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Torotrak Interim Management Statement

Torotrak (LSE: TRK) today provides an Interim Management Statement for the period from 1 October 2012 to 15 February 2013.

Since we announced our evolution in strategy with the half year results in November 2012, progress has continued apace; both with our key partners in main drive transmissions, M-KERS, and V-Charge; and with delivering on our stated objective of providing a faster, more effective route to market for our technologies.

Summary – since last reporting we have:  

  • Entered discussions with Allison Transmission Inc (“Allison”) regarding Torotrak’s engineering support for their programme and the licensing option for Allison to maintain exclusivity post 15 March 2013.
  • Confirmed with our European Truck and Bus Manufacturer the predicted fuel economy improvement of our IVT, following their formal review of our technology
  • Commissioned independent research into the market opportunity for M-KERS that, alongside extensive feedback from commercial vehicle operators and manufacturers, shows that there is strong potential to build a valuable business, commencing with a mechanical hybrid for buses, focusing initially on the UK market’s predominant medium sized “Midi” bus
  • Developed a second-generation V-Charge unit, “VC2”, with important improvements to size, weight, cost and fuel economy. This is now being evaluated on our test rigs
  • Acquired the business and assets of Motorsport Components Limited, giving us an in-house, high-precision manufacturing capability for components that do not require advanced surface engineering
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