DANBURY, Conn., May 12 /PRNewswire-FirstCall/ -- Solomon Technologies,
Inc. (OTC 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
SOURCE Solomon Technologies, Inc.
 back to top
Related links:
http://www.solomontechnologies.com
CONTACT:
Peter DeVecchis of Solomon Technologies,
Inc., +1-727-859-4447, or David Long of Crescent Communications,
+1-203-226-5527, for Solomon Technologies, Inc.
|
