Torvec, Inc. (OTC Bulletin Board: TOVC – news) has selected Nissan Diesel America to supply the chassis assembly for Torvec’s Fast Tracked Vehicle, the Company announced at its shareholders meeting last night.
Torvec was founded by the same team that invented and commercialized the Torsen differential, which improves the handling of high-performance vehicles made by General Motors, Toyota, Audi, Porsche, Hummer, Mazda and Volkswagen and in Formula 1 and Indy race cars.
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In manufacturing the FTVTM, Torvec will assemble its patented steering system and its revolutionary rubber track to Nissan Diesel’s engine, transmission, cab and frame modules.
Satoshi Tanaka, President of Nissan Diesel America, said, “Nissan Diesel America is excited to be a part of Torvec’s revolutionary new vehicle concept. The Fast Tracked Vehicle will benefit from Nissan Diesel’s proven quality and durability and take our company into new markets. Torvec is working on other innovative ideas that may be applicable to other Nissan Diesel products. We hope the FTV is the beginning of a growing relationship between our companies.”
Keith Gleasman, President of Torvec, said, “We look forward to manufacturing the FTV on Nissan Diesel’s exceptional chassis, which are well-known for their dependability and well-designed cabs. Future FTV owners can be confident that the truck chassis reflects Nissan Diesel’s precise, integrated engineering and manufacturing and exceptionally low maintenance, plus the unparalleled maneuverability of our patented steer drive mechanism.”
At last night’s shareholders meeting Torvec’s investors approved the Board’s election of Directors, the appointment of Richard A. Eisner & Company as Independent Auditors and an amendment to the certificate of incorporation to authorize 100,000,000 shares of preferred stock.
Also at last night’s meeting, Mr. Gleasman announced that the preferred stock plan calls for common shareholders to receive one share of preferred stock for each share of common stock they own. This distribution will be made to shareholders who own common stock on the record date of January 1, 2001; Mr. Gleasman said this date is approximate and subject to final revision.
This press release contains forward-looking statements based on current expectations subject to the risks and uncertainties outlined in Torvec’s 10-KSB dtd. 12/31/99 and in the 2000 proxy statement; these include Torvec’s ability to successfully assemble and commercialize the FTV and requisition truck chassis.
Nissan Diesel America, headquartered in Irving, Texas, was founded by the Japan based Nissan Diesel Motor Company in 1984. NDA markets a full line of light and medium-duty diesel trucks through its UD Trucks dealer network across the United States. For additional information visit www.udtrucks.com.
Torvec, Inc., based in Rochester, New York, is a developer of highly advanced automotive technologies and the FTVTM tracked vehicle. For more information visit www.torvec.com or contact Mr. Jim Gleasman of Torvec at (716) 248-8549.
