Why I bought TOVC based on investor sentiment. To TOVC shareholder this was HUGE news. To the lay person it means little if you didn't follow the company. That is why I didn't post it on SI.
Released 7/27.
Torvec picks up pace toward commercialization.
As promised in our last update, we have successfully installed our modular, infinitely variable transmission in our 2004, diesel-fueled Dodge Ram 4 x 4. In order to implement our school bus program, we have begun testing designed to compare the fuel efficiencies and pollution reduction capabilities of our IVT versus the fuel consumption and pollution generated by New York's and the nation's school buses, the majority of which use the same or comparable diesel-fueled engine as our Dodge Ram. The comparisons are being made based upon actual school bus routes furnished to us by local school districts that are actively cooperating with us on the project.
We also installed our modular IVT in our diesel-fueled Dodge Ram because most of the automotive markets for our products worldwide today use, and are committed to, diesel-fueled engines. And, at long last, the U.S. automotive industry is awakening to the benefits of diesel:
"If you have spent any time in Europe recently, you know that more than
half of all cars there are powered by diesels. If there ever was a
place on this planet that needed diesels, it's the United States.
Although you can create a very high-mileage car with a diesel engine, as
they are doing in Europe, the appeal to the United States would be quiet
different. Those engines would make good sense for almost all our
pickups and SUVs"
- Editor Keith Crain - Automotive News
John Watts, manager of Honda's U.S. product planning, said recently:
"Honda plans to introduce a clean-burning 2.2-liter turbo diesel in the
United States within three years."
- As reported by Kathy Jackson - Automotive News
AutoNation Inc. CEO Mike Jackson has predicted that, shortly, diesels
will outsell hybrids by 2-1 in the United States - Automotive News
Of course, for us at Torvec, the onrushing tide towards diesel is neither new nor unexpected. We have always championed diesel and conducted a series of very successful tests in 2003 using the same Dodge Ram with an earlier version of our transmission. While we installed our hydrostat and later, our modular transmission in a gasoline-powered Tahoe, we did so at the express request of American auto companies. We have always known, however, that our transmission functions most efficiently with diesel engines and have always believed that the development of clean-burning diesel would usher in a new era in automotive technology.
Our July meetings, including a meeting with a major U.S. automotive company, were highly successful. This means that our visitors were excited to experience all of our core technologies --- our Full Terrain Vehicle, our IsoTorque(TM) differential, our transmission and our constant velocity joint - -- and stated their intent to schedule further meetings to focus upon the joint commercialization of one or more of our products.
Since our last update, we have also received a number of new inquiries from companies located in countries that have not figured as prominently on our radar screen. And, our discussions with the companies which visited us in May and June of this year are intensifying.
We, therefore, expect the next 90 days to be an exceptionally active time for Torvec's management. We also expect, quite frankly, that this same period will be a time when discussions with a number of companies may reach a critical and sensitive stage when any public comment, no matter how well- intentioned, can be harmful and extremely counter-productive to the goal of commercializing our products.
Consequently, management has imposed upon itself and all of Torvec personnel a "no comment" edict to refrain from all disclosure, through the use of e-mails, the telephone or otherwise, concerning developments, meetings, discussions and the like for a minimum of 90 days commencing August 1, 2006. This edict also extends to the CEO UPDATE whereby I have been pleased to share with you timely and relevant information concerning the company and its products over the past year or so.
Obviously, if and to the extent federal securities rules require a company disclosure during this "quiet period", we will make the disclosure timely.
Since this company sold its first share to a non-Gleasman family member, Keith and I and our entire management and engineering staff, have faithfully brought our talents to bear to make Torvec a success for all of our shareholders. Sometimes our tactics and strategies may not have been apparent to everyone. At other times, individuals may simply have disagreed with us. However, we think our track record over the years has been good. And now, we ask for your understanding as we enter what we believe is a critical and exciting time in our company's history. |
