Located in Rochester, New York, Torvec has built a reputation for their development of advanced automotive and related energy saving technologies which have been both a friend of consumers and environmentalists alike. Today, Torvec took a major step towards prominence with the announcement that they have entered into a contract with Eastern Mining & Industrial Supply Inc.
Eastern Mining & Industrial Supply is a West Virginia remanufacturer focused on mining and associated industrial equipment. Eastern has agreed to develop, evaluate, manufacture and sell Torvec’s Iso Torque differential technology in mining shuttle cars.
Eastern Mining will pay Torvec $120,000 for the initial development of the Iso Torque unit for installation in a 21 SC model mining shuttle car. 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 which could mean big things for Torvec and its shareholders.
One of the leaders at Torvec is Keith Gleasman. Gleasman serves as President, Chief Technology Officer and Director of Torvec and is a highly respected name in the industry. When asked what this contract means to the future of company, Gleasman was quoted as saying, “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.”
Eastern Mining’s VP David Mayo added, “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.”
To learn more about the deal with Eastern Mining or the company as a whole, visit Torvec’s company website at: www.torvec.com