbs watching opportunity after opportunity pass us by......
great idea....why don't you call them and speak with them to get that ball rolling....?
I dont't read this stuff on the weekends.....
....needless to say, this was a lot to digest this morning...I am sitting here shocked at the recent developments...somewhere between shocked and pissed off is about where the needle is right now...my immediate thought while reading this stuff was that it helped explain why dread shifted into attack mode....the switch flick....would the behavior change have occurred if the request for stock/cash compensation were granted...????? That is the burning $300,000 question......
I am pissed off thinking about the answer right at this moment , so I am not going to comment further right now as it would most certainly be deleted by Ihub administration...
buytovc.......
thanks for your comments....it should be noted that dread didnot start this course of action at the shareholder meeting or as a result of the shareholder meeting...it started abruptly on this forum a few weeks before that....
As I have indicated here, I have added to my TOVC holdings and look forward to enjoying the success of Torvec.....
A few comments.....
Lt...I agree with your thoughts on the Non-discolsure....
...dread, we've been at this for a while and havenot always agreed with one another, but we did for a long time on 95% of things Torvec....that is no longer the case and hasn't been for several months...it was like a switch flicked and you went completely negative....I signed off due to the non-stop BS dialog..you signed off as well.....you then came back on and began what can only be described as a non stop attack on Torvec....a smear campaign is actually about right...
I'm disappointed....not in the prospects for Torvec...but in where you have taken the dialog on this forum....sorry friend...calling it like I see it...
Interesting day.....
A few thousand thrown at the bid send it to .60 and it takes 15,000 to get it to $1.00 / $1.10......
You're doing it again....
"Does the 2.6 Million shares traded include the shares that were issued for services?" ...........Yes, if they were sold, they are included in that number.
If so, do you consider the shares that are issued for services to be "short"?.....What...? Of course I donot...
Were the 2.6 Million shares in the count limited to only one class of stock?........there is only one class of tradeable TOVC stock...so yes
allnumbers.........
......you arenot allowed to talk about just numbers anymore....
some numbers is ok, but not all numbers....
The count is for YTD from January thru October...
Just in case anyone is counting....
Thru October, TOVC has traded roughly 2.6 million shares.....
Adding to the fact that the vast majority of shareholders are holding their positions, I ask this....how many of those 2.6 million shares were sold into the market by a short or a naked short....??? While I don't know the number I do know that it is not zero and it is greater than the reproted puiblic short numbers....the public short position, which incidentallly comes out again today after close, represents a fraction of the real short position on a BB stock such as Torvec..If anyone doubts that MM's work with each other to disguise their true short positions when balancing their books at reporting times each month, you would be wrong to do so....
Subtract out some number representing the number of shares traded by shorts from the 2.6 million and you get a much smaller number of shares coming into the market from shareholders...
I agree blue...
The fundamentals go out the window on a stock like Torvec...this is a perfect storm for the MM's to manipulate stocks like this...who puts market orders in to sell a stock like this rather than ease out with limit orders....it's a joke watching what they do...(not a funny HaHa kind of joke)
The true float on Torvec used to turn over a few times a year ...2,000,0000 shares YTD have traded on a float of 15 million of which my estimate is that 10 Million is truely available as float..the rest is in friendly hands...it points to the fact that a very high percentage of shareholders are holding onto their shares. The trading on this stock scares people and helps the MM's and shorts, sometimes those are one in the same....so who bought this morning ...? shorts covering a piece of their pie...? Or opportunistic investors adding to position on a company they believe will deliver the goods....?
At some point the MM's books will have to balance..the music will stop and there wiilnot be enough chairs for all of them to sit..I await that day with anticipation...
LThold....
I am enjoying your posts.....
"TOVC 3700 shareholders own appx 15,000,000 shares".....
Trading volumes have remained pretty low this year, which means, as blue heron heron stated, most shareholders are sitiing on their shares.....the low volumes create opprotunities for the market makers to shake some shares out, but that comes with the territory....amazing that at this level the stock is still being shorted....just a few days ago on Interactive Broker there was a block of 6000 TOVC shares available to borrow for a short...thats now down to 1000, which means someone who bought recently bought 5000 from a short...
So out comes a recent CEO update and immediately the cannonballs start flying.....with all due respect to the cannonballers ( ...no disrespect to Brock Yates intended.... ), I think you will end up with egg on your faces in due time...we all know it's been a long time...we all know some prospective deals passed, in many cases thankfully so....WHAT DON'T WE KNOW about the behind the scenes activity at Torvec...? I think there is alot that we don't have a clue on, some of which will push the market to properly value Torvec as a public company. I can understand that it's hard in today's market to throw more cash at a company like Torvec.....we've talked about it numerous times on this forum that by the time an "event" occurs that will cause the buy volume to spike, it will be too late to get in for many....such is the nature of an investment like this...not for the faint of heart but ultimately rewarding...
I have a strong heart.....
What don't we know..........................?
(Note to self....refill Lipitor prescription...)
A few observations.....
It seems to me that some viewers here have way to much air in their tires and some have none at all....LOL
The only thing that has changed is that there are now 3 contractors that have made it to the next round in the game....Lockeed being one of them.....they don't have the deal yet.... but.... they made it to the finals..that's a good thing..since it's not over, how can a production contract be announced when the finalist hasn't even been picked yet....? The interim contracts extended to the 3 defense contractors to take the protoptype production to the next level could mean there is some interim business there for Torvec, we'll know that if and when we can know that...
Someone stated it already that they might not be able to talk about it period...if I'm Lockheed or any other contractor on this deal and I have a supplier that has potentially critical technology that I want, the last thing I want to do is draw attention to it publically...don't ya think that Torvec would be foaming at the mouth to announce something if they can....?
The way I'm looking at these new developments is simply the potential big customer of Torvec is still in the game and made it to the next round...
(Note to self....who appointed me the voice of reason..? )
It will takeas long as it takes....
They are purposely delaying everything just to annoy you...
Have a nice weekend...
Torvec, market psych and other ramblings....
What a world we live in....as we watch the dark cloud over us created by the mother of all global margin calls, and we wait for what will most likely be a bill approved by congress today, I cant help but think about how happy this stuff makes the market makers....they dont care what direction the market is going as long as it's moving....wow has it moved...they are feasting on the equivlant of 5 thanksgiving diners worth of trading volume per day over the last few months...and they will do so again as things calm down and gradually stabilize..these are he times when some serious money can be made by doing some homework...there is going to be some tremendous wealth created by the recent events creating buys ins at some very low prices.......what was that..? I think it was a market maker belching...
As market makers go, it appears that over the last several months, Knight Equities has stepped in as the MM that frequently has TOVC boxed in by sitting on both ends of the spread...the 40 to 50 cent spread that has existed on TOVC is classic...the low volumes do tell me that the vast majority of TOVC longs are holding on to their shares however the MM's are very good at creating stock movement designed to shake out shares from weak hands..These are the times to evaluate what we are sitting on as TOVC investors...I have all of my Torvec shares and have added to my position during the recent weeks..this debt free little company that we have stuck with for the long haul will, in my opinion, cut some deals that will provide the investment return I seek...it's taken longer than I would have liked, however, I remain committed and confident that the team in Rochester is going to finish the job to the benefit of the shareholders and themselves....
One last point before I go back into hibernation...the published short position has decreased from 225,000 shares a year ago to around 48,000...I would have expected some covering to occur given the lower share price....how much of the naked short position still exists.....??? I would suspect that its lower than it was but still quite large.....I have stated this before...anyone who thinks that a naked short position doesnot exist or denies that one exists in naive or has motive....the new short rules that have come out donot apply to Torvec...as a matter of fact on the Interactive Broker site there is a 5000 share block available to borrow to short as I write this post...
I applaud the Torvec team for continuing to pound through the process....there will always be critics..that goes with the territory...but sometimes as investors we have to manage our own expectations and assess things without emotion....thats hard to do at times like these, but the people who can succeed in doing so during times like these will win ...My unemotional conclusion on my Torvec investment is that it will be worth the wait...
My best regards to all....
Amen....
To all.........
I am going to take this opportunity to sign off of this forum after years of healthy debate and some fun mixed in....for me, the debate is no longer healthy and the fun is gone...the information spinning about even the most microscopic of details about Torvec that is going on with some is so ludicrous that I cant even muster a thought process on where to start trying to discuss some of this stuff ....some of the conclusions drawn off of "way out there" links to articles are mind boggling, un-discussable time wasters...the microscopic analysis of each sylable of each post or update followed by complete dissection are mind numbing to the point of brain freeze....I just cant do it anymore ......
I will make a few parting observations on Torvec....
I believe that Torvec has positioned itself better than anytime in its history, and yes it has been a long history..I'm sure way longer than the guys running the show ever dreamed....whether they are sitting at the negotiating table right now or not I dont know, but if they arenot, I believe they are manuevering the company to do so in the near future....I continue to hold what for me is a full position in TOVC....for me the bet is based on two things....the tech and the people....should my gut ever tell me that either are not up to the level that I thought, I would sell...If I didnt think the tech was world class, to me it wouldnt matter who was running the company, I wouldnot own shares in that company. For now my gut is good on both. That doesnt mean I dont have ever question what is happening or not happening...I guess I'm a little more patient with info flow from the comapny than some...were all different in that regard...kind of like snow flakes..no two are alike..LOL
In parting, I want to thank dread for the professional manner in which he has moderated this forum from day one....dread you are a claas act and a gentleman and are not deserving of some of the absurdidy that has been heaped upon you...I respect you and commend your effort here...touche my friend....
Oh yes, i almost forgot...couldnt leave without mentioning the shorts....as the Torvec story continues to unfold, know this fact...the stock is shorted and the market makers jack with it all the time....that you can take to the bank....anyone who doesnt think there is a naked short position beyond the published short number that I post is kidding themselves...now I feel better...
I hope each of you have a prosperous 2008...my best to each of you and your families...
Torvecian
Nice post Artguy...
Published TOVC short position down 10%......
22,000 shares covered in the two weeks leading up to 12/14...I would suspect more have covered the last few trading days...
TOVC $ 2.90
Torvec Inc. -0.20
Shares Short 182,800
Days to Cover (Short Ratio) 14.1
Short % of Float 1.20 %
Shares Short - Prior 204,800
Short % Increase / Decrease -10.74 %
Squeeze RankingTM -8
% from 52-Wk HIGH ( 5.85 ) -101.72 %
% from 52-Wk LOW ( 2.31 ) 20.34 %
% from 200-Day MA ( 3.64 ) -25.52 %
% from 50-Day MA ( 3.40 )
-17.24 %
Price % Change (52-Wk) -47.20 %
Trading Volume - Today 35,580
Trading Volume - Average 13,000
Trading Volume Vs. Avg. 273.69 %
Total Shares - Float 15,200,000
Total Shares - Outstanding 31,624,767
% Held by Insiders 51.59 %
% Held by Institutions 0.10 %
Market Cap 91,711,824
EPS -0.17
PE Ratio
Sector: Consumer Goods
Industry: Auto Parts
SI Record Date 2007-DecB
Doesnt matter to me one way or the other if its deleted or stays...
I agree dread....its not that big a deal in the big scheme of things..
It's that time of year again...
I would venture a guess it's a little of both...add in a little MM book balancing and the combination of all produces downward drift...
To all.....
I'm going to be out of pocket for much of the holidays and wanted to take this opportunity to wish everyone here the happiest of holidays and to raise a glass to toast the new year...
My best to each and everyone of you...have a safe New Years Eve...
I've asked Santa to give a $200 million CV joint order to Torvec...(I'm a giver....!!)
Merry Christmas....!!
Love the new signature dread...
You have been at this for 4 years and have done an excellent job with this forum...my hat's off to you again for the work you have put in here...
Nice work friend....
if the discussion is ....
...that it takes too long to get this thing where we would like it to be...I agree.....
If the discussion is whether or not it will get there...I'll be grinding away....eventually my grinding will turn to grinning...I'm in until the finish line...
I agree...
Thats what got me to thinking about where HDP came from...
Here's my take....
In addition to all of the direct projects/deals they have in the works, most of which we have seen via updates, filings and press releases, Torvec has added to that an additional path via which some type of monetization can occur on one or multiple products....It's not as if the Torvec is shifting it's entire strategy to a reliance on the HDP path.....everything else they have going is still going. In looking at the background of Carlson, you have a senior Gm drive train guy telling Torvec he's " never seen anything like it" when desrcibing the iso-torque they tested...the update indicates that the HDP partnership has already put Torvec in front of OEMS...GM and Ford...I'm thinking that's a good thing...
Personally, as an investor, I want to see Torvec create as many possible "door opening" relationships as they possibly can in order to facilitate getting multiple deals done, creating multiple revunue stream channels...those will be the deals that create a short covering event....as for HDP, I had this thought last night...it's possible that HDP was created because of Torvec and it's products...ponder that one...we always want to know more than we are able to know in terms of what is going on....that doesn't mean that what we hope is happening isn't happening just because we dont know .....
So now the comapany has another friend carrying the Torvec flag through Detroit.....I say good for us as shareholders...
Still haven't been able to digest the whole thing....
The "commercializing event" question is a good one...the recent 10Q did report that the old "commercializing event" plan which awarded stock to the directors was cancelled....the new one is based on a percentage of revenues which in my opinion is better for the shareholders
I have copied the CEO update below...still reading it myself...
Message from the CEO
December 12, 2007
Dear Shareholders,
I am pleased to announce that on December 12, 2007, Torvec granted High Density Powertrain, Inc. (“HDP”) of Waterford, Michigan an exclusive, worldwide license to incorporate Torvec’s Constant Velocity Joint technology(our Sphere-Gear™ CV Joint) in HDP’s family of highly powered, multifueled, fuel efficient, light weight, cost effective internal combustion piston engines. Under the license agreement, Torvec has been appointed HDP’s exclusive supplier of Sphere-Gear CV Joints at appropriately competitive prices for installation on HDP’s multifuel engines’ swash-plate mounting structures.
In consideration for the grant of the license, Torvec will receive annual royalties equal to 5% of annual gross revenues generated by the sale of HDP’s multifuel engines and 5% of gross revenues received from all sublicenses of HDP’s engine technology.
The license is limited to Torvec’s CV Joint technology and under the license agreement, Torvec retains all rights in its CV Joint technology for all applications other than its use in HDP’s multifuel engine.
HDP is in the business of providing customers with a total Powertrain solution, including an engine that is 25% of the size and weight, has 20% of the parts and a 25% increase in fuel efficiency compared to conventional engines. HDP intends to utilize Torvec’s CV Joint technology to minimize engine piston friction. HDP is affiliated with LSM System Engineering, also based in Waterford, Michigan, which is a designer and producer of some of the world’s top performance Powertrain components.
In connection with this arrangement, Mr. Clifford Carlson has agreed to join our staff as a consultant to Torvec. Cliff retired from General Motors Advanced Powertrain after more than 30 years. The owner of numerous auto-related patents, Cliff is internationally recognized for the development of the world’s first closed-loop fuel injection carbureted car in 1977 and the first production-model vehicle with a cost effective, fuel injected base engine in 1983. After retiring from General Motors as the Manager of Advanced Poweretrain Architecture and Propulsion Concepts, Cliff spent the next 7 years in the same position at Ford Motor Company. At Ford, Cliff managed the development of the first Hydraulic Launch Assist system.
After his retirement from Ford, Cliff became a Powertrain consultant for the Army’s hydraulic hybrid program (“Project Hammer”).
As you can see, Cliff brings over 40 years of development expertise and industry-wide Powertrain contacts that can be readily applied to all of Torvec’s technologies. Cliff is a partner in HDP and is convinced that HDP’s new, highly compact, cost and fuel efficient multifuel engine will create many synergies with Torvec’s automotive technologies.
I have inserted a link of Cliff’s complete background with this Update.
http://torvec.com/images/LSM/CLIFF_barckground.pdf
The other principal of HDP is Mr. Steven Lowe, his background is linked below.
http://torvec.com/images/LSM/Steve_Lowe_Background.pdf
As the result of our relationship with HDP, Torvec will be positioned to offer all the components for the world’s most advanced driveline, specifically a highly compact, multifuel engine, an infinitely variable transmission, Isotorque differential and constant velocity joint. This synergistic combination can have enormous impact in enabling auto companies meet new and ever-tightening fuel emission and fuel economy standards imposed by Congress.
In addition, Cliff Carlson’s consulting services have already proved to be invaluable and his numerous contacts throughout the automotive industry, especially at General Motors and at Ford, have already enhanced our ability to penetrate the industry with all of our technologies. Cliff has already attended meetings with high level automotive executives and in doing so, has provided them with an independent and experienced assessment of the IsoTorque differential’s capabilities. For example, after a recent meeting, he commented:
“After the meeting, Keith and I demonstrated the IsoTorque differential’s capabilities in an old parking lot. The asphalt was badly worn, there were large pockets of gravel and ice in pot holes randomly covering 50% of the surface area. You could not find a moremiserable place to drive a rear wheel drive sports car on full throttle accelerations and cornering. Except for the sound of gravel and the feel of pot holes, the car did everythingthat it was asked to do as if it were on dry solid pavement…
I have never seen anything like it.”
The International Auto Parts Expo In China
In other news, Elizabeth Harrington, along with Gary Eidlin and Paul Lui, Torvec’s authorized representatives in China, conducted a series of Torvec-related meetings at the Chinese International Auto Parts Expo sponsored by the Chinese Ministry of Commerce in Beijing, China on November 28 th to December 1, 2007. As part of the Expo, Elizabeth Harrington was the keynote speaker at the Taizhou, China seminar to an audience of over 500 leading auto/parts representatives. In addition, Elizabeth conducted a China-U.S. seminar attended by approximately 150 individuals from auto/parts companies. Elizabeth was also interviewed by a senior reporter for the China Auto News, the authoritative automotive publication in China. In the interview, Elizabeth discussed opportunities for Chinese companies to acquire leading edge US auto technology and cited Torvec as a key example of such technology.
Elizabeth furnished us with a report on all of her activities undertaken by Elizabeth and her colleagues at the Auto Show on behalf of Torvec. I thought I would share with some of the highlights of her report:
Nov 28 -- Dinner at the Great Hall of the People
The Ministry of Commerce hosted a dinner at the Great Hall of the People on Nov 28. I was a guest of honor at the VIP table. Paul joined me at the dinner. I introduced him as my colleague and the person to contact in China regarding Torvec. I met Wei Jianguo, Vice Minister of Commerce. I talked with him about Torvec and how its innovative, next generation technology could help Chinese auto companies develop superior, differentiated products which will help them compete successfully in the global and domestic auto markets. He was very impressed with the technology. I advised him of our discussions with SAIC, the City of Chicago, and Xu Kunagdi. He asked me to keep him advised on our discussions with SAIC and agreed with Mr Xu's recommendation that we also talk with the private auto companies. I also met and talked with Wang Qinhua,Director General, Department of Mechanical Engineering and High Technology, Ministry of Commerce. Additionally, I talked with Feng Ming, Director General, and Zhang TaiAn, Division Chief, Foreign Trade and Economic Cooperation Bureau, Zhejiang Province. The City of Hangzhou, in Zhejiang, is one of the key centers of high technology and auto/auto parts production. Wanxiang, one of China's leading auto parts companies, is headquartered in Hangzhou and has their US base in Chicago. They were also impressed with Torvec's technology.
Nov 29 -- Opening Ceremony for the Expo
I was a VIP guest and assisted Minister Wei to open the expo. I took the opportunity to reinforce our discussion about Torvec. The President of Bosch/China was the other VIP guest.
Nov 29 -- Expo Meetings
Geely -- Paul and I met with two executives from Geely:Wang Ziliang, Vice President; Tang Haibo, Senior Representative. Geely is China's leading private auto company. They have a reputation for innovation and aggressive development. They recently set up a manufacturing center in Mexico as a base to enter the US market and serve Latin America. We gave Mr Wang a print out of the Torvec website. Paul did an excellent job of explaining the technology in Chinese. Mr Wang is interested and will present the technology to his management. Paul will follow-up with Mr Wang, assist him and attend meetings with Geely in China, with Torvec's approval. Mr Wang and his senior management will attend the Detroit auto show in January. We suggested they come to Rochester to meet Torvec and see the technology. They will consider it.
Chery -- We met with Shu Simon, Manager of the Sales Department. Mr Shu will take the Torvec information to his management. Paul will follow-up, with Torvec's approval.
Wanxiang -- We met breifly with Wanxiang, introduced the Torvec technology and City of Chicago's program to test it. Wanxiang's US headquarters is in Chicago.
Nov 30 -- Elizabeth's Speech at Taizhou Seminar
Taizhou is one of the largest and most advanced auto/auto parts manufacturing and export areas in China. I was a VIP speaker at the Taizhou session. The audience included over 500 leading auto/auto parts representatives. In my presentation I spoke about Torvec. The response was very positive. The Mayor of Taizhou, Hu SiQui, is anxious for Paul and I to visit Taizhou as soon as possible to have in-depth meetings with their key companies. We also met 3 senior leaders from other areas who had a similar response: Huang Xiwen, Vice General Director, Department of Commerce, Jilin Province; Wang JinDi, Vice General Secretary, Liaoning Province; Pan Xianzheng, Vice Mayor of Changchun.
Nov 30 -- Elizabeth's Speech at China-US Seminar
About 150 individuals from auto/auto parts companies attended this seminar. I included Torvec again in my presentation and it was well received. Gary arrived from the US, joined us for this presentation, and met some of the senior people from the Ministry of Commerce.
Nov 27 -- Elizabeth Interviewed by China Auto News
I was interviewed by Madame Song, a senior reporter with China Auto News, the authoritative publication on the auto industry in China. Summaries of its articles are regularly translated and included in Automotive News in the US. I discussed opportunities for Chinese companies to acquire leading edge US auto technology and cited Torvec as an example. The Ministry of Commerce will send us a copy of the article.
Sincerely,
James Gleasman
CEO
Hi Floorguy.......
...shorts have affected TOVC since the shares began trading publicly...
...we see the published short position numbers which i posted...there is also the unpublished naked short position which I believe remains sizeable...these positions will at some point need to be unwound and covered in what i hope will be a frenzied panic producing margin calls that will catapult those holding those short positions into a fiscal meltdown of biblical proportions sending them on a path to finacial ruin....
The published short position for the 2 weeks ended 11/30....
...has decreased a few thousand shares....
TORVEC INC (TOVC) OTC Type: OTCBB
Short Interest for November 30 2007
Short Interest 204,840
Percent Change (1.01)
Average Daily Share Volume 9,857
Days to Cover 20.78
While you're chnaging my blend speed setting....
.....please have allnumbers call Torvec so that he is able to understand things better...