Solomon Awarded $500,000 Development Contract
Inc. (OTC Bulletin Board: SOLM) announced today that it has been awarded a
a classified navigation system for the U.S. government. A production contract
of similar size is expected sometime next year assuming the development
contract is successful.
chosen from a number of competing suppliers based upon our reputation for
creating unparalleled design solutions for complex power problems coupled with
our commitment to deliver the solutions on time.” DeVecchis continued, “This
contract is another example of our success in using our depth in power systems
engineering to bring an expanding range of opportunities to the company. The
increasing backlog of business in our power electronics group provides a
strong backdrop for our expansion into other energy conversion markets,
including both the alternative and renewable segments.”
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, Electric Transaxle 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
www.solomontechnologies.com
or
Crescent Communications
David Long, 203-226-5527
SOURCE Solomon Technologies, Inc.