Torvec Gains European Patent for CV Joint
30 December 1999
Torvec Gains European Patent for CV Joint; Building 'Moats' Around Technology PortfolioROCHESTER, N.Y., Dec. 29 -- Torvec, Inc. (OTC Bulletin Board: TOVC), developer of advanced and fuel-efficient automotive technologies and the Fast Tracked Vehicle, today disclosed the European Patent Office has notified the Company that it will be granted patent protection for the Torvec Constant Velocity Joint with Spherical Gears. Torvec's Constant Velocity Joint was developed to replace the constant velocity joints currently used in front-wheel drive vehicles. Compared to today's CV joints, Torvec's CV Joint has lower unit size, weight and manufacturing cost. It is well-established that approximately 200 million constant velocity joints are sold for front wheel drive vehicles throughout the world every year, comprising a market of over $15 billion. Constant velocity joints are also used in rear-wheel drive cars and in many other mechanical applications. Keith Gleasman, President of Torvec, said, "Every time we win a patent we are deepening the moat that surrounds our technology portfolio. Patents protect us from imitators and create strong barriers to entry for would-be competitors. Torvec's portfolio of patented technologies is the foundation of our shareholders' value, so we are vigilant about protecting our intellectual property." The European Patent Office has notified Torvec that it will publish a public notice of the granting of a European patent on January 19, 2000. This European patent allows Torvec to register its patent on a pre-approved basis in any European country. The Company intends to register the CV Joint patent in Germany, the United Kingdom, Italy, France, Spain, Belgium and Sweden. Torvec already has patent protection for the CV Joint in the United States, Australia and Korea, and has patents pending in Japan, China, Mexico and Brazil. Torvec, Inc., based in Rochester, New York, is a developer of highly advanced automotive technologies and the FTV. This press release and supplementary information contains 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. Additional information is available at http://www.torvec.com