Developing new technologies and commercializing them is a Herculean task for any company and even more so in the automotive industry. The Gleasman family, from Vernon to Jim and Keith, have had over 60 years of success in bringing new proprietary innovations to the automotive industry worldwide and are in the process of doing it again with Torvec.
Vernon Gleasman, the patriarch of the family deservedly received much of the credit however, if one checks the more recent patents, Keith and Jim's names are often present. Both sons, as well as their children, have grown up in the automotive engineering world and began accumulating their vast knowledge from their dad as kids.
Keith's whole career has been working on Gleasman automotive projects and his capability is well known. Jim, on the other hand, was less visible in the family business because, after the Dana purchase of the Torsen, he changed careers. Jim founded a commodity trading business, a joint venture with Clayton Co. of St. Louis MO, one of Americas' premier brokerages, with numerous Fortune 500 clients, which became quite successful.
Since Jim has been the least visible of the Gleasmans, I thought it might be worthwhile to provide a little more information about him so that the stockholders of Torvec can feel confident in his ability to play a leadership role in the company.
Jim's automotive career began 45 years ago manufacturing Fiat and Puegot Torsen differentials at Gleasman SAIC in Argentina,SA.
During the 60s and the 70s Jim headed marketing and sales for the family in the "muscle car" arena working with many high profile innovators such as Carroll Shelby.
Subsequently, Jim negotiated worldwide sales of the Torsen which involved relationships with major auto manufacturers in the US, Europe and Asia.
Jim then left for the brokerage business and upon his return to the family business was instrumental in developing Torvec. Due to Jim's influence and insight, Torvec is a unique developmental company in that it is a virtual corporation, with extemely low overhead, no debt, and owns all of its patents in the company. Without an IPO, Torvec was created as a public exit vehicle for its many private investors.
Because Jim was not a Rochesterian and since most of Torvec's stockholders are local residents, several visible Rochester business people have been put into senior leadership positions at Torvec. Each of these people, including the CXO guys were recommended by large stockholders of Torvec. The Gleasmans felt obligated to oblige these investors to insure continuing support from the local investment community.
Anyone who has attended a stockholder meeting is familiar with Jim's role at Torvec and his desire to keep stockholders abreast of what is happening at the company.
From my perspective, Keith and Jim have done a great job in bringing their paradigm shifting technologies to reality. They have received limited compensation and recently their renumeration has been restricted to small stock sales of which they have exercised only 1/3 of their agreed amount. When necessary they have put their own funds into the company.
Some people have chosen to give the Gleasmans a hard time on this site, especially Jim. Why not try taking a walk in their shoes. Torvec has represented an incredibly difficult challenge however I believe that the Gleasmans have succeeded in bringing the company to the brink of incredible success. Jim has played a major role in all of this and from what I hear, from credible sources, did a great job in China recently as Torvec's spokesman.
I just thought someone should set the record straight.
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