Breaking News
Solomon Arranges Patent Litigation
Financing
TARPON SPRINGS, Fla.--Nov. 29, 2005--Solomon
Technologies, Inc. announced today that it has arranged funding
to prosecute its patent infringement case against Toyota Motor
Corporation. Oliver Street Finance, LLC, has agreed to pay
all legal fees and expenses in exchange for a portion of any
recovery Solomon receives in the litigation equal to the greater
of 40% of the recovery or the actual amount of legal fees
and expenses Oliver Street pays on Solomon's behalf. As previously
announced, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo,
P.C. has agreed to represent Solomon in its pending claims
against Toyota. Michael A. D'Amelio, a member of Solomon's
board, is affiliated with Oliver Street.
Solomon President Peter W. DeVecchis, Jr.,
said, "We are extremely pleased to have concluded our
efforts to fund the costs of this lawsuit. We believe that
the analyses done in coming to this arrangement, by both Mintz
and Oliver Street, are major endorsements of our claims against
Toyota."
Mr. D'Amelio commented, "After studying
the claims of this case and evaluating the risk and possible
rewards of the litigation, we believe that Solomon's case
against Toyota is strong and convincing. The fact that a major
law firm has agreed to undertake the representation is very
encouraging."
Mr. DeVecchis also commented, "With
this major financing behind us, we can now focus on articulating
our long term strategy to stockholders and begin the implementation.
We expect to initiate that process by the beginning of the
first quarter of 2006."
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 a number of
claims in Solomon's patent number 5,067,932, primarily relating
to Toyota's use of the technology in its Prius and Highlander
Hybrid vehicles.
Information about
Solomon Technologies, Inc.:
Solomon Technologies, Inc. currently provides propulsion
systems for new and retrofit marine applications and offers
motors for high growth, high volume land based vehicle and
machinery applications. Solomon, through its proprietary propulsion
systems and patented Electric Wheel™ 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.
Solomon Technologies, Inc.
Peter DeVecchis, 727-934-8778
or
Crescent Communications
David Long, 203-226-5527
www.crescentir.com
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