Torvec Reports Strong Chinese Interest in Fast Track Vehicle & Trucks
Torvec Reports Strong Chinese Interest in Fast Track Vehicle & Trucks
ROCHESTER, N.Y., Aug. 30 Torvec Inc. (OTC Bulletin Board: TOVC) announced today that following a series of meetings in China, Ms. Lynn Garcia, President Global-Lynx Group, Inc. (GLG), Torvec's agent in China, reported that the GLG team had an outstanding response to Torvec's Fast Track Vehicle (FTV) and Class 3-4 trucks. Based on previous expressions of interest, the GLG team were the guests of honor at a luncheon meeting hosted by Madam Qin, wife of Ambassador Li, recently returned Chinese ambassador to the U.S. and currently Vice President of the Chinese Foreign Ministry. Madame Qin is a high-level diplomat, author and scholar in her own right having held high-level diplomatic positions in several countries around the world. During the discussion of Torvec's FTV and line of trucks, Madam Qin displayed an extraordinary understanding of the technical innovations being explained to her, and a real appreciation of what the unique performance characteristics and environmental benefits mean for the Chinese economy and air quality. In a summary speech, Madame Qin expressed her enthusiastic support for the Torvec Project and her very tangible support with the Chinese government ministries and agencies to assist Torvec in receiving the necessary reviews, approvals, and certifications in a timely manner to bring the FTV and truck line to China. She expressed optimism about the benefits of the Project for China. "This is very encouraging news for Torvec," reacted Mike Martindale, CEO Torvec. "It confirms our initial market hypothesis about China. We believe that the pollution concerns expressed by Madame Qin plays into the strengths of our IVT/Diesel engine strategy. China is not only an ideal market for our products, it is now and for at least the next decade a tremendous growth market." This trip by GLG began the process of defining markets, engendering the interest and support of high-level officials at relevant government ministries, and meeting and screening potential Chinese joint venture candidates already operating in Chinese automotive market segments of interest. With the support of Madam Qin, meetings with top executives of Chinese JV candidates and top ministries are being reinforced and arranged. Additional meetings were arranged in the city of Guanzhou, Guangdong Province in southern China. They included the Chairman and President of Goldstar Heavy Industrial Co., Ltd. and the Governor Assistant Director of Shixing County, Guangdong Province. Great interest was shown in participating in a joint venture to produce and market Torvec's revolutionary FTV and innovative class 3-4 trucks. Torvec's products are a perfect fit for China's burgeoning need to connect rural areas with its cities, while reducing the vehicle emissions pollution in major cities. 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 Infinitely Variable Transmission that reduces diesel soot emissions, a Fast Tracked Vehicle (FTV(TM)) 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(R) differential used in high-performance vehicles. To learn more about Torvec's many technologies and view a video of its FTV(TM), visit http://www.torvec.com. About Globe Lynx Group, Inc. Globe Lynx is an international transportation consultant with strong ties to Asia. Its principals have also served as consultants to the Economic Development Department of the New York cities of Rochester and Jamestown and a number of provinces in the Republic of China. It has been appointed to the U.S. Department of Commerce on Export policies. For more information contact: Jim Gleasman of Torvec at 716-248-8549 or Mathew Henderson, CEOcast, Inc. at 212-732-4300, ext. 225.
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