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Torvec
Appoints Philip A. Fain CEO
ROCHESTER,
NY (March 3, 2005) — Torvec, Inc. (OTC Bulletin
Board: TOVC [Quote].OB
- News) announced today that Philip A. Fain has
been appointed Chief Executive Officer effective
March 3, 2005. The appointment of Mr. Fain permits
former CEO, Richard Ottalagana, to focus all of
his considerable talents on commercializing the
Company’s Iso-Torque differential.
Read McNamara, Chairman of the Board stated: “The
global interest in our Iso-Torque differential
has ramped up in recent months, creating the need
for Otto to concentrate his efforts on marketing
this technology. This interest stems from the
fact that not only does the Iso-Torque improve
the performance of the Torsen® differential,
but also is less costly to produce than other
traction increasing differentials. In addition
to American, European and Japanese interest in
our differential, the recent issuance of the Iso-Torque
patent in China has sparked the interest there
as well.”
Commenting
on Mr. Fain’s appointment, McNamara stated,
“Global interest in our other technologies,
including our infinitely variable transmission
(IVT™) and Full Terrain Vehicle (FTV™)
continues to intensify. We firmly believe that
Phil Fain is the ideal individual to lead Torvec
from a development stage company to a commercial
company generating significant revenues. Phil’s
vast experience and outstanding leadership, international
finance and business development skills, including
negotiating and consummating complex transactions
on a global basis, are now needed more than ever
in the CEO role. Our executive skill sets, including
Otto’s start-up and administrative skills,
have allowed the Company to put in place the processes
and structures necessary to get us to this point.
This change is logical, timely and signals our
readiness to commercialize our technologies.”
McNamara
added, “The Company recently announced that
internationally recognized automotive consultant,
David Carlisle, will be joining Torvec’s
Board on April 1st. We anticipate that we will
be adding an additional Board member in the near
future. At that time, Phil will become a Director
of the Company as well. We are confident that
our shareholders will agree that the composition
of our Board of Directors, coupled with the strength
and depth of our Management Team, will sharpen
the Company’s focus on its number one mission:
enhancing shareholder value through the commercialization
of all of our technologies.”
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 www.torvec.com.
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Symbol
TOVC
[Quote]
Exchange
OTC
Shares
Outstanding
Approximately 29,000,000
52
Wk. Range
$1.25 - $9.98
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