SOURCE: Torvec Inc.

Torvec Inc.

March 05, 2010 13:01 ET

Torvec CEO Retires

ROCHESTER, NY--(Marketwire - March 5, 2010) - Torvec, Inc. (OTCBB: TOVC) announced today that, effective March 14, 2010, James Y. Gleasman has elected to retire as the company's chief executive officer and interim chief financial officer. Mr. Gleasman has also elected to retire as a member of the company's board of directors, effective March 14, 2010.

Together with his father, world-renowned inventor Vernon E. Gleasman, and his brother, Keith E. Gleasman, James Gleasman founded Torvec in 1996 to develop and commercialize the Gleasman family's advanced automotive products, including the full terrain vehicle, IsoTorque® differential, infinitely variable transmission, pump/motor and constant velocity joint technologies.

Utilizing his extensive knowledge of finance and his experience in the public markets, Mr. Gleasman created a financial framework for Torvec that insured the company's continued existence and enabled it to completely fund and bring its technologies to commercial maturity without incurring institutional debt. In addition, Mr. Gleasman used his impressive technological background to assist in forging Torvec's extensive, world-wide patent portfolio.

"All of us at Torvec owe a tremendous debt of gratitude to Jim for providing Torvec with a rock-solid financial foundation. Torvec not only has weathered the 2008-2009 economic tsunami but, because of Jim's foresight, we are poised to ratchet-up the commercializing of our products in 2010, thus creating needed employment for the Rochester area," said Torvec president, Keith Gleasman.

In announcing his retirement, James Gleasman commented:

"I am delighted to have been instrumental in bringing Torvec and its paradigm-shifting automotive technologies to the public arena. Quite frankly, it has not been easy and it certainly has been a long haul. However, I believe the company is now ready to prosper and has the personnel in place to be really successful. In one sense, Torvec's mission -- to successfully commercialize its products for the benefit of all, especially our shareholders -- is just beginning. On the other hand, I stand proud of what we have accomplished, where we are today and where we will be in the very near future."

Keith Gleasman will continue to lead the company as its president and chief technology officer. He will be assisted by a newly-created Projects and Finance Committee composed of management and members of the company's engineering team.

Torvec will announce the appointment of a new chief financial officer in the very near future.

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.

Contact Information

  • Contact:
    Keith Gleasman