Torvec Gets First Orders for 400 Vehicles
8 September 1999
Torvec Gets First Orders for 400 Vehicles Three Manufacturers Want to Assemble and Sell FTVs in Their Markets
ROCHESTER, N.Y., Sept. 8 -- Torvec, Inc.
(OTC Bulletin Board: TOVC) announced that it has received its first orders for
nearly 400 of the Company's Fast Tracked Vehicles at $60,000 per vehicle.
The first confirmed interest in Torvec's paradigm-changing Fast Tracked
Vehicle comes from overseas:
-- A government agency in a Middle-Eastern country intends to purchase
120 Torvec fast tracked vehicles and has expressed interest in setting
up a final-assembly plant within its borders.
-- A South African country intends to purchase 150 FTV(TM)s for its fire
and police departments.
-- A North African company intends to purchase 120 FTV(TM)s for resale to
private customers and has expressed interest in assembling the vehicle
and manufacturing various parts within its manufacturing facility.
-- A South African vehicle distributor has expressed interest in
manufacturing the FTV(TM) in its existing facilities.
Keith Gleasman, President of Torvec, said, "Everyone at Torvec is cheering
our growing order book. We tested the FTV extensively this summer, and it
performed superbly. We made a video that we're giving to potential buyers and
manufacturers that shows the FTV traveling at high speeds and then stopping
without any skidding, traveling over grass without disturbing the terrain,
pivoting on a dime and outperforming a four wheel drive truck on rough
terrain. The performance is as impressive as we expected."
Mr. Gleasman added, "Torvec already has three parties interested in
manufacturing the FTV for African and Middle-Eastern markets. We're
negotiating with manufacturers around the world to produce the undercarriage
and final assembly. The undercarriage comprises Torvec's unique suspension
system and the Goodyear track and wheel assembly. The FTV is designed to be
assembled on the frames of nine truck manufacturers. For example, while the
vehicle we tested this summer was built on an Isuzu frame and chassis we could
just as easily produce it on a Kia frame."
Letters of Intention are non-binding agreements under which Torvec
delivers vehicles during 2000 at a price of $60,000 each. These Letters of
Intention are backed up by Letters of Credit and cash deposits. Once Torvec
has Letters of Intention for over 500 FTV(TM)s these Letters will become order
contracts binding both Torvec and the ultimate buyer.
The Letters of Intention announced today came to Torvec through HTV
Export, Inc., its nonexclusive worldwide sales agent charged with selling the
Fast Tracked Vehicle to government and institutional customers. HTV Export
Inc., based in Fairport, New York, has twenty years experience in representing
truck and heavy equipment manufacturers to potential buyers. HTV Export has
long-standing relationships with vehicle buyers throughout the world, often at
the highest levels of government.
The FTV(TM) brings its own road with it, making it ideal for unpaved areas
in less developed countries and for applications in government agencies, the
military, agriculture and special interest consumer markets. HTV Export is
actively pursuing sales of the vehicle to its government and institutional
accounts throughout countries that could benefit significantly from the
FTV(TM). These include governments and agencies throughout the Middle-East,
Africa, Asia and South America. Additionally, HTV Export is pursuing sales in
developed countries that could benefit from the FTV(TM) in agricultural,
rescue and military applications.
Torvec, Inc. (http://www.torvec.com), based in Rochester, New York, is a
developer of advanced automotive technologies and the FTV(TM) (fast tracked
vehicle).
This press release may contain forward-looking statements based on current
expectations that are subject to risks and uncertainties, as outlined in the
company's 10-K statement. Torvec's financial results are filed at
http://www.sec.gov.