Replies to post #16823 on CurAegis Technologies Inc (fka CRGS)

[Dino1717]

Blue,

We are going back in time on this board, to where anyone who posted positively about their belief in Torvec's future, would surely receive a rebuttal post most everytime.

Dino

[SULAX]

Why would I call my attorney when this is what is in MY own financial statements prepared by my INDEPENDENT AUDITORS?

"The filings/auditors do not say they Cannot pay" -Blue Heron

Really, it looks to me like it says that.

Torvec financial statements:

"The company’s efforts have been principally devoted to the development of its technologies and commercializing its products. Management believes that based upon its current cash position, its budget for its business operations through March 31, 2010 and collectability of its receivables in the ordinary course of business; the company will not be able to meet its anticipated cash requirements through March 31, 2010."

Here is the lease footnote for you:

"The company leases a facility located at 1999 Mount Read Blvd., Rochester, New York. The facility consists of approximately 13,650 sq. ft., with executive and engineer offices, conference room, “clean room,” manufacturing and assembly space, automotive bays, dynamometer and lift facilities and approximately thirty acres of land suitable for vehicle testing and demonstration. On April 29, 2008, the company executed a five-year lease for the premises (with a December 1, 2007 lease commencement date) which provides for rent to be paid at a rate of $5,687.00 per month ($68,244.00 per annum) and in addition, for the payment of the company’s proportionate share of yearly real estate taxes and yearly common area operating costs. Under the lease, monthly rental payments commenced June 1, 2008. The lease contains three 5-year renewal options and grants an option to the company to lease up to an additional 7,000 sq. ft. of adjacent manufacturing and assembly space.
Rental payments and certain other payments due to the landlord is to be paid in common shares of the company, based upon the closing price per share on the 15th day of the calendar month immediately prior to the date any installment payment of monthly rent or other payment is due landlord.
Rent expense for the three month periods ended March 31, 2009 and 2008 was $14,600 and $13,500 respectively."

Looks to me like you don't know your facts. Spend some time and do your due diligence.

[SULAX]

One final point from the footnotes, Notice it says "management believes". Management ie,Jim,Keith,Gary,........

So should your lawyer sue the management team?????

"Management believes that based upon its current cash position, its budget for its business operations through March 31, 2010 and collectability of its receivables in the ordinary course of business; the company will not be able to meet its anticipated cash requirements through March 31, 2010."

[Dino1717]

Over 50,000 NOBODY CARES about Torvec/RIT press release shares traded today in TOVC.OB. Close $1.02

Release Date: Aug. 6, 2009
Contact: Michelle Cometa
[phone] or [e-mail]



Torvec and RIT Sign Agreement to Create Advanced Automotive Technology Lab

College of Engineering to house new lab focused on increasing automotive manufacturing industry potential
Rochester Institute of Technology and Torvec Inc., a Rochester-based automotive technology company, signed a memo of understanding to create SEAL, the Safety and Efficiency in Automobiles Laboratory, on the RIT campus. The new lab will focus on developing advanced automotive and related energy technologies while opening up new employment opportunities in the manufacture and production of high-tech automotive equipment.
“Torvec has the potential to revolutionize the automotive industry, and we look forward to partnering with Torvec to help make that happen,” says RIT President Bill Destler.
Torvec employees will work with faculty and students from RIT’s Kate Gleason College of Engineering to develop programs for emissions reduction and fuel-efficiency improvements of current and next generation automobiles. Torvec will also establish cooperative education and employment opportunities for RIT students in the fields of advanced automotive and energy technologies.
“RIT brings the expertise, facilities and equipment to deliver state-of-the-art results for all of the programs envisioned for SEAL,” says James Gleasman, Torvec chief executive officer. The company, established in 1996, has more than 300 worldwide patents and inventions such as the IsoTorque differential, the infinitely variable transmission, CV joint, hydraulic pump/motor and full terrain vehicle technology.
“SEAL will initially build upon our existing resources with dynamometry and hardware-in-the-loop control systems,” says Edward Hensel, department head of mechanical engineering at RIT, “but our vision includes the collaborative development of advanced automotive and related energy technologies with a view towards enhancing manufacturing and mass production of new products.” Torvec and RIT will share access to technology, personnel, and facilities and will partner on joint research and development projects for the global automotive and energy sectors.
“SEAL will explore the synergies that can be created by the mutual cooperation of RIT and Torvec toward the ongoing refinement of advanced automotive and related energy technologies,” says Andrew Gleasman, technology manager at Torvec. Through the relationship, the organizations will engage global automotive and energy companies to enhance the programs developed through SEAL.
“This new agreement builds upon a long standing relationship between RIT and Torvec, who has provided financial and technical support to our Formula SAE student racing team, “ says Harvey Palmer, dean of RIT’s Kate Gleason College of Engineering. “In fact, Torvec hardware was a big contributor to our team’s recent first place championship in California.”


Torvec is a publically traded company that develops advanced automotive and related energy technologies that increase transportation safety, mobility, fuel efficiency and reduce pollutants. Torvec’s chief products and intellectual property include its Full Terrain Vehicle (FTV®), infinitely variable transmission, IsoTorque® differential, constant velocity joint, hydraulic pump and motor and hydrogen powered steam turbine.