Date: Sep 29, 2009 Source: PR Newswire (
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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/images/stories/PDF/shareholderletter92809.pdf .
"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.