TARPON SPRINGS, Fla., Jan. 19, 2007 (PRIME NEWSWIRE) -- Solomon Technologies, Inc. (OTCBB:SOLM) announced today that its Power Electronics Division (PED) was awarded a contract valued in excess of $800,000 to provide multiple high voltage, high power drive systems for laser cutting applications. The contract, awarded to Solomon's Technipower subsidiary, provides for deliveries between mid 2007 through mid 2008 and incorporates technology developed as part of the PED's new Cobalt 15 product line.
The Cobalt 15 product family brings together the rugged reliability of military power electronics with the efficient designs used in industrial applications and incorporates conformable platforms that are easily tailored to specific application requirements.
Solomon President Peter W. DeVecchis, Jr., said, "Technipower's focus on high power applications is a key component of our organic growth plan and the expansion of our PED product lines. It is also an important part of the synergy with our Motive Power Division (MPD) as we augment the licensing of our patented technology with broader technical capability. With this contract Technipower now has a record order backlog and a substantial pipeline of new opportunities."
Anthony F. Intino II, President of Technipower said, "We are very pleased that another major customer has chosen Technipower to support its critical high power system requirements. As the year progresses we believe that the Cobalt 15 product technology will be the critical factor in capitalizing on a number of new applications in which our experience developing high reliability, ruggedized solutions is well known."
Solomon acquired Technipower in August of 2006 as part of its Power Electronics Division.
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.