TARPON SPRINGS, Fla., Jan. 27, 2006 (PRIMEZONE) -- Solomon Technologies, Inc. (OTCBB:SOLM) announced today that it has broadened its business focus as a result of a thorough review of its proprietary technology and resources.
"The focus of Solomon's business since inception has been the development, manufacture, licensing and sale of fully integrated electric power drive systems, said Peter DeVecchis, Solomon's President. He continued, "In looking at all the opportunities to enhance shareholder value going forward, we will expand the licensing, manufacture and sale of electric power systems, including those incorporating hybrid and regenerative technologies and the license and manufacture of our Electric Wheel(r) for automotive, hybrid and all electric vehicle applications. Our goal is to become a leader in the manufacture, license and sale of electric power systems for specialized high value original equipment manufacturers."
Mr. DeVecchis continued, "We intend to grow our business through licensing of our proprietary and patented technologies and through the acquisition of businesses that fit our strategy. We are identifying licensing opportunities that leverage our existing or acquired knowledge and provide substantial positive current financial impact while we also aggressively pursue infringers of our existing patents. We are also identifying acquisition targets that augment our existing intellectual property, marketing channels and human resources and provide strong cash flow."
Mr. DeVecchis commented, "We have just begun meeting with investors to articulate our plan, answer questions and update shareholders on our progress."
On December 15, 2005, Solomon signed a letter of intent to acquire Technipower LLC, a Danbury, Connecticut based manufacturer of power supplies and related equipment for the defense, aerospace and commercial sectors. On September 12, 2005, Solomon brought suit against Toyota Motor Corporation (NYSE:TM), Toyota Motor Sales U.S.A. Inc. and Toyota Motor Manufacturing North America in the United States District Court for the Middle District of Florida, Tampa Division, claiming infringement of a number of claims in Solomon's patent number 5,067,932, primarily relating to Toyota's use of the technology in its Prius and Highlander Hybrid vehicles. On January 11, 2006, Solomon filed an additional complaint against Toyota with the United States International Trade Commission (ITC) in Washington D.C., seeking to exclude importation of the infringing technology.
Information about Solomon Technologies, Inc.:
Solomon Technologies, Inc. develops, licenses, manufactures and sells electric power drive systems, including those incorporating hybrid and regenerative technologies incorporating Solomon's patented Electric Wheel(r), for marine, commercial, automotive, hybrid and all electric vehicle applications.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements regarding Solomon Technologies, Inc. in this release that are not historical in nature, particularly those that utilize the terminology such as "may," "will," "should," "likely," "expects," "anticipates," "estimates," "believes," or "plans," or comparable terminology, are forward-looking statements based on current expectations about future events, which management has derived from the information currently available to it. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Important factors known to management that could cause forward-looking statements to turn out to be incorrect are identified and discussed from time to time in the company's filings with the Securities and Exchange Commission. The forward-looking statements contained in this release speak only as of the date hereof, and the company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.