Solomon Technologies Renamed Technipower Systems/Completes Reverse Split
September 28 2009 - 6:00PM
PR Newswire (US)
DANBURY, Conn., Sept. 28 /PRNewswire-FirstCall/ -- Solomon
Technologies, Inc. (Pink Sheets: SOLM) announced, effective today,
that it has changed its name to Technipower Systems, Inc. and
completed a one-for-one hundred reverse split of its common stock.
Technipower's new trading symbol is (Pink Sheets: TECZ).
Shareholders will be receiving information on the exchange of their
existing stock certificates from the Company's stock transfer
agent. A letter to shareholders, detailing these changes and
reviewing the Company's current strategy, is available on
Technipower's web site, http://www.technipowersystems.com/letter.
"In adopting the Technipower name which for 50 years has stood for
products and engineering expertise that provide rugged, reliable
power conversion technologies, all of our customers will know us as
one company with a stable of technologies and products applicable
to the markets we serve, including clean energy markets," said
Peter DeVecchis, Technipower's president. "We expect that our
improved capital structure will enhance our attractiveness to the
investment community, help propel our growth into new markets and
expand our customer base, all of which will benefit our
shareholders." Information about Technipower Systems, Inc. and
Technipower LLC: Technipower Systems, Inc. (formerly Solomon
Technologies, Inc.) and its wholly owned subsidiary design and
manufacture electrical and electromechanical power systems
requiring high levels of reliability and ruggedness for defense,
aerospace, marine and commercial applications. The Company's
expansion in to the clean energy markets includes its Instant
Solar(TM) ground mounted solar system as well as its patented
Electric Wheel® and Electric Transaxle(TM) hybrid/regenerative
technologies for hybrid-electric and all-electric vehicles. 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 Technipower Systems,
Inc. and Technipower LLC 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 have been identified and discussed from time to
time in the Technipower's filings with the Securities and Exchange
Commission. The forward-looking statements contained in this
release speak only as of the date hereof, and Technipower
undertakes no obligation to correct or update any forward-looking
statements, whether as a result of new information, future events
or otherwise. Contact us for more information Technipower Systems,
Inc. Peter W. DeVecchis, Jr. President 203-748-7001
http://www.technipowersystems.com/ DATASOURCE: Technipower Systems,
Inc. CONTACT: Peter W. DeVecchis, Jr. President, Technipower
Systems, Inc., +1-203-748-7001 Web Site:
http://www.technipowersystems.com/letter
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