TARPON SPRINGS, Fla., Aug. 24, 2006 (PRIMEZONE) -- Solomon Technologies, Inc. (OTCBB:SOLM) announced today that its Technipower subsidiary based in Danbury, Connecticut, has signed a long-term supply agreement with an international manufacturer of industrial CO2 and Nd:YAG lasers used primarily in automotive and aerospace applications. Technipower will provide a high power multi-channel system driving multiple lasers over a wide power range.
The agreement incorporates Technipower's Cobalt 15 product platform. The Cobalt 15 product family brings together the rugged reliability of military power electronics with the efficient designs used in industrial applications. The result is a rugged, cost-effective, variable DC power module offering important cost and size advantages, especially above 5kW. The design incorporates conformable platforms that are easily tailored to specific application requirements that, Technipower believes, will maximize reliability and cost effectiveness while facilitating fast turnaround and timely delivery.
Solomon President Peter W. DeVecchis, Jr. said, "Technipower's reputation as a premier supplier of high reliability systems in conjunction with its innovative designs was instrumental in bringing this agreement to fruition. The whole Technipower team has done an excellent job of creating and implementing this new product family."
Anthony F. Intino II, President of Technipower said, "We have reached a major milestone in our expansion by using our pedigree in military applications to penetrate a large industrial market. We are confident that this will be the first of a number of new opportunities that will evolve as the product family grows.
Solomon purchased Technipower earlier this month for $3 million in convertible redeemable preferred stock, common stock valued at $2.9 million and the assumption of certain liabilities totaling $850,000.
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 and Electric Transaxle, for marine, commercial, automotive, hybrid and all electric vehicle applications. Through its Technipower subsidiary, Solomon also provides high value added, precision, direct current power supplies and power supply systems for applications where high reliability and ruggedness are critical.
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.