SOURCE: Torvec Inc.

Torvec Inc.

November 22, 2010 08:00 ET

Thomas F. Bonadio, CPA Joins Torvec Board

ROCHESTER, NY--(Marketwire - November 22, 2010) - Richard A. Kaplan, Chief Executive Officer of Torvec, Inc. (OTCBB: TOVC) announced today that Thomas F. Bonadio, CPA has been elected to the company's board of directors.

In making the announcement, Mr. Kaplan stated:

"Obviously, Tom adds an important dimension to our board. His compliance and auditing experience, along with our CFO Bob Fishback, will give us a firm financial foundation to grow on. What may not be as obvious is Tom's great business acumen. He will be a valuable and important advisor to me and the company."

Mr. Bonadio commented, "I am very excited to join the talented group of people who will be operating Torvec and guiding its future."

Mr. Bonadio is Managing Partner and CEO of The Bonadio Group which he founded in 1978 with one partner and one part-time employee (his mother). With 325 people in six offices, The Bonadio Group has grown to be the largest independent provider of accounting, business advisory and financial services in upstate New York. As founder and CEO, Mr. Bonadio has been the driver behind the firm's growth and diversification, growing from a firm offering only public accounting and auditing services to a multi-dimensional accounting, business advisory and financial services organization. Recently, The Bonadio Group was:

  • Named a top 100 CPA firm in the United States by Inside Public Accounting;

  • Named a top 100 CPA firm in the United States in Accounting Today;

  • Named to the American Institute of Certified Public Accountants' Prestigious Major Firms Group as one of the top 100 CPA firms in the country;

  • For over a decade, named a Rochester top 100 company;

  • Identified by the Rochester Business Journal as the top CPA firm in the Finger Lakes market; and

  • Identified by the Syracuse Business Record as the largest independent CPA firm in New York State outside of New York City.

Mr. Bonadio has a B.B.A. degree in accounting from St. John Fisher College and was certified as a CPA in 1973. He is a member of the American Institute of Certified Public Accountants, the New York State Society of Certified Public Accountants and the National Association of Certified Valuation Analysts. He was named a "CPA ALLSTAR" by CPA Magazine, an "Outstanding Alumni" by St. John Fisher and received The Point of Light Foundation Award, sponsored by President George W. Bush. Mr. Bonadio was named the 2009 "Business Person of the Year" by the Small Business Council and inducted into the Rochester Business Hall of Fame in 2010.

Mr. Bonadio has served as chairman of the Board of Trustees of St. John Fisher College and chairman of the College's Accounting Advisory Board. He is chairman of the Audit Committee of Conceptus, a NASDAQ-listed company and a board member of Eagle Productivity Solutions, CLIX Photo, Moore Stephens North America and Windsor Technology.

Mr. Bonadio has been active for many years in various charitable, cultural and professional organizations, including Junior Achievement, United Way, Small Business Council's CEO Roundtable, the City of Rochester City Budget Review Committee and the Athena Awards.

This news release contains forward looking statements regarding Torvec's future economic performance and prospects that are subject to risks and uncertainties. These risks and uncertainties could cause actual results to differ from those described in such statements. Such risks and uncertainties include those described from time to time in Torvec's SEC reports, including its most recent Annual Report on Form 10-K.

About Torvec, Inc.

Torvec, Inc. is a publicly traded company that develops advanced automotive and related energy saving technologies that increase transportation safety, mobility, fuel efficiency and reduce pollutants. Torvec's chief technologies and intellectual property include its IsoTorque® differential, hydraulic pump and motor, infinitely variable transmission and Full Terrain Vehicle (FTV®). For additional information, please visit www.torvec.com.

Contact Information

  • Contact:
    Dick Sullivan
    585-254-1100