TARPON SPRINGS, Fla., Nov. 15, 2006 (PRIMEZONE) -- Solomon Technologies, Inc. (OTCBB:SOLM) today announced results for the third quarter of 2006. The Company reported a substantial increase in sales for the quarter, primarily as a result of it recent acquisition of Technipower LLC. For the three month period ended September 30, 2006, sales were $823,531 versus $3,674 for the corresponding period in 2005. Year to date sales were $836,443 versus $66,747 for the corresponding period in 2005.
Solomon President Peter W. DeVecchis, Jr. said, "We are pleased to report a substantial increase in revenue during the third quarter primarily as a result of the implementation of our growth strategy. We are particularly excited about the synergies that Technipower's technical and sales resources will bring in relation to the licensing of our patented Electric Wheel(tm) and Electric Transaxle(tm) technologies." He continued "We expect improvement in our financial performance as we go forward and are focusing our efforts in developing new licensing opportunities for our intellectual property, increasing our revenue through both organic and acquisition growth and bringing the company to positive cash flow."
The Company filed its third quarter report with the Securities and Exchange Commission on November 14. The full report may be viewed on the SEC web site.
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(tm) and Electric Transaxle(tm), 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.