Solomon Closes Deltron Acquisition
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Solomon Technologies Inc.
1400 L & R Industrial Boulevard
Tarpon Springs, FL, 34689
Press release date: September 6, 2007
DANBURY, Conn., Sept. 6 / -- Solomon Technologies, Inc. announced today that it has closed its acquisition of Deltron, a North Wales, Pennsylvania based manufacturer of power supplies and related equipment with manufacturing operations in Reynosa, Mexico.
Solomon acquired specific assets and liabilities of Deltron's Pennsylvania operations and all of the stock of Deltron's Mexican manufacturing facility, for an undisclosed amount in cash. Solomon will assume Deltron's trade payables and its accrued expenses as part of the transaction. The transaction also provides the seller with the possibility of an additional payment if the acquired assets produce gross margins exceeding certain thresholds.
"The Deltron acquisition is an exciting step in the path of reaching our overall sales and profitability goals," said Gary G. Brandt Chief Executive Officer of Solomon. "It will substantially increase our revenue, provide a significant improvement in our manufacturing cost structure, add valuable human resources to our team and expand our product offerings by a wide margin. Combined with the pending acquisition of Unipower later in the year, the addition of Deltron puts us on track to achieve our goal of annualized sales of $25 million by the end of this year and well on our way to the 2009 goal of $100 million."
Mr. Brandt continued, "The acquisition of Deltron is another key milestone in Solomon's strategy of growing the business through acquisition of complementary assets, and most importantly, it is consistent with our broader view of the increasing importance of power electronics technologies to the high efficiency/alternative energy markets that we are targeting."
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(TM), 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.
Source: Solomon Technologies, Inc.
CONTACT:Gary G. Brandt of Solomon Technologies, Inc., +1-860-828-2060, or David Long of Crescent Communications, +1-203-226-5527
Web site: http://www.solomontechnologies.com/