Solomon Powers First Production Island Spirit
TARPON SPRINGS, Fla.--June 8, 2005--Solomon Technologies, Inc. (OTCBB:SOLM) announced today that the first production Island Spirit Catamaran arrived in Tampa Bay, Florida outfitted with twin ST74 Electric motors after successfully completing a 6,500 mile voyage from Cape Town, South Africa to Tampa Bay Florida. This is the longest known voyage of a catamaran powered by electric propulsion.Russ Symington, the owner of the 40' sailing vessel Mohini, said "We completed the voyage from Cape Town to Miami on about 40 gallons of fuel." Solomon estimates that conventional fuel consumption could have been ten times the amount used under electric propulsion. "While under sail, we generated more than enough power to run all of our electrical equipment." Solomon's South African partner, Nautique Propulsion Systems, LLC, provided installation and technical assistance on the vessel.
Solomon President Peter DeVecchis said, "After meeting the Mohini upon its arrival in Tampa Bay and listening to the crew comments, it is clear that the Solomon propulsion system, in conjunction with the efforts of our South Africa partner, has exceeded everyone's expectations and, again, shows the durability and functionality of the Solomon Propulsion system."
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Solomon Technologies, Inc. has been successfully installing and supporting marine installations of its patented and proprietary electric motor drive systems around the world. Solomon currently provides propulsion systems for new and retrofit marine applications as well as motors for high growth, high volume land based vehicle and machinery applications. Solomon, through its proprietary propulsion systems and patented Electric Wheel(R) technology, offers a unique electric motor design with an ability to efficiently regenerate electricity and leads the way in the recreational boating industry's adoption of the fundamental new technology.
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.