TARPON SPRINGS, Fla., Dec. 18, 2006 (PRIME NEWSWIRE) -- Solomon Technologies, Inc. (OTCBB:SOLM) announced today that it has received its first order from the Hobie Cat Company for Solomon's patented model ST-58 Electric Wheel(tm). Hobie has advised Solomon that it will use the first ST-58 for R&D and prototype purposes. Hobie Cat recently signed a license with Solomon for the use of this, and other technology owned by Solomon, in its future product development.
Solomon President, Peter W. DeVecchis, Jr., said, "We are very pleased to see Hobie begin the process of incorporating our unique technology into its product line. We are committing substantial resources to assist Hobie in the adoption of the technology for its new product introductions." He continued, "We believe that the Hobie relationship will be the first of a number of licensing arrangements that Solomon will consummate over the next year as we augment our technical and sales resources to realize the large potential of our intellectual property."
Information about Solomon Technologies, Inc.:
Solomon Technologies, Inc., through its Motive Power and Power Electronics divisions, develops, licenses, manufactures and sells precision electric power drive systems, including those utilizing its patented Electric Wheel(tm), Electric Transaxle(tm) and hybrid and regenerative technologies, as well as direct current power supplies and power supply systems requiring high levels of reliability and ruggedness for defense, aerospace, 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.