CurAegis Technologies Inc (fka CRGS)

[tovcinatl]

Torvec Appoints Philip A. Fain CEO
Thursday March 3, 10:02 am ET


ROCHESTER, N.Y., March 3 /PRNewswire-FirstCall/ -- Torvec, Inc. (OTC Bulletin Board: TOVC.OB - News) today announced that Philip A. Fain has been appointed Chief Executive Officer effective March 3, 2005. The appointment of Mr. Fain permits former CEO, Richard Ottalagana, to focus all of his considerable talents on commercializing the Company's Iso-Torque differential.

Read McNamara, Chairman of the Board stated: "The global interest in our Iso-Torque differential has ramped up in recent months, creating the need for Otto to concentrate his efforts on marketing this technology. This interest stems from the fact that not only does the Iso-Torque improve the performance of the Torsen® differential, but also is less costly to produce than other traction increasing differentials. In addition to American, European and Japanese interest in our differential, the recent issuance of the Iso-Torque patent in China has sparked the interest there as well."

Commenting on Mr. Fain's appointment, McNamara stated, "Global interest in our other technologies, including our infinitely variable transmission (IVT(TM)) and Full Terrain Vehicle (FTV(TM)) continues to intensify. We firmly believe that Phil Fain is the ideal individual to lead Torvec from a development stage company to a commercial company generating significant revenues. Phil's vast experience and outstanding leadership, international finance and business development skills, including negotiating and consummating complex transactions on a global basis, are now needed more than ever in the CEO role. Our executive skill sets, including Otto's start-up and administrative skills, have allowed the Company to put in place the processes and structures necessary to get us to this point. This change is logical, timely and signals our readiness to commercialize our technologies."

McNamara added, "The Company recently announced that internationally recognized automotive consultant, David Carlisle, will be joining Torvec's Board on April 1st. We anticipate that we will be adding an additional Board member in the near future. At that time, Phil will become a Director of the Company as well. We are confident that our shareholders will agree that the composition of our Board of Directors, coupled with the strength and depth of our Management Team, will sharpen the Company's focus on its number one mission: enhancing shareholder value through the commercialization of all of our technologies."

Torvec, Inc. specializes in automotive and related technology. The company holds numerous US and international patents protecting inventions such as a steering drive and suspension system for tracked vehicles, infinitely variable transmission, hydraulic pump and motor, constant velocity joint and spherical gearing. For additional information and presentations, please visit Torvec's website at http://www.Torvec.com.

This news release contains forward-looking statements that are based on current expectations, estimates and projections about the company and its plans for future operation, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," intends," "plans," "believes," "seeks," "estimates," and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.