DANBURY, Conn., May 12 /PRNewswire-FirstCall/ -- Solomon Technologies, Inc. (BULLETIN BOARD: SOLM) today announced that the Court of Appeals for the Federal Circuit in Washington, DC generally affirmed the previously announced decision in the case of Solomon Technologies versus the Toyota Motor Corporation, and certain of its affiliates. The decision was rendered by a three judge panel of the full court.
Peter W. DeVecchis, President of Solomon commented, "Although we are disappointed in the Court's conclusion we will review it in detail. We have made no determination as to further steps we might take in this case. We remain as determined as ever to defend our intellectual property fully and completely."
Mr. DeVecchis continued, "While a favorable decision in this matter would have certainly been welcome, our underlying business is solid, our acquisition strategy is working and we expect to continue implementation of our plan during 2008. Although there has been considerable interest in this case over the last two years, it has never been, and is not now, an element of our operating plans or growth strategy. We are continuing to look at new opportunities for our intellectual property, are actively pursuing accretive acquisition targets and generating positive and growing operating results in our Power Electronics division. As we continue to execute on our operating plan, we believe now, more than ever, that the alternative and renewable energy segments offer substantial opportunities for our existing products and new products that we have in the pipeline."
As previously announced, Solomon brought suit against Toyota Motor Corporation, Toyota Motor Sales U.S.A. Inc. and Toyota Motor Manufacturing North America in the United States District Court for the Middle District of Florida, Tampa Division, on September 12, 2005, claiming infringement of Solomon's U.S. Patent Number 5,067,932, primarily relating to Toyota's use of the Hybrid Synergy Drive technology in its Prius and Highlander Hybrid vehicles. On January 11, 2006, Solomon filed an additional complaint against Toyota with the ITC seeking to exclude importation of the infringing technology. The action against Toyota and its affiliates in the United States District Court for the Middle District of Florida, Tampa Division, has been stayed pending resolution of the ITC action.
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.
Contact: Solomon Technologies, Inc. Peter DeVecchis, 727-859-4447 http://www.solomontechnologies.com/ or Crescent Communications David Long, 203-226-5527
