Torvec Announces Third Quarter Results; Sets Annual Meeting

ROCHESTER, N.Y., Oct. 8 Torvec, Inc. announced today that it has increased its current assets position, net of current liabilities, by over 330 percent as of the quarter ended September 30, 2002, over the comparable quarter in 2001. Current assets (including $468,000 cash) were approximately $496,000 and current liabilities were approximately $25,000 for the third quarter. This compares with last year's third quarter results of current assets of $30,000 and current liabilities of $1,171,000.

Torvec also announced that the Annual Meeting of Shareholders will take place at 7 p.m. EST on Thursday, January 23, 2003, at the Casa Larga Vineyards, 2287 Turk Hill Road, Fairport, N.Y.

Torvec is taking its next step toward commercialization of its products. The company's generation III infinitely-variable transmission (IVT) has now been specifically designed for a vehicle and will be adapted to a 2003 Dodge Ram 3/4-ton 4x4 quad cab pick-up truck. This truck will have the long-awaited, electronically-controlled 2004 emissions-compliant Cummins turbo-diesel engine. Torvec is an approved Cummins OEM. This engine is 5.9 liters in displacement, 240 bhp at 2,900 rpm and has 460 lb-ft of torque at 1,400 rpm. The truck is scheduled to arrive in late October/early November 2002. Torvec chose this engine size because it represents a sizable market for SUVs, light trucks, delivery trucks, school buses, airport shuttle buses, and class 3 to 5 trucks.

Industrial sources have assessed that Torvec's IVT, used in this light truck application, could double city mileage and remove up to 90 percent of diesel particulates (black soot). Torvec is planning to present its IVT at its January 23, 2003 shareholders meeting. When the IVT is installed, all emissions and fuel economy data will be confirmed in an on-road environment, which is more acceptable to the U.S. Environmental Protection Agency.

"In the last six months since I have become chairman and CEO, we have been very busy in numerous meetings with manufacturers and potential customers. They all have been impressed and expressed great interest in our products," said Torvec's Eric Steenburgh. "We will soon be sending a comprehensive 'State of Torvec Report' to all shareholders. This will include a CD-ROM that demonstrates our Fast Tracked Vehicle (FTV), which uses Torvec's recently patented infinitely variable steering mechanism. The CD-ROM will also include a working laboratory demonstration of our ice technology. In addition, the report will update our progress with Chinese and Mexican joint venture opportunities."

Torvec subsidiary Ice Surface Development, Inc. (ISDI) has made significant progress in advancing its intellectual property holdings. Using recent investments made by its management team and development partners, ISDI has created tangible improvements in process technology that it intends to patent. It has also developed and is now marketing a business plan leading to serious interest with strategic partner candidates for the express purpose of creating product applications and business development relationships.

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 http://www.torvec.com and http://www.icesurfacedev.com.