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PROGRESS
CONTINUES WITH TORVEC'S FULL TERRAIN VEHICLE (FTV™)
LAUNCH
ROCHESTER,
NY (March 12, 2004) — Torvec, Inc. (OTC
Bulletin Board: TOVC [Quote].OB
- News) announced today that considerable progress
has been made by CXO on the GO, LLC (CXO) with
the development of Torvec's business plan to commercialize
and produce the Full Terrain Vehicle (FTV™).
A preliminary draft of the business plan has been
presented to Torvec Executive Management and to
several outside parties as part of Torvec's overall
strategy to realize the capital necessary to launch
the FTV through the sale or license of one or
more of Torvec's patented technologies. This funding
strategy will preclude or sharply limit the need
for third party financing associated with the
FTV launch and operations.
CXO's preliminary presentations
clearly support the economics of Torvec's plan
to repurchase spin-off technology and other key
components from strategic partners to produce
the FTV. The economic upsides are magnified by
the anticipated revenues from the commercialization
of the FTV. Due to the sheer magnitude of the
potential market for the FTV, even the most conservative
penetration assumptions produce a set of truly
impressive financial projections. The business
plan employs penetration rates in key markets
well below 1%, a rate that experts familiar with
the project agree is considerably below the true
market potential of the FTV. Even with these low
penetration rates, FTV revenues are estimated
to exceed $2.5 billion in the fifth year of commercialization.
Philip A. Fain, Managing Partner
of CXO on the GO, stated, "We are extremely
pleased with the reception which the preliminary
draft of Torvec's business plan has received.
Our research has convinced us that the FTV will
fill a significant market niche with the breakthrough
technology and functionality it offers. Even under
the most conservative assumptions, superior profitability
is clearly demonstrated with a price value equation
which is very appealing to both Torvec and the
end user. Our progress to date substantiates Torvec's
overall strategy as viable and well received."
CXO is in the process of refining the business
plan and preparing for its implementation.
The FTV is a new concept in tracked
vehicles that is expected to revolutionize the
industry, particularly in developing countries
that do not have modern road infrastructure. Moreover,
the new vehicle will have multiple applications
for off-road vehicle use required by agriculture,
construction, engineering, rescue, government
and other markets. The FTV is able to traverse
almost any terrain, and maintains stability at
speeds up to 60 MPH.
Torvec,
Inc. specializes in automotive and related technology.
The company holds numerous U. S. and international
patents protecting inventions such as Steer-Drive and suspension system for tracked vehicles,
infinitely variable transmission, hydraulic pump
and motor, constant velocity joint, and spherical
gearing. Ice Surface Development, Inc. is advancing
technologies to improve driving experiences for
industrial, commercial and consumer vehicles by
eliminating the hassle of ice removal and loss
of traction. For additional information and presentations,
please visit www.torvec.com
and www.icesurfacedev.com.
CXO
on the GO, LLC is a management consulting firm
offering an integrated approach to business improvement
for small to mid-size businesses. The firm’s
partners collectively have over 200 years of executive
experience and deliver to their clients increased
cash flow and shareholder value. For additional
information please visit www.cxoonthego.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 operations as well as management’s
beliefs and assumptions. Words such as “expects”,
“anticipates”, “intends”,
“plans”, “believes”, “seeks”,
”estimates”, 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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