Solomon Awarded Third Phase Military Contract
DANBURY, Conn., Sept. 4 /PRNewswire-FirstCall/ — Solomon Technologies, Inc. (BULLETIN BOARD: SOLM) , announced today that its Technipower unit has been awarded a third phase contract to develop and supply additional power supplies for a new advanced vehicle launch ordinance system for the United States military. Technipower was awarded the first phase contract in February of 2007 and the second phase in June of 2008.
Peter DeVecchis, President of Solomon Technologies said, “Having initially proven our ability to understand, design and produce advanced high energy charging power supplies for military applications, our customer has expanded the breadth of its applications with a new variation of the technology. The primary challenges for our customer were weight and cost reduction as the project moves to volume production.”
Mr. DeVecchis continued, “Our reputation of serving both the military and industrial markets as a supplier that meets demanding specifications and provides solutions, within budget and on time, is a major asset in all our markets. The technology underlying our high power systems, hot swappable power supplies, and motive power products is being continually adapted to address the changing needs of our customers in a broad range of markets. We believe that these initiatives are critical to our growing emphasis in all aspects of power conversion related to the renewable and alternative energy segments.”
The new initiative will increase launch trajectory accuracy, replacing a decades old system on one of the military’s primary light mobile bombardment platforms. Technipower’s proposal not only provided a robust, innovative power system, but also was responsive to the contractor’s need for a highly manufacturable, cost effective solution. If the military selects the new system for future field deployment, the production contract could be substantial over a number of years.
Information about Solomon Technologies, Inc.: Solomon Technologies, Inc., through its Motive Power and Power Electronics divisions, develops, licenses, manufactures and sells precision electric power drive systems, including those utilizing its patented Electric Wheel(R), Electric Transaxle(TM) and hybrid and regenerative technologies as well as direct current power supplies and power supply systems requiring high levels of reliability and ruggedness for defense, aerospace, marine, commercial, automotive, hybrid electric 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 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.
Contact: Solomon Technologies, Inc. Peter DeVecchis, 727-859-4447 http://www.solomontechnologies.com/ or Crescent Communications David Long, 203-226-5527
Solomon Technologies, Inc.
CONTACT: Peter DeVecchis, Solomon Technologies, Inc., +1-727-859-4447;or David Long, Crescent Communications, +1-203-226-5527, for SolomonTechnologies, Inc.
Web site: http://www.solomontechnologies.com/