pooped on the EZ-PASS
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Why don't you all give yourselves an early christmas present and sell your shares before they are worth nothing. Is Golisano going to continue to fund this scam? Maybe but it only prolongs the inevitable. Get out while there is still something to salvage. There is no hope for this company. You all should have realized this at least 5 years ago...more like 10.
Yes sorry it was really more of a percentage drop due to the share count increasing vs. dumping a ton of shares.
Ok I see it on the 2016 10-K. Owned 850k shares at that time. Good news actually that they almost sold all of it.
I don't see where this firm previously owned shares...at least not on the last 10-K proxy section. Was it on a previous year?
Hi guys. Remember me from like 15 years ago? I cannot believe I am seeing the same characters still grasping for hope with this piece of garbage. Good news is you'll all have a nice tax loss carryforward for many years to come when Golisano stops funding this thing. Oh and him having skin the game really means nothing. It's a rounding error on his net worth. Good luck though. I hope it works out for you!
"ps-Sam asked for it ,and his only way out is deliver or else."
Or else, what?
Seems as though the stock is catching a bit of a bid down here in the low 70s. I was hoping for high 60s. Let's see...
USFD's also cited weather as a reason for slower sales growth. But there is very likely more to it than that momo, I mean dickmo. And the trend for the last three quarters was something like 15% growth to 10% to 1%. That is a bit troubling.
It could be that the new electronic log tracking for truck drivers has eaten into results as well. Someone ask Sam about this lol!
Thanks for the diatribe that no one asked for. I stick by my statement. It's not that big a deal if you are a LT shareholder. The volume will be worked through. We've seen several heavy days this year. If the company performs and doesn't screw up (Sam loves to make an unforced error at least every 18 months) the stock will do fine. We'll see what the core business growth looks like in Q2...hard to go long until then, of course unless it drifts lower to your target.
I think you are making a mountain out of a mole hill with this fresh diet seller. The company will probably buy most of them and its probably spread out. The company said it was resolved favorably. Stop with your speculative nonsense.
Why are you so worried about concentrated ownership (it's not concentrated at all)? You think Sam is going to raise $30M to take this private with a lowball offer?
Maybe the share's were earn outs or something, but if he owned actual shares he'd be obliged to file if he owned more than 5%.
The 10-Q said the settlement was favorable to IVFH. You are forgetting that any selling of a large block presents an opportunity for the company to buyback the shares at a discount likely. Sam likes to buy blocks and not in the open market (too much administrative burden I suspect, measuring average volume, etc.). I think you'll see the company pick up a bunch of these shares if/when they come to market.
How many shares does this former FD own that could possibly get dumped into the market?
I'm hearing that the company will present at the LD Micro conference in June. I haven't seen any confirmation of that yet.
Sam always takes all the time given. March 30 it will be...if you're lucky March 29.
Expand the board, meet the requirements for an uplisting, have annual shareholder meetings, you know - become a real public company.
I think change will need to come from within. I doubt shareholders will be able to affect change at the company. Justin should be CEO and they can hire a good CFO that can do what Sam does. The stock would instantly re-rate higher. That's not to say it can't keep going up with Sam still there. But it will always trade at a discount if they don't become more shareholder friendly. The "independent" directors should just blind-side him and kick him off. Easy to do with the change in the bi-laws lol.
One thing is for certain here folks, this will NOT be CRGS's last capital raise...unless of course the whole thing finally goes belly up.
You aren't doing any public service. You are just showing your ignorance.
Wouldn't that be awful? But a restructuring as you put it would have to involved new capital brought in...and sufficient new capital in the eyes of the regulator to allow for payment on the surplus notes / prefs. That or mgmt sells the company for basically no equity value to AGO, which has sufficient capital and could immediately make payment on the surplus notes. That seems like a breach of fiduciary duty considering the ne operating biz and pending court cases.
If the company is withholding information to the detriment of shareholders you can sue them later. To whine about it every day is a waste of time.
Short interest in the stock has barely crept up. It was at 890K shares for a year. Now it is 905K. It likely is someone long a part of the capital structure higher up, hedging their position. I've seen this nonsense many times from longs in microcaps complaining about the price action and blaming it on manipulation when they have no facts to support that. It's likely fatigue. Get used to it until there is some noteworthy news to be had.
Why are you bothering the company with your nonsense about stock price manipulation? In case you didn't realize this is an illiquid penny stock. Frankly the stock price today does not matter one bit. If you believe the company will get significant settlement money and shares will be worth a heck of a lot more once that happens you should just keep quiet and accumulate shares at these low levels. Give me a break dude. Companies that put our press releases questioning trade activity are total jokes. Give it up already. If/when the company gets settlements with lehman/greenpoint the stock will take off. If you don't have the patience then get out of the stock now. Fatigue always sets in when nothing happens for a long time. People sell. Get over it.
Start writing new business? That is a pipe dream. How do you suppose that is going to happen in say the next ten years? NOLs aren't worth squat if you can never use them. They should spin off some operating assets (toll roads) and sell the rest to AGO. I see $5 of value. Maybe AGO will do a stock deal - get upside that way.
This bond appears to have a current price of $138 and a yield to worst of 1.95%.
There is no current price for this bond published on bloomberg, but when I do a yield analysis the price shows up as 99.99. I'm really not sure if that is correct or not. I also see a bid/ask of 98.99/102.01.
This will be a crowded but growing space. Funding will of course be necessary.
Here is your new technology...first glance not impressed.
Torvec, Inc. Announces New Technology
ROCHESTER, N.Y., Oct. 16, 2014 (GLOBE NEWSWIRE) -- Richard A. Kaplan, Chief Executive Officer of Torvec, Inc. (OTCQB:TOVC), announced today that the Company is performing due diligence and developing proprietary technology designed to measure in quantifiable terms the decrease in a person's alertness, thus enabling that person, their employers, and others to take measures to avert a disastrous situation. The Company's invention is a wearable device consisting of hardware and software that measures unique multiple metrics in order to establish that a person's ability to perform is degrading.
It has been estimated that approximately 250,000 U.S. drivers per day fall asleep at the wheel resulting in numerous serious and often fatal truck, bus, train and automobile accidents. While the root causes of alertness impairment can include simple drowsiness, medication and drugs, sickness, physiological and psychological issues, alcohol, stress, and work-related conditions, the salient feature common to the syndrome is a degradation of a person's ability to perform important functions over a period of time.
Hundreds of millions of research dollars are demonstrating that a degradation of alertness can be detected as a quantifiable decrease in a person's responsiveness to stimuli. Existing purported solutions to alertness impairment to date share the common characteristics that they are not often practical and can be disruptive and/or distracting to the user. As a result, until now, no practical, non-disruptive or non-distracting single technology has been developed that can be used to actually measure degradation of alertness and to properly correlate such degradation to a person's ability to perform tasks and fulfill responsibilities.
Mr. Kaplan commented, "Existing studies show that most people are very poor judges of whether they are too tired and/or otherwise impaired enough to continue to try to perform a function, such as driving a vehicle. The Company's invention is designed to notify them of the danger before the danger actually manifests itself, rather than deal with it after the fact which may be too late."
The Company's invention can be programmed for use by truck drivers, general driving public, airline pilots, train engineers, school and over the road bus drivers, security guards, "man-down" systems, a wide variety of security systems, campers, hikers, hunters, surveillance agents, students, military personnel, persons with health issues as well as persons monitoring critical processes such as nuclear facilities. The Company believes that based upon preliminary estimates, the total market for its invention is approximately 700 million users worldwide.
Torvec is presently engaged in clinical testing with a number of sleep study experts and neurologists to assist with the analysis and validation of this new technology.
The Company has filed for patent protection for its invention and its unique software and algorithms. Currently, the Company is targeting to market prototypes in mid to late 2015 and to be shipping product to customers by the end of 2015 or the beginning of 2016.
Forward-Looking Statements
This news release may contain forward looking statements regarding Torvec's future economic performance and prospects that are subject to risks and uncertainties. These risks and uncertainties could cause actual results to differ from those described in such statements. Such risks and uncertainties include those described from time to time in Torvec's SEC reports, including its most recent Annual Report on Form 10-K.
About Torvec, Inc.
Torvec, Inc. develops and markets advanced technologies in the areas of power and safety. The Company's wearable device consists of hardware and software that measures unique multiple metrics in order to establish that a person's ability to perform appears to be degrading. The Torvec hydraulic pump is a breakthrough in hydraulic design, which delivers unsurpassed performance, all in a package that is smaller and lighter than existing technologies. Its IsoTorque® differential sets the bar for differential design by improving the traction, handling, performance and safety of a vehicle without the need for complex electronics and clutches that wear out. For additional information, please visit www.torvec.com.
CONTACT: Robert W. Fishback
bfishback@torvec.com
(585) 254-1100 x310
Golisano owns prefs and wouldn't be selling $50K of stock because he was worried about his investment. He'll either have a hit or a zero...either way it doesn't move the needle much for him.
Mgmt just temporarily reduced their salaries in order to delay another capital raise. It might be time to buy in again. Of course I have no idea why Fishback has a $200K salary, now down to $175K. Is he raising the capital himself? Doubt it.
Does anyone know if Kaplan has disclosed that he has participated in any of the pref financing rounds? If not his recent 25k share purchase is hardly notable...it's more like laughable.
ok he bought another 15k shares yesterday. maybe if i keep criticizing he will pony up some serious cash. these appear to be the first shares he has bought.
All is well team. Kaplan just plunked down a whopping $3,400 to buy 10K shares in the open market.
BULLISHHHHHH
Good to see nothing has changed. Torvec advertising for a new mechanical engineer. Burn rate just went up.
New Mechanical Engineer Wanted
Created on Tuesday, 17 June 2014 09:15
See our job posting here:
http://careers.fluidpowerjobs.com/jobseeker/job/18344573/Hydraulic-Mechanical%20Engineer/__company__/?vnet=0&keywords=engineer%20rochester%20ny&max=25
Responsibilities for the Hydraulic-Mechanical Engineer:
• Work with a team of engineers to develop and refine hydraulic products for fluid power and drive-train
applications.
• Design and simulate new hydraulic subsystems for application in current and future hydraulic machine designs
using CFD and FEA.
• Act as team subject matter specialist in hydraulic motion control systems, specifically system response and fluid
bearing technology.
• Contribute to team efforts in root cause analysis activities involving product design criteria.
• Take theory from concept to product design for manufacturing.
Requirements for the Hydraulic-Mechanical Engineer:
• BS in Mechanical Engineering (Graduate degree is preferable).
• Minimum 5 years experience in fluid power industry, prefer hard metal parts (e.g. pump, automotive, construction
equipment, etc.).
• Strong proficiency in engineering & design software including 3D CAD, MATLAB and ANSYS.
• Proven success in design with excellent problem solving and analytical skills.
• Have a good understanding of design for manufacturing and material selection.
• Experienced in product design and manufacturing of hydraulic machinery, such as axial piston pump and motors
with a background in design for manufacturability.
• Possess strong collaborative and interpersonal skills, be passionate and self-motivated, and be able to work
independently and as a part of a team in a fast paced environment.
• Demonstrate accountability and execution for completing work timely to a high standard, while being able to
effectively self-manage multiple projects and make decisions around priorities.
• Must have strong PC skills including Microsoft Word, Excel & PowerPoint.
Come on don't rain on the parade! Dilution is better than closing the doors (not by much)!
Does anyone know what a cramdown is?
You commoners are being diluted in a major, major way. Why are you still in this? There is going to be nothing left for you. The company just closed on another $5M in preferred with another $1M likely coming. This is a joke. Can't you find something better to own? Think of the opportunity cost of the capital you have in Torvec over the past five years...scary.
Here comes dilution! Higher up the cap structure that y'all!
Torvec, Inc., has scheduled a special meeting of the holders of the company’s outstanding shares of preferred stock, to be held on March 24, 2014 beginning at 10:00 a.m. at the company’s offices. The purpose of the meeting is to consider and approve the terms of two new series of preferred shares, entitled Series C-2 Voting Convertible Preferred Stock and Series C-3 Voting Convertible Preferred Stock, or the New Series C Preferred Shares, as fixed by the board of directors. Notice of the meeting was sent to the preferred shareholders on March 14, 2014.
If approved by the preferred shareholders, the two new series of preferred shares would rank pari passu with the existing Series C preferred stock, and have a senior preference on the distribution of assets on liquidation, or deemed similar event, of up to an aggregate of $6.0 million, over the company’s outstanding shares of common stock and Class A and B preferred stock. The new preferred shares would be convertible on a one-to-one basis into common shares (subject to adjustment), without payment of any additional consideration. Neither new series of preferred shares would be entitled to preferred dividends. Both new series, however, would be entitled to participate, on as converted basis, with holders of outstanding shares of common stock in dividends and distributions on liquidation after all preferred shares have received payment in full of any preferred dividends or liquidation preferences. The shares of Series C-2 and Series C-3 preferred stock would carry voting rights on an as-converted basis, and have such other customary terms as may be approved by the Board of Directors.
Torvec has been seeking additional financing to continue developing its technology for commercialization. The company has had discussions with potential investors for the private placement of the New Series C Preferred Shares.
The company plans to complete the sale of the Series C-2 Preferred Shares shortly after the special meeting, and to conduct a separate private placement of the Series C-3 Preferred Shares sometime in the near future. The preferred shares to be sold in the private placements will not be and have not been registered under the Securities Act of 1933, as amended, or the Securities Act, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. There can be no assurance that the company will be successful in raising any needed amounts on these terms for these uses or that these amounts will be sufficient for its plans. This disclosure relating to this equity financing from private sources does not constitute an offer to sell or the solicitation of an offer to buy any of the company’s securities, and is made only as required under applicable law and related reporting requirements, and as permitted under Rule 135c under the Securities Act.
Just doing my bi-annual check in here. I cannot believe there is still anyone holding out hope here.
The company has 90 days after year end to file the 10-K.
How great is that CFO position? Getting paid decent money to cut a few checks each month. It's a great gig if you can get it.
Thank you. Thank you. That crow was nasty...very dry...it needed some tabasco, but I couldn't find any.
I just couldn't resist posting after seeing this article. I haven't been in TOVC for about a year now. Good luck to you long suffering longs. Maybe someday you will get a payday. Just remember to divide by the # of years you have held the stock when calculating your return as the annualized return will be much, much less than your gross return...though not much less than your after-tax return should Obama have his way come January 1!
Who says it isn't in there?
UPS to Add 40 Hydraulic Hybrid Vehicles to its Fleet
Press Release
Baltimore, October 03, 2012
New Delivery Vehicles to be Deployed in Baltimore and Atlanta Providing Improved Fuel Economy, Lower Carbon Emissions
UPS (NYSE: UPS) today announced the deployment of 40 new hydraulic hybrid vehicles (HHVs) - 20 in Baltimore and 20 in Atlanta. Developed by Freightliner Custom Chassis Corporation (FCCC) and Parker Hannifin Corporation, the package cars can achieve up to 35 percent improved fuel economy and up to 30 percent CO2 emissions reduction over traditional diesel-powered vehicles that use automatic transmissions in stop-and-go applications.
Both deployments were supported in part by grants from the U.S. Department of Energy's Clean Cities program, which is focused on advancing the nation's economic, environmental, and energy security by supporting local actions to reduce petroleum consumption in transportation.
The HHVs in Baltimore will be deployed immediately while the vehicles in Atlanta will be introduced before the end of 2012. UPS currently has one HHV in operation in Laguna Hills, Calif., and has been working closely with manufacturers to develop and test HHV technology since 2006.
"Our long-term goal is to minimize our dependence on foreign energy and one way we will get there is through the deployment of a wide variety of technologies and designs in our fleet," stated Mike Britt, UPS director of alternative fuel vehicle engineering. "As early adopters of this technology, we are very pleased with the significant fuel economy and emission reductions that come from the HHVs."
The HHVs operate on two power sources - a fuel-efficient diesel combustion engine and advanced series hydraulic hybrid. Energy created by the vehicle's continued braking action is stored in the HHV's hydraulic high-pressure accumulator, similar to what is done with electric motors and batteries in a hybrid electric vehicle. The HHV has a function to turn off the engine and drive the vehicle using the stored energy to propel the vehicle. This engine-off strategy can reduce up to 90 minutes of engine run time on a typical route.
Because the HHVs efficiency relies on constant braking, the vehicles are best suited for urban routes, which typically involve frequent stopping and starting.
"We are proud to be a part of this exciting implementation to UPS's fleet," said Shane Terblanche, General Manager for Parker's Hybrid Drive Systems Division. "We fully anticipate that Parker's Hydraulic Hybrid technology for package delivery will provide outstanding bottom line results and support UPS's commitment towards a sustainable future."
Mike Stark, FCCC senior technical sales manager, national accounts, added, "In terms of fuel economy, range and performance, the HHV is ideal for challenging pickup and delivery routes like those served by UPS."
UPS currently operates 2,593 vehicles powered by alternative fuels or technology, including hybrid electric, electric, liquefied natural gas, compressed natural gas, bio-methane and propane-powered vehicles. As of 2011, UPS's alternative fuel and technology fleet has logged more than 240 million miles and is well on track to reach the company's goal of 400 million miles by 2017. For more information on UPS's sustainability initiatives, please review the company's 2011 Corporate Sustainability Report at responsibility.ups.com/Sustainability.
Earnings out on Monday or Tuesday of next week! Looking forward to some cash build ahead of the payout for the earnout...then - debt free! Hello stock buybacks!
That would be quite a return for Mr. Golisano. That would value the company at like ~$245M.