Business News
Solomon Awarded $1.1 Million Contract
2008-07-22 05:40:00
Solomon Awarded $1.1 Million Contract
DANBURY, Conn., July 22 /EMWNews/ -- Solomon Technologies, Inc. (OTC Bulletin Board: SOLM), announced today that its Power Electronics division has been awarded a production contract to supply multiple high voltage power drive systems for laser cutting applications. The contract, valued in excess of $1.1 million, comprises fifty systems incorporating the Cobalt 15 product technology. 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 customer needs. Peter W. DeVecchis, Jr., President of Solomon said, "This new contract is another example of the success of our strategy in using proprietary technology platforms to address various power conversion markets. Much of our growth has been fueled by the ability to understand the nuances of the different market requirements and then effectively apply these technology platforms to produce industry leading results." He continued, "Our customers understand their process requirements; our power electronics group understands how to deliver power conversion solutions. Together, through strong communication, we leverage our core competencies to create a valuable partnership." Mr. DeVecchis added, "This contract is another step in our leveraging of the broad power conversion capabilities in our Power Electronics division toward our corporate focus in the renewable and alternative energy markets where high power, rugged and highly reliable products are mandatory." Information about Solomon Technologies, Inc.: Solomon Technologies, Inc., through its Power Electronics and Motive Power divisions, develops, licenses, manufactures and sells direct current power supplies and power supply systems requiring high levels of reliability and ruggedness for defense, aerospace, marine, commercial and industrial applications as well as precision hybrid and regenerative electric power drive systems, including those utilizing its patented Electric Wheel(R) Electric Transaxle(TM) for 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
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