Torvec Signs Contract With Mining Equipment Component Supplier
January 28 2011 - 6:00AM
Marketwired
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: Andrew Gleasman 585-254-1100
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