SOURCE: Torvec, Inc.

Torvec, Inc.

August 06, 2009 08:00 ET

Advanced Automotive Technology Lab Agreement Signed Between RIT and Local Industry Leader Torvec

New Lab to Combine Educational Opportunities, New Technology Development and Increased Automotive Manufacturing Industry Potential

ROCHESTER, NY--(Marketwire - August 6, 2009) - Rochester Institute of Technology and Torvec, Inc. (OTCBB: TOVC), a publically held automotive technology company, signed a memo of understanding to create the Safety and Efficiency in Automobiles Laboratory on the RIT campus. The new lab will focus on developing advanced automotive and related energy technologies as well as open up new employment opportunities in the manufacture and production of high-tech automotive equipment.

"Torvec has the potential to revolutionize the automotive industry, and I look forward to partnering with Torvec to help make that happen," says William Destler, RIT president. Personnel from Torvec and faculty and students from RIT will develop programs and lead automotive projects related to emission reduction and fuel-efficient equipment toward the manufacturing of production models. Torvec will also establish cooperative educational and employment opportunities for RIT students in the fields of advanced automotive and energy technologies.

"RIT brings the expertise, facilities and equipment to deliver state-of-the-art results for all of the programs envisioned for SEAL," says James Gleasman, chief executive officer, Torvec, Inc. The company, established in 1996, has more than 300 world wide patents and inventions such as the IsoTorque® differential which helps automobile traction, handling and safety, its Infinitely Variable Transmission which saves up to 25% fuel savings and reduction in emissions, as well as its CV joint, hydraulic pump/motor and Full Terrain Vehicle technologies, all of which are revolutionary in their segment.

As stated in the agreement, the parties have agreed to:

1. Provide RIT faculty, staff and students with access to Torvec advanced automotive and related energy technologies and know-how and provide Torvec personnel with access to RIT personnel, facilities and laboratories;

2. Engage each other's personnel, resources and facilities to refine and evaluate advanced automotive technologies and related energy technologies, including Torvec's, with a view to enhance the design-specific aspects of such technologies for manufacturing and mass production;

3. Establish educational and training programs for RIT personnel, including where appropriate, creating and designing cooperative educational and employment opportunities for RIT students in the fields of advanced automotive and related energy technologies;

4. Engage additional domestic and international automotive and related energy companies in the purposes and programs of SEAL;

5. Engage in mutual efforts to obtain governmental and nongovernmental funding for the purposes and programs of SEAL.

The agreement between RIT and Torvec also opens the door to additional governmental and private sector funding for the programs within SEAL that advance the automotive industry and manufacturing opportunities in Rochester.

"SEAL will explore the synergies that can be created by the mutual cooperation of RIT and Torvec toward the ongoing refinement of advanced automotive and related energy technologies," says Andrew Gleasman, technology manager at Torvec, Inc. Through the relationship, the college and Torvec will engage additional domestic and international automotive and energy companies to enhance the programs developed through SEAL.

Torvec is a publically traded company that develops advanced automotive and related energy technologies that increase transportation safety, mobility, fuel efficiency and reduce pollutants. Torvec's chief products and intellectual property include its Full Terrain Vehicle (FTV®), infinitely variable transmission, IsoTorque® differential, constant velocity joint, hydraulic pump and motor and hydrogen powered steam turbine.

Rochester Institute of Technology is internationally recognized for academic leadership in computing, engineering, imaging technology, and fine and applied arts, in addition to unparalleled support services for students with hearing loss. Nearly 16,500 full- and part-time students are enrolled in more than 200 career-oriented and professional programs at RIT, and its cooperative education program is one of the oldest and largest in the nation.

For two decades, U.S. News & World Report has ranked RIT among the nation's leading comprehensive universities. RIT is featured in The Princeton Review's 2009 edition of The Best 368 Colleges and in Barron's Best Buys in Education. The Chronicle of Higher Education recognizes RIT as a "Great College to Work For."

Contact Information

  • Contact:
    Keith Gleasman