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Torvec Updates Shareholders on Plans

27 September 2000

Torvec Updates Shareholders on Financing, Assembly and Distribution Plans

    ROCHESTER, N.Y., Sept. 26 Torvec, Inc.,
(OTC Bulletin Board:  TOVC) today released the following statement by Keith
Gleasman, President of Torvec:

    "Torvec is at a point in its history where our plans and dreams are now
backed by suppliers and financing.  The $50 million funding commitment and our
growing patent portfolio are important cornerstones in our success.
    "Developing countries are clamoring for a solution to poor road conditions
and undeveloped distribution networks.  Our Fast Tracked Vehicle brings its
own road with it and is a perfect remedy.  Opportunities for Torvec's
pollution-reducing Infinitely Variable Transmission are magnified by Europe's
focus on high energy prices, on California's efforts to make school buses run
cleaner and on our entire country's focus on alternatives to sooty diesel
emissions.
    "Bringing these solutions to market has become much easier for Torvec with
the $50 million financing milestone we announced on September 7th.  Today our
funding needs are very nominal; I expect we'll draw $4 million to $7 million
during the next eighteen months.
    "During the second half of this irrevocable three year commitment we will
draw more funds because that is when we will be assembling the FTV.  Our
business plan requires approximately $12 million to produce 15,000 vehicles
annually.  The list price of the FTV model we are currently offering is
$48,000, which is very competitive with today's four wheel drive and light
duty trucks.
    "This efficient use of capital is due to our manufacturing plan, which has
not changed since day one.  We will not be assembling trucks from the ground
up.  Instead we will attach our tracked suspension system to off-the-line
chasses from Nissan Diesel America.  The suspension will be subcontracted to
an experienced automotive manufacturer.
    "We expect to distribute the initial production runs in developing markets
that can take advantage of all the FTV's features.  We are discussing
distribution alliances with automotive companies that are enthusiastic about
showcasing the FTV.
    "Torvec is financially conservative:  tight fisted with equity, and
debt-free.  We will register a total of five million common shares towards our
new equity funding agreement, however we have flexibility as to how much
funding, and thus how many shares, we draw down.  We look forward to updating
our shareholders on our plans and developments."