E. Philip Saunders Joins Torvec Board
November 01 2010 - 3:07PM
Richard A. Kaplan, Chief Executive Officer of Torvec, Inc.
(OTCBB:TOVC) announced today that E. Philip Saunders has agreed to
become a member of the Company's board of directors, effective
November 3, 2010.
In making the announcement, Mr. Kaplan stated:
"We are truly honored that Mr. Saunders has joined our board. He
is widely known for his savvy, business acumen, and strategic
thinking. I am sure his advice and counsel will be instrumental to
our future success."
Mr. Saunders commented: "This technology comes at a time when
striving for energy independence is very important. These
technologies can save millions of gallons of fossil fuel
annually."
Known for both his business acumen and his philanthropic
efforts, Saunders' ventures are far-reaching and diverse. He was
instrumental in reshaping the truck stop industry, taking it from
poorly stocked, overgrown gas stations to modern travel plazas with
stores, restaurants, and lodging facilities. Saunders began in 1958
with his father's gas station, and built it into the Truckstops of
America chain. Saunders later founded Travel Ports of America, Inc.
which merged with Ryder's TravelCenters of America in 1999. Today,
TravelCenters is the nation's largest chain of truck stops.
Saunders ventured into liquid-fuels distribution and convenience
stores. In 1979, he purchased W.W. Griffith Oil Corp. and began the
Sugar Creek Corp. chain of retail gas and convenience stores. In
1998, Saunders sold Griffith Oil Inc to Rochester Gas and Electric
Corp.'s Energetix subsidiary. Two years later he sold the 105-store
Sugar Creek chain to Tops Markets Inc.
Mr. Saunders has successfully diversified his interests to auto
and truck rental, recreation and tourism, packaged foods, property
management, and banking. His previous business history includes
owner of Econocar International, owner of Richardson Foods, chief
executive officer of American Rock Salt, and Sr. Vice President of
Ryder Systems. Currently, Mr. Saunders is the owner of Swain Ski
Center in Swain, NY and Bristol Harbour Resort in Canandaigua, NY.
He is also owner of Essex Property Management, which maintains over
100 commercial properties. Saunders has a major interest in Western
New York Energy, Youngblood and Genesee Regional Bank where he
serves as Board Chairman.
In 1997, Saunders and a Rochester attorney bought Lyndon
Guaranty Bank of New York from ITT Corp., renaming it Genesee
Regional Bank.
Mr. Saunders currently serves on the board of directors for Paul
Smiths College, American Rock Salt, Western New York Energy, Lewis
Tree and the Rochester Institute of Technology. His past services
have incorporated membership on the board of directors of several
organizations, including Rochester General Hospital, Excellus Blue
Cross/Blue Shield, Security-Norstar Ryder Systems, and the Boy
Scouts of America-Steuben Area Council. He has received numerous
awards for his contributions to the community, including the
Herbert W. Vanden Brul Entrepreneurial Award from the Rochester
Institute of Technology's College of Business (now known as the E.
Philip Saunders College of Business), a Doctorate of Commercial
Science from Paul Smiths College, the Teddi Award from Camp Good
Days and Special Times and the Livingston County Citizen of the
Year. He was elected to the Rochester Business Hall of Fame in
2004.
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: Torvec, Inc.
Dick Sullivan
585-254-1100
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