DANBURY, Conn., Oct. 5 -- Technipower Systems, Inc. (TECZ.PK) formerly Solomon Technologies, Inc., announced today that it has established an Instant Solar distributor in Europe by expanding its existing distributor relationship with EnviroBoat Developments Ltd (Ambleside, UK). Enviroboat has marketed Technipower's marine propulsion systems in Europe for the past five years. As a leading integrator of solar-electric power for commercial and recreational boats, EnviroBoat was recognized earlier this year with the prestigious Royal Thames Mansura Trophy, awarded annually to encourage hybrid marine propulsion.
As part of its Instant Solar promotional plan, EnviroBoat will demonstrate a 1.8kW Instant Solar system in a high visibility UK location with further demonstrations planned across Europe. Europe plays a significant role in the global distributed solar PV market, projected to grow to $60 billion per year by 2013.
Dan Connors, President of Technipower's Energy Solutions group commented, "We are moving quickly on our Instant Solar launch with the international markets being an integral part of the plan. Using our existing international sales channels is extremely helpful in quickly bringing this new product to market. The synergy with EnviroBoat's existing renewable energy focus is strong and the European market is acutely attuned to the need for clean, non-fossil fuel energy sources. We look forward to shipping the first units internationally this quarter."
Gordon Hall, Managing Director of EnviroBoat commented, "We are a long time distributor of the Solomon Marine Drive product line and have converted a number of boats to the Solomon system also incorporating solar power. We approached Technipower because we saw the opportunity to leverage Instant Solar with the marine product line; in particular there are shoreside berths in the UK and elsewhere in Europe where it is difficult to access mains power for battery recharging - and Instant Solar provides an affordable and simple solution to this problem. Over the past couple of years we have also become more involved in the provision of land-based solar panels, with both our business experience and recent market studies indicating that the European market is very ripe for this simple, but innovative solar power solution."
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™ ground mounted solar system as well as its patented Electric Wheel® and Electric Transaxle™ 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. 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.
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Technipower Systems, Inc.
Peter W. DeVecchis, Jr. President
www.technipowersystems.com
