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Torvec raises $5M in private placement; Golisano top investor

Rochester Business Journal
March 31, 2014

Torvec Inc. has raised $5 million in a private placement of preferred stock through a small group of investors that includes Thomas Golisano. The company plans to raise up to $1 million in additional funds within the next several months through investors and company directors.

Torvec has issued 25 million shares of Series C-2 preferred stock at 20 cents a share. The C-2 preferred shares have a liquidation preference at their stated value per share equal to the company’s existing Series C voting convertible preferred shares.

Golisano invested $4.85 million, while Charles Graham invested $100,000 and David Still invested $5,000, documents filed with the Securities and Exchange Commission Friday on show.

Torvec plans to use the funds to continue the development and marketing of its technology, including the IsoTorque differential and its hydraulic pump.

“We are extremely pleased with the completion of this equity raise, as it provides us with the financial support we need to continue our development work toward commercializing our promising technologies,” CEO Richard Kaplan said in a statement. “We are optimistic that we will be able to provide this investor group, and all of our shareholders, with an outstanding return on their investment.”

In 2011 Torvec raised $6.5 million in a private placement of preferred stock, primarily funded by a group of investors led by Golisano. The company develops and markets advanced automotive and hydraulic power technologies.

Shares of company stock (OTC BB: TOVC) Monday afternoon were up 6 cents at 46 cents a share.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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