TARPON SPRINGS, Fla., April 26 /PRNewswire-FirstCall/ -- Solomon Technologies, Inc. announced today David J. Parcells, a director of Solomon Technologies, Inc. (the "Company"), passed away on April 21, 2007.
Mr. Parcells had been a director of the Company since September 2005. He was an independent director, under the definition set forth in NASDAQ Marketplace Rule 4200, and served on the company's audit and compensation committees.
Starting in December 2003, Mr. Parcells served as Chief Financial Officer of Garrity Industries, Inc, a privately held manufacturer and leading supplier of flashlights under the Garrity brand name. From January 2000 to September 2003, Mr. Parcells was Vice President and Chief Financial Officer for eLOT, Inc, a publicly traded internet company serving the lottery industry. From September 1998 to January 2000, he was President and Chief Financial Officer of Sentinel Business Systems, a privately held bar code data collection software provider and systems integrator. Mr. Parcells was a Certified Public Accountant and held a BS degree in Accounting from Providence College. Mr. Parcells was a substantial contributor to Solomon's strategy development, was a key director on its audit committee and gave much time to charity.
Mr. Parcells died Saturday after pulling out of the 24-mile Tampa Bay Marathon swim in St. Petersburg, Fla. Mr. Parcells, a veteran long-distance swimmer, complained of feeling sick and left the water about four hours into the race. It was his eighth time competing in the event he had won in 2003.
Although Mr. Parcells had been diagnosed with multiple sclerosis last fall, he continued to train and swim. Among Mr. Parcells' plans was an August swim around the island of Jersey off the coast of France to raise money for Bridgeport, Connecticut's St. Vincent's Medical Center Foundation, which helps cancer patients and their families.
Mr. Parcells had completed double crossings of the approximately 21-mile English Channel before teaming up nearly three years ago to attempt a triple crossing to raise money for St. Vincent's. A former triathlete who completed the Hawaii Ironman in 1989, Mr. Parcells gave up running and biking after his sixth knee operation in 1995. He focused on swimming, and in 2002 became the oldest person, at 44, to complete a double crossing of the English Channel, doing it in 21 hours, 30 minutes.
Mr. Parcells was the race director for a number of triathlons and swims, including the Swim Across the Sound, which also raised money for St. Vincent's.
Mr. Parcells was instrumental in getting people involved in open-water swimming. He is survived by two children.
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(TM), 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.