TARPON SPRINGS, Fla., Feb. 14, 2007 (PRIME NEWSWIRE) -- Solomon Technologies, Inc. (OTCBB:SOLM) announced today that its claim of patent infringement against Toyota Motor Corporation, and certain of its affiliates, has been denied by an Administrative Law Judge at the United States International Trade Commission (ITC).
"We are very disappointed in the Administrative Law Judge's decision and will appeal the case aggressively," said Gary G. Brandt, Chief Executive Officer of Solomon. "Although this infringement case is important to Solomon in protecting the integrity of its intellectual property, the eventual outcome will not affect our plans to commercialize our proprietary technology and grow through acquisitions or change our expected financial results going forward. Solomon's business plan is based on exploiting technology growth opportunities and we will continue to implement that plan and expect to achieve our 2007 targets."
As previously announced, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. represents Solomon in its action against Toyota. Solomon brought suit against Toyota Motor Corporation, 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, on September 12, 2005, claiming infringement of Solomon's U.S. Patent Number 5,067,932, primarily relating to Toyota's use of the Hybrid Synergy Drive technology in its Prius and Highlander Hybrid vehicles. On January 11, 2006, Solomon filed an additional complaint against Toyota with the ITC seeking to exclude importation of the infringing technology. The action against Toyota and its affiliates in the United States District Court for the Middle District of Florida, Tampa Division, has been stayed pending resolution of the ITC action.
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 electric 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 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.