September 22, 2004

This is the second of what I hope will be regular, frequent communications with all those interested in our progress. Since I came aboard as your CEO less than three months ago, I am very enthused by our product set and the opportunities those products present for Torvec. Prioritizing these exciting opportunities has been our principal task.

We are excited about the upcoming results of the IVT testing in our gasoline powered Chevrolet Tahoe. Many of you have asked when these tests will be completed. Because of the complexity of the tests it is impossible to actually forecast a completion date.

As requested by automotive manufacturers, we are conducting the following tests:

Light Acceleration/Light Deceleration test; EPA City MPG test; NYC EPA test; 20-40 MPH & 40-60 MPH test; Horsepower at Rear Wheels – 750 rpm, 1000 rpm, 1500-3000 rpm; EPA Highway MPG test; 0-60 MPH test; 60-80 MPH test; Quarter Mile test; Real World Driving test; Grade test; Towing test; and 30 & 50 MPH Constant Speed for .5 Hour test.

We have installed measuring systems enabling us to collect extremely accurate, repeatable data for each test. Our engineering staff, headed up by Torvec President and Chief Technical Officer Keith Gleasman, has been working diligently to once again demonstrate to the world that in the IVT, Torvec has a breakthrough technology that is ready for commercialization.

Even as we are making substantive progress on the IVT, we are also moving ahead aggressively to bring to market other proprietary innovations. We will report to you each time we have achieved significant milestones toward commercialization of these other products.

Rest assured that we at Torvec have a single-minded focus: to maximize shareholder value. Until next time —

Sincerely,

Richard Ottalagana, CEO