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TORVEC
CHALLENGES DOW JONES COLUMN; CONFIRMS EPA RESULTS
ROCHESTER,
NY (June 18, 2004) — Torvec, Inc. (OTC Bulletin
Board: TOVC
[Quote].OB - News) today challenged a June
17, 2004 Dow Jones columnist's opinion that the
EPA has developed a more efficient pump than Torvec's
at the critical start-up phase of vehicle operation.
"We stand 100% behind our June 2, 2004 statement
that no hydraulic pump either designed or tested
by the EPA has achieved efficiencies exceeding
those of the Torvec pump operating at 300 to 750
RPMs and 200 to 1,400 psi," said Keith Gleasman,
Torvec President.
"We
were assured by the EPA that it has conducted
no efficiency tests at such low RPM ranges as
Torvec tested under EPA supervision. In fact,
the EPA spent several days recalibrating its dynamometer
so that tests of the Torvec pump at such low ranges
could even be conducted."
Critical
information developed during hours of data collection
at the EPA convinced Torvec management to rapidly
move forward with the installation of its hydraulic
infinitely variable transmission (IVT) in a GM
Tahoe. "Once the installation is completed,
we invite any and all automotive companies, automotive
transmission manufacturers and all other interested
parties to publicly engage with Torvec in side-by-side
real world comparable testing of their vehicles
with Torvec's IVT equipped Tahoe," said Richard
Ottalagana, Torvec CEO.
Ottalagana
further commented, "We have already demonstrated
significant fuel efficiencies through independently
conducted tests last summer with our diesel powered
Dodge Ram 4x4. We will not only be able to confirm
that greater fuel efficiency and reduced emissions
can be achieved with gasoline engines as well,
but also show that Torvec has virtually eliminated
the ear- piercing noise commonly associated with
hydraulic pump technology. We will also conclusively
prove that our transmission is lighter, smaller
and has fewer parts than any other automatic transmission."
"We
are proud of the fact that the $26 million spent
to date to develop Torvec's product portfolio
compares favorably to the billions spent by the
combination of government and industry to try
to solve the fuel and emissions crises,"
said Torvec co-founder James Gleasman. "I
wish to remind people that the principal inventor
of Torvec's IVT, Vernon Gleasman, has received
world acclaim for his inventions, including the
Schwitzer Award for innovation in race car design
and nomination for the prestigious MIT Lemelson
Award. He is the inventor of the Torsen® Differential
which has been installed in the car and truck
lines of numerous automotive manufacturers, including
the military Humvee. Our own tests, those conducted
at the EPA and the overwhelming encouragement
provided by many in the automotive industry have
convinced us that once we have installed our IVT
in a gasoline powered GM Tahoe, Torvec will have
made a significant contribution to resolving the
crisis facing American motorists today."
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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