Torvec announces that it plans to conduct $1 million private placement

Company says it has verbal commitments for a large part of the offer

By Devika Patel

Knoxville, Tenn., July 30 – Torvec, Inc. plans to raise $1 million in a private placement in the last quarter of 2014, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The company said it already has verbal commitments for a large part of the financing from existing shareholders, officers and board members.

Based in Pittsford, N.Y., Torvec has developed a technology for use in automotive applications.

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