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Torvec, Inc. Announces Management Changes
ROCHESTER, N.Y., August 19, 2005/PRNewswire-FirstCall/ -- Torvec, Inc. (OTC: TOVC.OB - News) announced today that Philip Fain has been removed from the positions of Chief Executive Officer and Chief Financial Officer and Read McNamara has been removed as Chairman of the Board. The removal was voted on by the Executive Committee of the Company’s Board of Directors, which is composed of a majority of the entire Board of Directors of the company and a majority of its current independent number of directors. The Executive Committee has engaged an independent special counsel to conduct an investigation involving Messrs. McNamara and Fain. While Messrs. Fain and McNamara continue to serve as directors of the Company, based upon the contents of a report received from such independent counsel, the Executive Committee removed Mr. Fain from his officer positions and removed Mr. McNamara as Chairman effective August 19, 2005. The Executive Committee has elected Gary Siconolfi as Chairman of the Board, and James Gleasman as Chief Executive Officer and interim Chief Financial Officer, effective August 19, 2005.
The Executive Committee’s actions are intended to permit the Company to return to normal operations. Due to the circumstances, the Company will not file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2005 in a timely manner. The Company expects to file this Quarterly Report next week.
About Torvec, Inc.
Torvec, Inc., based in Rochester, New York, develops advanced automotive technologies that increase transportation safety, mobility, fuel efficiency and reduce soot emissions. Torvec owns the technologies for an
Infinity Variable Transmission that reduces diesel soot emissions, a Fast Tracked Vehicle(FTV™) that goes where no 4x4 can, novel designs of hydraulic pumps and constant velocity joints, and Ice Technology to increase tire traction on ice and de-ice windshields. Torvec's founders invented the famous Torsen™ differential used in high-performance vehicles and its successor the Iso-Torque™ Differential. To learn more about Torvec's many technologies and view a video of its
FTV™, visit http://www.torvec.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," 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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