LAS VEGAS, Oct. 1, 2010 (GLOBE NEWSWIRE) -- Salamon Group, Inc. (OTCBB:SLMU) ("Salamon Group" or the "Company") is pleased to announce that it has signed to acquire 100% of the outstanding shares of Sheppard Holdings, LLC, a Nevada company focused on the marketing and sale of innovative wind power technologies and other green power applications.
Sheppard Holdings, LLC will hold the exclusive worldwide rights to distribute and sell an innovative Vertical Axis Wind Turbine (VAWT) systems developed by Torsion Tec, a British Columbia company. This proprietary technology includes advancements in both turbine design and generator manufacturing that will lead to a wide variety of potential new wind turbine applications and significantly lower cost per kW to the end consumer.
VAWT designs have shown significant advantages for use in urban and commercial wind power installations, however widespread acceptance has been limited by problems from pulsating torque in early VAWT designs and the high production costs of current model helical twist designs. Torsion Tec's new and novel VAWT designs successfully address both of these critical issues.
"The proposed acquisition of Sheppard would firmly position our growing Company in one of the fastest growing and exciting businesses within the green energy sector," said John E. Salamon, President of Salamon Group. "Torsion Tec's advancements in vertical axis wind technology offer consumers the possibility of low-cost green power and enhanced energy independence for both their homes and businesses."
Closing of the proposed acquisition of Sheppard Holdings, LLC, is subject to the successful conclusion of due diligence by all parties and the signing of a definitive purchase/sale agreement. Further information detailing progress of the proposed acquisition will be released as it becomes available.
About Salamon Group, Inc.
Salamon Group, Inc. is a publicly traded company (OTCBB:SLMU) focused on developments in conventional and alternative energy technologies, including opportunities in oil and gas, geothermal, wind, and solar. The Company is committed to creating value for its shareholders by advancing its current businesses to profitability, while developing new opportunities internally and through joint-venture, and by acquiring technology rights or ownership with potential to increase their value in the marketplace.
On behalf of the board of directors of Salamon Group, Inc.
John E. Salamon, President
Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Salamon Group, Inc. bases these forward-looking statements on current expectations and projections about future events, based on information currently available. The forward-looking statements contained in this press release may also include statements relating to Salamon Group, Inc.'s anticipated financial performance, business prospects, new developments, strategies and similar matters. Salamon Group, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.