Year Ending 2000 - Form 10-KSB/A
"We have developed a detailed manufacturing plan for the FTV, including factory floor layouts, commitments for the sourcing of major assemblies, identification of major suppliers, identification of critical skills necessary to produce the vehicle,assembly cost estimates, and an overall business plan for the manufacture, assembly and distribution of the vehicle."
"Ice Technology....the technology is undergoing field testing by Goodrich for use int he aerospace industry......We believe the technology has been developed sufficiently to enable us to negotiate with automotive manufacturers, automotive parts suppliers as well as companies servicing the automotive industry to sublicense this technology."
The semi-infamous table of project commercialization dates as previously referenced (page 10). "As indicated in the above chart, we ahve been and continue to be in ongoing and periodic discussions with automobile manufacturers, truck manufacturers as well as parts and assembly suppliers to manufactuer, produce and distribute our automotive technologies, including the FTV, to the consuming public. Generally, these discussions are no longer focusing on the validation and credibility of our inventions, but now are focusing on pricing issues as well as how to structure a Torvec-auto or truck manufacturer transaction, including direct licensing, joint venture partnership and the direct acquisition by or of Torvec through a merger or similar transaction.....management believes that a written letter of intent regarding our automotive technology could be forthcoming with the next 12-18 months <<underlining added by Dread>>.
"Torvec management has been assured that the Army will consider the FTV as a candidate if and when the next US military truck acquisition program is initiated by the Department of Defense."
"The Company's immediate future development is, in part, dependent upon its ability to successfully commercialize its ice technology either through a sublicense or through a joint venture arrangement. It is also dependent, in part, upon acceptance of the FTV vehicle especially in the Asian, African, South and Central American markets."
"In addition, despite management's belief that its products are superior , the company will have to overcome the "not invented here" attitude that permeates the industry. However, the recent Bush Administration decision to implement the previous administration's stricter diesel emission standards has lead to increased automotive industry interest in the emission reduction capabilities of the Company's automotive inventions especially its infinitely-variable transmission"
Company sues McElroy Manufacturing, Inc (MMI).
"On February 26, 2001, the company brought suit against John Speizio and John Doe, aka "Torvec1".....The company contends that, Speizio, John Doe and "Torvec1" either alone or acting on behalf of others persons, maliciously published numerous false and defamatory statement on the Internet worldwide website, "Raging Bull"......the company has sustained the following significant damages.......a diminution of the company's publicly trading stock value, in a range equal to at least $5.00 per share: ...." <<so that's why the current share price trades where it does in spite of years of continuing product improvements, new patents, on-going negotiatioins and becoming "production ready" - Dread>>