SOURCE: Torvec, Inc.

Torvec, Inc.

January 28, 2011 06:00 ET

Torvec Signs Contract With Mining Equipment Component Supplier

ROCHESTER, NY--(Marketwire - January 28, 2011) - Torvec, Inc. (OTCBB: TOVC), announced today that it has entered into a contract with Eastern Mining & Industrial Supply, Inc., a West Virginia remanufacturer of components for the mining and associated industrial equipment industry to develop, evaluate, manufacture and sell Torvec's IsoTorque® differential technology in mining shuttle cars.

The contract calls for Torvec to design and build a prototype IsoTorque® unit for installation in a 21 SC model mining shuttle car. Eastern Mining will pay Torvec $120,000 for the initial development. Upon successful completion of the prototype phase, the parties have agreed that Torvec will sell 100% of the differential requirements for all 21 SC model mining shuttle cars remanufactured by Eastern on an exclusive basis. Minimum purchase requirements will be established after the first anniversary of the agreement.

Keith Gleasman, stated: "I am very excited about this opportunity. This program will allows us to demonstrate the financial and practical benefits of the IsoTorque for this industry. Our intention is to greatly enhance the safety and reliability of the 21 SC mining car."

David Mayo, Eastern's VP, stated: "The IsoTorque differential will allow our vehicles to maneuver more easily for safer operation. It also has the potential to prevent premature failures in the vehicle's driveline. There are thousands of these cars used all over the world giving my company and Torvec a very unique marketing opportunity."

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, Rota-Torque™ hydraulic pump and motor, For additional information, please visit www.torvec.com.

Contact Information

  • Contact:
    Andrew Gleasman
    585-254-1100