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Torvec posts loss in Q1 revenue

Rochester Business Journal
May 6, 2014

Torvec Inc. reported a loss in revenue and earnings in the first quarter.

The development-stage automotive technology company reported a net loss of $730,000 in the quarter ended March 31 and a net loss of 11 cents in diluted earnings per share. That compares with a net loss of $766,000 in the same quarter a year ago and a loss in earnings per share of 2 cents.

Torvec reported current assets of $5.49 million and current liabilities of $312,000 in the first quarter, compared with assets of $1.1 million and liabilities of $196,000 in the fourth quarter 2013.

Since its 1996 inception, Torvec has accumulated a deficit of $66.67 million.

In March, the company raised $5 million in a private placement of preferred stock through a small group of investors that included Thomas Golisano. The company plans to raise up to $1 million in additional funds through investors and company directors in the next couple of months.

Torvec will use the funds to continue developing and marketing its technology, including the IsoTorque differential and its hydraulic pump.

Torvec expects operating cash requirements for the full year to be $2.5 million. Company officials anticipate the firm will spend some $250,000 on capital expenditures for in-house testing equipment and computer software and hardware, as well as $100,000 to reduce notes payable balances.

Shares of company stock (OTC BB: TOVC) were down 1 cent at 46 cents in limited morning trading.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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