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TORVEC
ANNOUNCES NEW MANAGEMENT TEAM
ROCHESTER,
NY (June 15, 2004) — Torvec, Inc. (OTC Bulletin
Board: TOVC
[Quote].OB - News) announced today that effective
June 15, 2004, Richard Ottalagana, Philip Fain
and Read McNamara will become 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. The appointment of principals from CXO
on the GO, LLC to operating roles at Torvec constitutes
a natural outgrowth of its deep involvement in
Torvec's progress towards the achievement of both
its short and long-term goals. Since its engagement
in February 2004, CXO has helped Torvec add over
$150 Million to its market capitalization and
has played a pivotal role in accelerating the
Company's progress towards the execution of Torvec's
business plan.
Torvec
President Keith Gleasman stated, "We are
extremely pleased to formally add Dick, Phil and
Read to the Torvec team. They bring high quality,
global business experience to complement the existing
automotive expertise of Torvec."
Dick
Ottalagana was a co-founder of PaeTec Communications,
a national communications company where he served
as Executive Vice President. In less than five
years, PaeTec became both net income and free
cash flow positive with over 1,000 employees.
In 2003, PaeTec was recognized as the second fastest
growing technology firm in North America by Deloitte,
LLP. From 1993 to 1998, Dick served as Vice President/General
Manager of ACC National Telecom Corp. where he
was responsible for the start-up of ACC's local
telecommunications operations bringing that Company
to profitability with revenue approaching $100
Million annually.
Philip
Fain, Managing Partner of CXO, is widely recognized
for his financial, business development and leadership
expertise. He has served as CFO of Luxottica SpA's
Ray-Ban Sun Optics business and as Vice President
of Finance for Bausch & Lomb's Global Eyewear
business. He played the lead role in significantly
increasing the revenue, earnings and return on
investment of the global business through the
acquisition of some of the world's most sought
after sunglass brands as well as through strategic
alliances. A CPA, Phil has also lead Bausch &
Lomb's Corporate Accounting, Financial Reporting
and Corporate Audit functions.
Read
McNamara has over thirty years of senior executive
experience in the US, Latin American and Asian
markets with industry leaders such as Gillette,
Pillsbury, Revlon and Bausch & Lomb. He combines
extensive line operating experience in $100+ Million
business units with experience on the boards of
both publicly and privately owned companies.
Ottalagana,
Torvec's new CEO, replaces Eric Steenburgh who
concluded his tenure with Torvec by stating, "I
am very pleased with the progress that has been
achieved in the past two and one half years, especially
the progress made with the infinitely variable
transmission. It is now time to move on to full
commercialization under a dedicated team like
CXO."
Philip
Fain replaces Samuel Bronsky as CFO. Mr. Bronsky
remains as Chief Accounting Officer of Torvec.
Torvec,
Inc. specializes in automotive and related technology.
The company holds numerous U.S. and international
patents protecting inventions such as a 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 http://www.torvec.com
and http://www.icesurfacedev.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. |
Symbol
TOVC
[Quote]
Exchange
OTC
Shares
Outstanding
Approximately 29,000,000
52
Wk. Range
$1.25 - $9.98
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