Thanks, ballo! Will have to check the other sites to see if 'the partners' also issued press releases.
Torvec, MotoTron and Traxen to Enter 2005 DARPA Grand Challenge
Thursday February 10, 9:00 am ET
ROCHESTER, N.Y., Feb. 10 /PRNewswire-FirstCall/ -- Torvec, Inc. (OTC Bulletin Board: TOVC.OB - News) today announced at its Annual Shareholders' meeting on January 27, 2005 that its wholly-owned subsidiary, IVT Diesel Corporation, MotoTron, a Division of Brunswick Corporation, and Traxen Corporation have agreed to enter Torvec's Full Terrain Vehicle (FTV(TM)) in the 2005 Grand Challenge sponsored by the Defense Advance Research Project Agency (DARPA) of the US Department of Defense. The purpose of the DARPA Grand Challenge is to develop a fully autonomous robotized vehicle needed by the US military in the war against terror. The Challenge supports the Congressional mandate that 30% of all US military vehicles be capable of autonomous navigation by 2015.
MotoTron will provide the vehicle control system and suitable application support while Traxen will provide the sensor fusion software, obstacle detection components and appropriate application support for integration with the command and control systems.
The DARPA Grand Challenge is scheduled to be run on October 8, 2005.
This collaborative effort is the initial step to select strategic partners to accomplish the goals of the IVT Diesel Corporation. IVT Diesel Corporation was formed to facilitate joint ventures with strategic partners to offer complete diesel drive-train units to the US military and for use in commercial vehicles, including Class 3 trucks (UPS, Coca Cola, Federal Express, etc.) and school buses. Torvec expects that the diesel drive-train units offered will be loaded with technology driven features which will significantly improve performance in the recipient vehicles. The combined technological improvements should result in fuel savings, lower environmental emissions, increased driving performance, enhanced safety and greater reliability and durability.
The market opportunities for diesel drive-train units have increased dramatically for both US military and commercial applications. The increased weight of armoring the Humvee military vehicles as well as the difficult desert terrain where they are presently deployed requires continuous retrofitting of engines, transmissions and parts. Moreover, the 2007 Government emissions standards for commercial vehicles, higher fuel prices, the high level of school bus emissions and the resulting health concerns faced by state and municipal governments, all present opportunities for Torvec's proprietary technology. Torvec's IVT Diesel Corporation has been established to work with joint venture partners to provide such innovative, cost effective solutions.
Please continue to refer to the CEO Update section of our website (http://www.Torvec.com) for news on this and other Torvec initiatives.
MotoTron, a subsidiary of Brunswick Corporation, designs and supplies sophisticated engine control and vehicle networking systems flexible enough to handle a wide range of engine and vehicle applications for both marine and non-marine use. More information about MotoTron and its capabilities are available on its Web site at http://www.MotoTron.com.
Traxen Corporation is an emerging stage company focusing on providing collision warning systems for over the road trucks. The Company is presently developing a second-generation Collision Warning and Adaptive Cruise Control System (CWS/ACC).
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.
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