TARPON SPRINGS, Fla., Oct. 13, 2006 (PRIMEZONE) -- Solomon Technologies, Inc. (OTCBB:SOLM) announced today that it has engaged Ardour Capital Investments, LLC (www.ardourcapital.com) to assist in executing its strategic growth plan and acquisition strategy. Ardour, based in New York, focuses its efforts exclusively on clients involved in the energy technology sector.
Peter W. DeVecchis, Jr., the President of Solomon, commented, "We are very pleased to have engaged an investment bank that is intimately familiar with our patented technology, our recently acquired assets at Technipower and our plan for exploiting the markets for both. We believe our relationship with Ardour positions us uniquely by adding substantial depth to our team and allowing us to strike at new opportunities as they arise, especially those associated with the implementation of our existing intellectual property. Ardour's in-depth knowledge of energy technology applications and companies, along with its broad capital markets experience, is a perfect match for Solomon as we move forward." He continued, "We are very excited about employing Ardour's experience and contacts to organically grow our business while simultaneously executing on our acquisition plan."
Kerry J. Dukes, the Managing Partner of Ardour, said, "The opportunities for growth in the energy marketplace are significant. The whole team at Ardour believes that Solomon's technology and market proposition are very compelling. Coupled with an acquisition strategy focused on related technologies and markets enhances the growth possibilities significantly. We look forward to helping Solomon reach its goal of increasing shareholder value through selective acquisitions and new market introductions in conjunction with new capital availability."
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.