Solomon Awarded $1.1 Million Contract

Tag : all industrial product
Solomon Technologies, Inc. (OTC BulletinBoard: SOLM), announced today that its Power Electronics divisionhas been awarded a production contract to supply multiple highvoltage power drive systems for laser cutting applications. Thecontract, valued in excess of $1.1 million , comprises fifty systems incorporating the Cobalt 15 producttechnology.
The Cobalt 15 product family brings together the rugged reliabilityof military power electronics with the efficient designs used inindustrial applications and incorporates conformable platforms thatare easily tailored to specific customer needs.
Peter W. DeVecchis, Jr. , President of Solomon said, "This new contract is anotherexample of the success of our strategy in using proprietarytechnology platforms to address various power conversion markets.Much of our growth has been fueled by the ability to understand thenuances of the different market requirements and then effectivelyapply these technology platforms to produce industry leadingresults." He continued, "Our customers understand theirprocess requirements; our power electronics group understands howto deliver power conversion solutions. Together, through strongcommunication, we leverage our core competencies to create avaluable partnership."
Mr. DeVecchis added, "This contract is another step in ourleveraging of the broad power conversion capabilities in our PowerElectronics division toward our corporate focus in the renewableand alternative energy markets where high power, rugged and highlyreliable products are mandatory."
Solomon Technologies, Inc., through its Power Electronics andMotive Power divisions, develops, licenses, manufactures and sellsdirect current power supplies and power supply systems requiringhigh levels of reliability and ruggedness for defense, aerospace,marine, commercial and industrial applications as well as precisionhybrid and regenerative electric power drive systems, includingthose utilizing its patented Electric Wheel(R) ElectricTransaxle(TM) for automotive, hybrid electric and all electricvehicle applications.
FORWARD LOOKING STATEMENTS: This press release containsforward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995. The statements regardingSolomon Technologies, Inc. in this release that are not historicalin 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 oncurrent expectations about future events, which management hasderived from the information currently available to it. It ispossible that the assumptions made by management for purposes ofsuch statements may not materialize. Actual results may differmaterially from those projected or implied in any forward-lookingstatements. Important factors known to management that could causeforward-looking statements to turn out to be incorrect areidentified and discussed from time to time in the Company's filingswith the Securities and Exchange Commission. The forward-lookingstatements contained in this release speak only as of the datehereof, and the Company undertakes no obligation to correct orupdate any forward-looking statements, whether as a result of newinformation, future events or otherwise.