DANBURY, Conn., July 6 /PRNewswire-FirstCall/ -- Solomon Technologies, Inc. (BULLETIN BOARD: SOLM) announced today that its Power Electronics Division (PED) was awarded a contract valued at approximately $500,000 to provide multiple high voltage, high power AC-DC and DC-DC converters for advanced coatings applications. The contract, awarded to Solomon's Technipower subsidiary, provides for deliveries beginning in mid 2007 through year end and incorporates technology developed as part of the PED's new Cobalt 15 product line. The Cobalt 15 product family, introduced in 2006, is a high voltage precision power supply that brings together the rugged reliability of military power electronics with the efficient designs used in industrial applications.
"We are very pleased that another major customer has chosen the Cobalt 15 product platform to support its critical high power system requirements," said Jack Worthen, President, Power Electronics Division. "This commercial success underscores the flexibility of the Cobalt 15 product technology as we target new applications in markets seeking high reliability, ruggedized power solutions. Our Power Electronics Division now has a record order backlog and a substantial pipeline of new opportunities. The Cobalt 15 platform has broad market applications and we will continue to expand these channels to market."
"Our recent focus on high power applications is a key component of our organic growth plan and the expansion of our PED product lines," commented Gary G. Brandt, CEO - Solomon Technologies, Inc. "In addition to growing through acquisition, we have been making focused investments in new product technologies. We have combined unique power design architectures with advanced packaging and cooling technology to offer some of the best power density ratios in the industry. We believe that the combination of Technipower, in conjunction with our imminent acquisitions of Deltron and Unipower, will create significant value for our shareholders."
Solomon acquired Technipower in August of 2006 as part of its Power Electronics Division.
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 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 the 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.
