December 30, 2010 CEO UPDATE
Dear Torvec Shareholders,
Emerson said “Build a better mouse trap and the world will beat a path to your door.” Obviously, Emerson never started a business.
In my first three months, I have come to believe that Torvec has built and possesses incredible technologies. But as you well know, that has not been enough, again showing that Emerson was wrong.
At our last all-staff meeting we spent about three hours creating our Mission and Vision statements and our corporate imperatives. I would like to share them with you.
Mission Statement
Torvec will become the most innovative, inventive, and customer focused powertrain engineering and marketing company in the world.
Vision Statement
Torvec will commercialize exceptional technology into focused product lines that add great value and exceed customers’ expectations, in a high growth and profitable manner.
Corporate Imperatives
1. Customer Focus
2. Quality
3. Creativity
4. Growth
5. Profit / Cash Flow / Value Creation
6. Have Fun
From these words will, and have, come actions to start our journey to success.
We have narrowed our focus to two initial products: our IsoTorque® differential and our hydraulic pump system. Each of these technologies possesses the potential for tremendous growth and profit. Our engineers are confident that these can be productized (made ready for sale) in the near to mid future. I can tell you our new focus has produced some real breakthroughs to those ends. (Thank you to Joe McMahon, Keith Gleasman and crew.)
We are presently talking to many potential customers who have expressed great excitement about these products. But as any business person knows, there is a huge difference between excitement and buying. That being said, I am getting more and more confident everyday that we really do have some “world changing” things going on here.
I look forward to seeing many of you at our shareholders meeting January 27th, 2011 and elaborating on our activities.
I wish each of you a happy and healthy New Year and again thank you for your confidence, patience and trust in Torvec.
Sincerely,
Richard A. Kaplan
Chief Executive Officer
Torvec, Inc.
AI
