DANBURY, Conn., June 30 /PRNewswire-FirstCall/ -- Solomon Technologies, Inc. , announced today that its Technipower subsidiary has been awarded a contract to develop and supply a power supply for the second phase of a new advanced vehicle launch ordinance system for the United States military. Solomon was awarded the first phase contract in February of 2007
Peter DeVecchis, President of Solomon Technologies, said, "Past performance and innovative thinking are critical in the award of these very complex, phased projects. As we evolved the technology we developed during the project's first phase into the next stage, our deep technical capability and extensive experience in high power applications was critical to our customer's confidence in and commitment to Technipower as the project progressed. This next phase requires much higher energy density than the initial project and is typical of the growing number of kilowatt class applications that Technipower is uniquely qualified to fulfill."
Mr. DeVecchis added, "Leveraging our high power capability and military experience provides an expanded platform for Technipower's continued growth in these unique applications and adds depth and breadth to our corporate focus in the renewable and alternative energy markets where high power, rugged and highly reliable products are mandatory."
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. This second system is scheduled for delivery in the fourth quarter of this year. 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 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
www.solomontechnologies.com
or
Crescent Communications
David Long, 203-226-5527