Pump Maker Torvec Announces New Funding To Continue Development Of IVT for Diesel SUV's
ROCHESTER, N.Y., March 31 -- Torvec, Inc. (BULLETIN BOARD: TOVC.OB) announced today that it has raised in excess of $800,000 in the first quarter of 2004 through the sale of restricted securities. This funding is more than adequate to enable Torvec to continue normal business operations for 2004 and in addition create the budget to continue Torvec's development of its hydraulic pump/motor system, including the manufacture of at least two 6,000 psi units for stand-alone infinitely variable transmissions (IVT) for diesel powered SUVs. At the same time, Torvec has reduced its normal cost of operations dramatically, including the elimination of more than $400,000 annually in consulting and similar fees.
The 6,000 psi hydraulic pump/motor system is more compact, eliminates another 30% in parts over our current 4,000 psi IVT and will enable Torvec to maximize performance for the EPA's hydraulic launch assist system.
With the elimination of these parts, Torvec's IVT will ultimately have a total of 200 parts compared to a six speed automatic's 720 parts, reinforcing Torvec's claim that its IVT solves fuel and emission problems without economic penalty.
Torvec also announced that it will be filing its Annual Report (Form 10-KSB) with the SEC by April 14, 2004. This late filing is solely due to an unforeseen delay in the preparation of internal documents to be subject to audit by our registered public accountant.
Torvec, Inc. specializes in automotive and related technology. The company holds numerous U.S. and international patents protecting inventions such as a steering 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.