Solomon Awarded Second Patent in 2009
DANBURY, Conn., Feb. 3, 2009 -- Solomon Technologies, Inc. (OTC:SOLM) (BULLETIN BOARD: SOLM) announced today that the U.S. Patent and Trademark Office has issued Patent No. 7,482,767 titled, Regenerative Motor Propulsion Systems, which expands the intellectual property protection of Solomon's marine and land-based electric propulsion systems. This new patent incorporates Solomon's unique technology for maximizing efficiency in capturing regenerative energy for storage and has direct and immediate applications for hybrid, plug hybrid and pure electric vehicles.
Peter W. DeVecchis, Jr., President of Solomon said, "We are very pleased to have been awarded this new patent -- the second within one week -- which substantially expands our energy regeneration intellectual property while also complimenting our Electric Wheel(R) and Electric Transaxle(TM) technologies. Together with our Electric Transaxle patent issued last week, Solomon now offers robust capabilities in electric power drive systems."
DeVecchis continued, "As we sharpen our focus in the renewable and alternative energy market sectors, our patent estate and proprietary technology is providing a firm foundation for growth. We believe that the retrofit and OEM (original equipment manufacturer) applications for these technologies in hybrid and other electric vehicles, as well as in marine applications, are large and growing. Solomon is actively working with partners in selected vehicle markets and is identifying partners in other segments."
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.