Solomon Technologies

About Us

Our historical business has been the development, engineering, manufacturing, licensing and sale of electric power drive systems. We are presently implementing a plan to broaden our market and product base and exploit our intellectual property that we expect will generate substantial profits and cash flow. As part of this plan, we intend to grow our business through the acquisition of businesses that fit our strategy and the licensing of our proprietary and patented technologies. We are identifying acquisition targets that we expect will augment our existing intellectual property, engineering resources, marketing channels and human resources and provide strong cash flow. We are also identifying licensing opportunities that we anticipate will leverage our existing or acquired knowledge and provide substantial positive current financial impact while we also aggressively pursue infringers of our existing patents. We cannot assure you, however, that we will be able to identify acquisition targets and licensing opportunities that meet these goals, or if we identify such opportunities or targets that we will be able to take full advantage of them.

Our operations presently comprise two divisions: a Power Electronics Division, which encompasses our power systems business, and a Motive Power Division, which encompasses our electric power drive technologies. With this structure, we are working to exploit opportunities for market consolidation, cross marketing and core business growth in separate but compatible niche markets for specialized high value original equipment manufacturer ("OEM") power applications and electric power drive systems. While our operating assets are divisionalized, we expect and encourage a formal exchange of engineering and sales talent across the business units.

On August 17, 2006, we acquired Technipower LLC, a Danbury, Connecticut based manufacturer of power supplies and related equipment for the defense, aerospace and commercial sectors. On September 5, 2007, we acquired Deltron, Inc., a North Wales, Pennsylvania based manufacturer of power supplies and related equipment with manufacturing operations in Reynosa, Mexico. Technipower and Deltron form the core of our Power Electronics Division.

Our Power Electronics Division focuses its efforts on engineered power electronics systems while also providing both technical and sales augmentation to our Motive Power Division. The Power Electronics Division specializes in the design, development and production of custom power systems, chassis and power electronics supply products for defense-related markets. The Division also provides advanced legacy support and specialized defense-related build-to-print capabilities.

On July 2, 2007, we announced that we had signed a letter of intent to acquire Unipower Corporation, a Coral Springs, Florida based manufacturer of power supplies and related equipment for telecom, datacom, network equipment and industrial applications. Unipower is a leader in high-density, low profile and hot swap power electronics system solutions and has overseas operations in the United Kingdom. The letter of intent contemplates that, through an acquisition subsidiary, we will purchase all of the capital stock of Unipower for cash in an amount to be determined, with the purchase price subject to increase or decrease based on changes in Unipower's net assets through closing. The transaction is subject to the negotiation and execution of a definitive purchase agreement and the satisfaction of various closing conditions, including a due diligence investigation. While no assurances can be given as to when the acquisition may close, we currently anticipate that the acquisition will close in the latter half of 2007.

Our Motive Power Division focuses its efforts on expanding the licensing, manufacturing, and sale of electric power drive systems, including those incorporating hybrid and regenerative technologies, and the licensing and manufacture of our Electric Wheel® and Electric Transaxle™ for automotive, hybrid and all-electric vehicle applications. Our goal is to become a leader in the manufacture, licensing and sale of electric power drive systems for specialized high value original equipment manufacturers. We are presently pursuing direct sales opportunities for our products and technologies in the marine, industrial and automotive markets as well as the military and industrial sectors.