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Torvec tables preferred-stock plan

Automotive technology developer Torvec Inc. has dropped its plans to issue preferred stock. In a letter to shareholders, President Keith Gleasman said that because of “intense third-party interest” in the company that could lead to a licensing deal, joint venture or merger, the plan would be set aside indefinitely.

Torvec tables preferred-stock plan

Automotive technology developer Torvec Inc. has dropped its plans to issue preferred stock.
In a letter to shareholders, President Keith Gleasman said that because of “intense third-party interest” in the company that could lead to a licensing deal, joint venture or merger, the plan would be set aside indefinitely.
“We wish to retain the greatest flexibility in the negotiation process and believe that the issuance of preferred shares at this time may limit our ability to respond to proposals that we are presently evaluating or that may arise as discussions move forward,” said Gleasman in the letter.
The company’s common stock (OTC BB: TOVC.OB) was up approximately 4 percent to $4.69 a share this afternoon.

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