I would like to congratulate Lockheed Martin for being selected as one of three finalists for the JLTV program. We have been wrestling with what we at Torvec could say regarding this positive event. Recently we have signed an extended five year, very comprehensive non-disclosure agreement with Lockheed. We are looking forward to our continued working relationship with them and wish them continued success.
Our relationship with GM continues to move in a positive direction. GM has completed its extensive testing of the IsoTorque™ at its world renowned Milford Proving Grounds. GM is very pleased with the IsoTorque’s results, as it outperformed the stock limited slip equipped car in all categories. One might ask if the current economic climate is hurting our dealing with automotive companies. The answered is both Yes and No. Yes, because all these companies have experienced a downturn and are looking to make some changes and possible cutbacks. No, because these companies realize they must innovate, look for new technologies outside of themselves since their R&D budgets have been scaled back over the years. They have become hungry for any performance edge over the competition and our technology gives them this edge. Torvec and GM, as well as others, are looking for the best way to bring this technology to the market place as quickly as possible.
We have received very good feed back from the Air Force. They are very pleased with the FTV’s ease of driving at high speed and its off road ability, especially in sand dunes found near the base. They plan to showcase the FTV at many Fire / Rescue / Security trade shows and conferences around the country to continue garnering support and interest from both the public and private sectors. The feedback we have so far received from the Air Force has been invaluable to determine the likes, dislikes, and new innovations that we will integrate into the next generation FTV. We look forward to this continued feedback as our relationship with the Air Force evolves.
As stated in our 8-K filed on October 21st 2008, NASA is moving forward with our Next Generation IVT for the 2 nd Generation Rover and continues to use our IsoTorque differentials.
Lastly, we do have several other revenue producing programs in the works, but we have signed non-disclosure agreements and are limited in what we can discuss at this time. Once something definitive is in place we will make complete disclosure at that time.