DANBURY, Conn., Jan. 17 /PRNewswire-FirstCall/ -- Solomon Technologies, Inc. (OTC: SOLM) announced today that its Power Electronics Division has been awarded a contract to develop a prototype high energy power supply system, valued at approximately $250,000, to be used in next generation medical diagnostic and treatment equipment. Solomon's proprietary Cobalt 15 product technology offered the important combination of high reliability, flexible design and cost competitiveness required by the customer. Once the prototype is approved for production, Solomon's Technipower subsidiary expects to provide regular deliveries to the customer's schedule.
Jack Worthen, President of the Power Electronics Division said, "This new development project is another example of how Solomon's core technology is adaptable to so many cutting edge applications, in this case supporting quality-of-life issues in the medical arena. We believe our technology will bring significant benefits to Solomon as we bring this new application into production and expand the resulting product into other parallel markets."
Mr. Worthen continued, "We believe that the uniqueness of the underlying Cobalt 15 technology and design coupled with the broad array of benefits it brings to our customers will provide Solomon with significantly expanded sales opportunities."
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.
SOURCE Solomon Technologies, Inc.