Torvec, Inc. (OTCBB: TOVC), a leader in the development of advanced
automotive and related energy savings technologies, announced today
that Richard A. Kaplan has been appointed the company's chief
executive officer, effective immediately.
Mr. Kaplan is a well-known entrepreneur who specializes in
leading startup companies to economic success. He has personally
started seven companies and most recently served as the president
and chief executive officer of Pictometry International Corp., a
leading provider of geo-referenced, aerial image libraries and
related software which he led from a startup to a multimillion
dollar global enterprise from 2000 to 2010.
Upon his appointment, Mr. Kaplan commented:
"I am excited to become CEO of a company possessing such a vast
portfolio of advanced automotive and energy saving technologies and
I am looking forward to merging my extensive background in sales,
marketing and executive leadership, together with my passion for
working with startups, to make Torvec successful. When becoming
involved in startup businesses, I consider five criteria in their
model:
1. high growth potential;
2. high profit margins;
3. recurring revenue;
4. the existence of proprietary, patent-protected technology;
and
5. the existence of technology that can make the world a better
place.
"I believe Torvec has the capacity to meet all five
criteria.
"My task is to commercialize the vast technologies possessed by
the company and to initially focus the company's enormous potential
on the marketing of its products so that the company can grow and
reward its shareholder base for its long and steadfast support of
the company and its vision.
"I intend to hit the ground running by evaluating the entire
organization, its products, personnel, direction and financial
needs. I will be working 24/7 to make Torvec successful and have
some fun in the process."
Keith E. Gleasman, Torvec's president, stated:
"I am delighted that Dick Kaplan has elected to combine his
expertise and executive leadership with our impressive portfolio of
advanced technologies. I am especially excited to have the
opportunity to work with Dick on a daily basis to market our
developed technologies for the benefit of our shareholders, upstate
New York and the world."
Torvec's chairman of board, Gary A. Siconolfi, confirmed that
Richard Kaplan is the ideal person to take Torvec to the next
level:
"Dick has been called a 'serial entrepreneur' a real start-up
specialist. Our products, especially our IsoTorque® differential,
hydraulic pump/motor, infinitely variable transmission and full
terrain vehicle (FTV®) are ready. His accomplishments are
impressive, his personality so engaging and his energy so exciting
that, with Dick at the helm, I believe Torvec's future is very,
very bright."
This news release contains forward looking statements regarding
Torvec's future operations and performance 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 it most recent 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 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.
About Richard A. Kaplan
Richard Kaplan was born in Rochester, New York. He is the former
president of Richland Industries, Inc., a retail floor covering
chain; chairman and co-founder of Resnick Media Associates, Inc.,
an advertising and marketing agency; chairman and co-founder of
Blanton Communications, Inc., a computer software company;
president of RAK Realty Corporation, a real estate development
company; chairman and founder of WorkSmart International, Inc., a
human resource development, publishing and training company for
multi-market, multinational corporations and organizations.
He was also chairman and founder of Maxim Group Inc., a publicly
held company previously listed on the New York Stock Exchange.
Mr. Kaplan is on the boards of two startup companies: Cerebral
Assessment Systems and Vnomics Corp.
Mr. Kaplan serves as vice-president of the Rochester Angel
Investment Network, is former chairman of the Rochester Broadway
Theatre League, vice-chairman of the Better Business Bureau and is,
or has been, active in community organizations such as Sojourner
House, Rochester's Child, the Martial Arts Center of Rochester, the
Center for Governmental Research, Camp Good Days and Special Times
and was former chairman of the Monroe County division of The
American Cancer Society, etc.
No stranger to higher education, Mr. Kaplan is a member of the
Board of Trustees of Rochester Institute of Technology and Nazareth
College. He is also chairman of the board of advisors at RIT's
Chester F. Carlson Center for Imaging Science as well as serving as
a member of the University of Rochester's Economic Development
Board.
Mr. Kaplan's business success and contributions within the
community have been recognized by multiple awards, including the
prestigious Herbert W. Vanden Brul Entrepreneurial Award presented
by RIT's E. Philip Saunders College of Business in April, 2007.
Other recipients include B. Thomas Golisano, Robert Wegman, Arunas
Chesonis, E. Philip Saunders, Wayne LeChase and James Hammer. Mr.
Kaplan was also designated the "Business Man of the Year" in
2007.
A man of incomparable energy and wide-ranging interests, Mr.
Kaplan is the author of a book titled "A Time for CARING" which
delineates the causes of many of the problems confronting American
society in the 21st century and provides concrete solutions for the
remediation of such problems.
Mr. Kaplan has an extensive background in economics, accounting,
management and executive leadership. He is regularly sought out by
startups, universities and other organizations for which he has
done private consulting and guest lecturing on marketing, economics
and organizational development.
Contact: Gary Siconolfi 585-254-1100 Email Contact
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