On
September 25, 1996, the Gleasman family formed
Torvec by transferring all of their inventions,
patents and know-how to the company in exchange
for founders' shares. The company funded its first
few years of operations through two successful
private placements. The funds received from these
offerings were used to develop the CV Joint and
the first Full Terrrain Vehicle (FTV™) prototype.
These engineering successes, backed by the Gleasman
family's long history of proven automotive technology
development, made Torvec an attractive company
to go public.
Torvec
registered its common stock for trading on the
OTC market in January, 1999. The company did not
raise any capital by becoming a public company.
Torvec has continued to sell shares privately
to fund operations and has used business consultant
shares as currency for services.
The
next several years saw the continued refinement
of the core Torvec technologies as well as the
development of new products. Multiple prototypes
of the FTV™ were created. In 2000, Torvec
licensed the ICE Technology, a de-icing technology
developed at Dartmouth.
Beginning
in 2002, Torvec developed and refined its next
generation Infinitely Variable Transmission (IVT™).
The IVT™ combines the Company's innovative
and patented hydraulic pump technology with patented
gearing and valving resulting in a technological
marvel. The transmission weighs considerably less
than competitive products, reaches efficiencies
in ranges where others aren't even measured, and
also cuts down on noxious emissions.
In
February, 2004 Torvec hired Rochester, NY management
consulting firm CXO on the GO, LLC to create and
implement a business strategy for the commercialization
of Torvec's core product, the FTV™.
In
June, 2004 Richard Ottalagana, Philip Fain and
Read McNamara became Chief Executive Officer,
Chief Financial Officer and Chairman of the Board
of Torvec, respectively. Ottalagana, Fain and
McNamara have been appointed to execute Torvec's
business goal of commercializing Torvec's Full
Terrain Vehicle(TM) by licensing or selling its
complementary technologies to third parties.
In August, 2005 Torvec removed Philip Fain as CEO & CFO and Read McNamara as Chairman of the Board. For more information read the August 22, 2005 press release here. |
Symbol
TOVC [Quote]
Exchange
OTC
Shares Outstanding
Approximately 30,000,000
52 Wk. Range
$1.15 - $3.43
Corporate Governance
Code of Business Conduct
Financial Integrity Program
Nominating Committee Charter
Audit Committee Charter |
