SOURCE: Torvec, Inc.

October 14, 2010 15:09 ET

Torvec Raises $1,500,000 in Private Placement

ROCHESTER, NY--(Marketwire - October 14, 2010) -  Richard A. Kaplan, chief executive officer of Torvec, Inc. (OTCBB: TOVC), announced today that Torvec has raised approximately $1,500,000 of gross proceeds in a non-brokered private placement of its common stock at $.30 per common share. The offering commenced on October 4, 2010 and was completed on October 14, 2010. The offering price was based upon the average trading price for the company's common stock during the thirty trading days immediately preceding the commencement of the private placement.

The company expects to use the offering proceeds over the next twelve months to fund its operations, including programs designed to commercialize the company's technologies. As a result of the private placement, the company anticipates that it will significantly reduce the shares that it will need to issue during the next twelve months for services rendered by consultants and other independent contractors as has been its past practice.

The company issued its shares in the private placement in reliance on an exemption from registration under section 4(2) of the Securities Act of 1933 and Regulation D promulgated thereunder. These shares may not be offered or resold in the United States absent registration or availability of an applicable exemption from registration. Under Rule 144 of the Securities Act, the shares may be traded after a six month holding period from the date of issuance.

This news release contains forward looking statements regarding Torvec's future operations and performance, including the expected use of the private proceeds and the expected reduction in the number of shares to be issued for services rendered by consultants and the amount of time that these proceeds will fund operations and enable the company to reduce the issuance of consultants' shares. These forward-looking statements are subject to risks and uncertainties that 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 Report on Form 10-K, and that the proceeds will fund a lesser period of operations or require an increase in the amount of stock expected to be issued to consultants for services rendered.

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 products and intellectual property include its Full Terrain Vehicle (FTV®), infinitely variable transmission, IsoTorque® differential and hydraulic pump and motor. For additional information, please visit www.torvec.com.

Contact Information

  • Contact:
    Dick Sullivan
    585-254-1100