Rather than continuing to just take up file space, I thought it might be enlightening to review ten (10) years worth of 10-KSBs or quarterly reports. I'll summarize and report on just some of the key strategic objectives from each. It may take more than one message between now and Thursday as I review the contents of each. I will not be looking at all at the financial results as I don't have any fear of the company running out of money. I fear my own mortality more and the realization of a return on the initial investment.
September 1998:
3 FTV prototypes being built - one for a diesel powered Isuzu and two for diesel powered Kia trucks (Isuzu being a Japanese company partially owned by GM
Two TOVC IVTs being built- one for each of the above trucks.
Goodyear will be testing IVT tracks. (Goodyear was rumored to be interested in investing into the company although this was not stated in the report)
A report from the California State Air Resources Board is cited as declaring diesel soot a toxic carcinogen. The Board would be forming an expert panel to find ways to "reduce emmission on future diesel vehicles and phase out old, smoking trucks."
The May 11, 1998 offer of private shares at $5 "was based upon a very conservative market cap estimate that considered prospective income from only the FasTrack vehicle, ignoring the substantial potential valud of each one of Torvec;s other products......Further since the initial date of that offering on May 11 1998 Torvec has proceeded with its Plan of Operation, and Torvec's products have become more sophisticated and closer to commercial readiness. ...For this reason, the directors believe that the Company is more valuable now than it was then and has raised the price of the stock from $5.00 to $10.00" <<Note: and some are worried that a bidding war today at $8.50 might not be successful...?! - dread>>
Year Ending 1999 - Form 10-KSB
"A highly refined prototype of the FTV was completed in February 1999 and the Company has been actively seeking one or more joint venture partners to manufacture and commercialize this vehicle."
"The Company showcased its latest prototype FasTrack vehicle in early Spring, 1999 and during the balance of fiscal 1999, as been actively engaged in ongoing discussions with a number of potential joint venture partners to manufacture and commercialize the vehicle."
"Further, it is believed that the Company's (IVT) transmission will not be in direct competition with companies who provide other diesel/gasoline engine pollution remedies and that the latter may even be interested in working with the Company to explore possible synergistic efforts with the Company's transmission."
"The Company is currently negotiating a proposed arrangement for the commercial license of the CVJ to a newly formed entity owned by the Company and two of its principal shareholders."
"The Company's present, overall business strategy relating to its products is (1)to provide developing country FasTrack vehicles models for marketing to potential Asian, African, South and Central American joint venture partners; ...(4) to promote worldwide use of the Company's tranmissions for reducing diesel/gasoline engine pollution; (5) to enter into appropriate licensing/joint working arrangements for all of the Company's products;......."
"The Company continues to pursue its strategy of seeking collaborative joint working arrangments, formal joint venture agreements and/or licensing agreements with domestic and/or foreign governments, automotive industry manufacturers and supplies in order to promote the use of the Company's potential products. No such arrangements and/or licenses have been consummated to day, although the Company is presently negotiating with a number of potential joint venture candidates."
"In addition to seeking commercially attractive collaborative working arrangements or joint ventures, the Company may license one or more of its Torvec potential products to unaffiliated third parties for direct commercialization." <<Ahh, the days of "potential products"! - dread>>
"Don't confuse activity with results" - Crilly
