TARPON SPRINGS, Fla., Oct. 23, 2006 (PRIMEZONE) -- Solomon Technologies, Inc. (OTCBB:SOLM) announced today that it has executed a license with Hobie Cat Company (www.hobiecat.com) for use of its patented Electric Wheel(tm) and other related technology for use in new Hobie products. Hobie is a leading international manufacturer of environmentally friendly water craft, primarily for the recreational marine market.
Peter W. DeVecchis, Jr., President of Solomon said, "Our new relationship will provide Hobie with a very cost-effective, environmentally friendly, cutting-edge solution for powering their developing small recreational marine vessels. The ability to scale the size of our Electric Wheel(tm) technology will provide power drive capabilities that fit directly with Hobie's corporate philosophy of developing new products with award-winning innovations." He continued, "We believe that Solomon's power drive innovations will become an important part of Hobie's new products and become integral to the 'Hobie way of life,' which is so familiar to water enthusiasts."
Richard Rogers, Hobie's Chairman commented, "Hobie has always offered the most innovative, affordable, highest quality water sports products on the market. The company's commitment to quality and owner satisfaction is unparalleled in the industry. With this new relationship we believe a whole new chapter in Hobie's 38-year history will begin."
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.