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Has anyone else gotten word from their broker as to when the "normal guy" might be able to trade this stock again? Mine are through TD Ameritrade and I was told it could take a day or two before the name registers with them and I am able to buy/sell.....just curious as to what others might have been told. Thanks!
So, where do we open today?
Well if they stick to what they has said before it should go from 500mil down to 50mil. I'm just curious as to if we'll see an instant dip in price when it goes through.
So if/when the RS goes through, what happens to us in the short term as far as the PPS?
Nice! Glad to see the news is flowing into print, and definitely liked the statement "more to come"!
Thanks for the post Time To Roll
I meant to say repeating the press releases, not the posts, sorry for that. But it does seem like they were stretching all the news they had to try and keep momentum going. You have to believe there will be more to come and hopefully some bigger news, just have to wonder when....
They seem to be repeats of previous posts. Why not put the $$ amount with the initial post instead of putting out a separate PR on the same announcement with the money included?
That being said, they have been putting out a ton of press releases which seems great, but I think we need something substantial....what will the next "big" press release be??
This is all speculation of course, but it might be fun to guess. I say the next "big" release will be - Completion of the third phase trials from last September with positive results and a multi-year, multi-million dollar government contract.
What do you all think??
Boy it sure is easy to get twisted up with this Toyota case! Thanks for clearing that up Fivestar, I wasn't trying to post bad information....just information that "seemed" new. Thanks again.
This is from the Yahoo board and it appears that Solomon Counsel has requested to be withdrawn??? Maybe I'm reading this wrong, does anyone else have a take on this? It was submitted Thursday the 17th.
Date Filed # Docket Text
09/17/2009 82 MOTION for A. Jason Marabito, Dean G Bostock - Firm of Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. to withdraw as attorney by Solomon Technologies, Inc. (Attachments: # 1 Text of Proposed Order)(CD) (Entered: 09/17/2009)
09/03/2009 81 NOTICE to counsel of filing of OFFICIAL TRANSCRIPT. The parties have seven (7) calendar days to file with the court a Notice of Intent to Request Redaction of this transcript. If no such Notice is filed, the transcript may be made remotely electronically available to the public without redaction after 90 calendar days. Any party needing a copy of the transcript to review for redaction purposes may purchase a copy from the court reporter or view the document at the clerk's office public terminal. Court Reporter: Dennis Miracle (DM) (Entered: 09/03/2009)
09/03/2009 80 TRANSCRIPT of Rule 16 Hearing held on 6/19/09 before Judge Mark A. Pizzo. Court Reporter/Transcriber Dennis Miracle,Telephone number 352/342-0414. Transcript may be viewed at the court public terminal or purchased through the Court Reporter/Transcriber before the deadline for Release of Transcript Restriction. After that date it may be obtained through PACER or purchased through the Court Reporter. Redaction Request due 9/24/2009, Redacted Transcript Deadline set for 10/5/2009, Release of Transcript Restriction set for 12/2/2009. (DM) (Entered: 09/03/2009)
08/17/2009 79 MEMORANDUM in opposition re 75 Motion for summary judgment filed by Solomon Technologies, Inc.. (Attachments: # 1 Affidavit of Prof. Ali Emadi, # 2 Exhibit 1 to Emadi Decl., # 3 Affidavit of Jonathan Edwards, # 4 Affidavit of Robert Alexander Pesiridis, # 5 Affidavit of Kenneth Stein)(An, Richard) (Entered: 08/17/2009)
08/04/2009 78 ORDER granting in part and denying in part the parties' submissions (doc. 71, 72), which the Court interprets as separate motions for a protective order. See Order for details. Signed by Magistrate Judge Mark A. Pizzo on 8/4/2009. (JMF) (Entered: 08/04/2009)
07/31/2009 77 ORDER approving consent to jurisdiction by US Magistrate Judge. Case reassigned to Magistrate Judge Mark A. Pizzo. Signed by Judge James D. Whittemore on 7/30/2009. (KE) (Entered: 07/31/2009)
07/28/2009 76 CONSENT to trial by U.S. Magistrate Judge by Toyota Motor Engineering and Manufacturing North America, Inc, Toyota Motor Manufacturing Kentucky, Inc., Solomon Technologies, Inc., Toyota Motor Corporation, Toyota Motor Sales, U.S.A., Inc.. (Donlon, Katherine) (Entered: 07/28/2009)
07/20/2009 75 MOTION for summary judgment of noninfringement by Toyota Motor Engineering and Manufacturing North America, Inc, Toyota Motor Manufacturing Kentucky, Inc., Toyota Motor Corporation, Toyota Motor Sales, U.S.A., Inc.. (O'Shaughnessy, Michael) (Entered: 07/20/2009)
Thanks for the information Joyce. I know there are no guarantees when dealing with something like this, but "if" the .20-.30 cent range worked out, that would leave a lot of time and room for movement....assuming it might take us awhile to get to a range that high......or would it?
Joyce,
According to information I found on the SEC site (see post #4779), a company can enact a reverse split of any kind at any time without a share member vote. So, yes the old reverse split vote has passed, but they could still enact that or any other in the future.
Here is my question to Joyce, or anyone for that matter, at what pps do you think we would need to get to in order for them (assuming they still do a reverse split in the future) to lower the ratio perhaps making it more consistent with their reduction of the OS?
Form 8-K for SOLOMON TECHNOLOGIES INC
--------------------------------------------------------------------------------
15-Apr-2009
Other Events
Item 8.01. Other Events.
On March 24, 2009, the Company held a special meeting of stockholders for the purpose of voting on three proposals. These proposals ,as set forth in a proxy statement filed with the Securities and Exchange Commission and mailed to the Company's stockholders, were:
(i) To authorize the Board of Directors to effect, in its discretion prior to July 1, 2009, a reverse stock split of the issued and outstanding shares of Common Stock of the Company at a reverse stock split ratio of 1-for-100;
(ii) To authorize the Board of Directors to reduce the number of shares of Common Stock that the Company is authorized to issue to 50,000,000 from 500,000,000 if the proposal for the reverse split of the Common Stock is approved and implemented;
(iii) To authorize the Board of Directors to effect a change in the name of the Company from Solomon Technologies, Inc. to Technipower Systems, Inc., or such other name as the Board of Directors of the Company may elect;
By the affirmative vote of a majority of the issued and outstanding shares of the Company's common stock, each proposal was approved.
The Board of Directors has not yet implemented any of these proposals. However, with the stockholders' approval of these three proposals, the Company is now able to continue its plan to restructure its balance sheet and raise new capital which, if successful, would enable the Company to begin executing its business plan. In furtherance of these initiatives, the Company is currently negotiating with its major secured and unsecured creditors to accomplish the restructuring of its balance sheet.
Until such time that such restructuring is completed, the Company does not expect to file reports under the Securities Act of 1934 (the "Act"), including its Annual Report on Form 10-K for its fiscal year ended December 31, 2008. There can be no assurance that the Company will file reports under the Act in the future or that it will be successful in restructuring its balance sheet.
Pete,
I thought it was to be reduced to 50mil from 500mil or a ratio of 10-1 instead of the 100-1 for our shares?
Pete,
That seems to be the big question lately as to whether or not they can still enact the reverse split. This is taken from the SEC site as it relates to Reverse Splits;
"A company’s board of directors may declare a reverse stock split without shareholder approval. Although the SEC has authority over a broad range of corporate activity, state corporate law and a company’s articles of incorporation and by-laws govern reverse stock splits.
If a company is required to file reports with the SEC, it may notify its shareholders of a reverse stock split on Forms 8-K, 10-Q and 10-K."
I am long on this company and have about 15 friends and family also involved, so I hope for all of us that Solomon "IS" the place to be. I'm not trying to spread bad news here, but it does seem as though Solomon can still enact their RS if/when they want without another vote. According to the information above, they didn't need the vote in the first place.
If I'm incorrect and I really hope I am, I hope someone can prove otherwise.
Here is the link where I found this information.
http://www.sec.gov/answers/reversesplit.htm
Kip,
He's referring to the following posts, they were posted on the yahoo message board on September 12th;
81 NOTICE to counsel of filing of OFFICIAL TRANSCRIPT. The parties have seven (7) calendar days to file with the court a Notice of Intent to Request Redaction of this transcript. If no such Notice is filed, the transcript may be made remotely electronically available to the public without redaction after 90 calendar days. Any party needing a copy of the transcript to review for redaction purposes may purchase a copy from the court reporter or view the document at the clerk's office public terminal. Court Reporter: Dennis Miracle (DM) (Entered: 09/03/2009)
TRANSCRIPT of Rule 16 Hearing held on 6/19/09 before Judge Mark A. Pizzo. Court Reporter/Transcriber Dennis Miracle,Telephone number 352/342-0414. Transcript may be viewed at the court public terminal or purchased through the Court Reporter/Transcri ber before the deadline for Release of Transcript Restriction. After that date it may be obtained through PACER or purchased through the Court Reporter. Redaction Request due 9/24/2009, Redacted Transcript Deadline set for 10/5/2009, Release of Transcript Restriction set for 12/2/2009. (DM)
Actor Jeremy Piven / Solomon.
I came across an interview with Jeremy Piven in a magazine. The interview was as follows;
4XFortitude
He’s hit it big with Entourage and The Goods, but Jeremy Piven still drives his classic Ford Bronco.
Q: So how old is this thing?
J: It’s a 72’, but I’ve had it for about 14 years. It has seen its fair share of journeys. I’ve always been a fan of Broncos; I love the style and the idea of sitting up high.
Q: Is it your daily drive?
J: No. If I were to drive this one all around town 24/7, it would not end well for me. I drive a Mercedes hybrid most of the time.
Q: You could always do the Neil Young thing and convert the Bronco to run on electricity.
J: I think Neil Young’s car runs on hugs, soup and positivity. But it would be amazing if someone made these classic models a little more efficient. If I could get a water-based hydrogen Bronco…that’d be really with it.
Sounds like a candidate for Solomons Electric Drive Technology
Peter W. DeVecchis, Jr., President of Solomon said: "Once the technology
encompassed in our patent is fully implemented, it will be possible for a
consumer to drive into an automotive service center with a gas-powered
car, have it converted and drive away with a PEV or HEV within hours. This
concept makes former Intel CEO Andrew Grove's challenge to convert 10
million PSVs (Pickups, SUVs and Vans) by 2012 a real possibility with a
tremendous, positive environmental impact."
How do we get them in touch?
All the thanks belongs to Time to Roll, he actually called Susan at Bloomberg and asked her to have that blurb put into the update, I just found the article and posted it.
Thank you Time to Roll!
How many are they willing to fight at once? Do they get to a point where (especially in this market for automakers) they try to settle some of their problems out of court and avoid more continued bad press.....or do they just keep fighting and hope for the best?
I guess that's the answer we all want to know.
Time to Roll,
Looks like she already included it in an update....cool!
"Solomon has a pending civil suit against Toyota in federal court in Tampa, Florida, that Toyota is trying to get thrown out by arguing the issued was resolved by the ITC."
here is the link to the full article;
http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=SOLM%3AUS&sid=aqD35CGM5QsA
She will mention it to her editor, or they're going to mention it in the news article?
Ben,
They did win a case in 2005 but it looks like they have brought a new suit over more patent infringements;
"Paice won a jury verdict in 2005 that the Prius, Toyota Highlander and Lexus RX400h hybrid vehicles used Paice inventions related to drive trains. The new ITC complaint claims the hybrid Camry, third-generation Prius, Lexus HS250h and Lexus RX450h infringe the same patent."
"That same patent will be at the center of another trial set to begin Oct. 1 in federal court in Marshall, Texas, involving the Toyota Camry."
How will this effect the Solm/Toy case....if any?
http://www.bloomberg.com/apps/news?pid=20601087&sid=apjcIdBquWek
Pete,
Thanks for the reply, I understand what you are saying and I'm sure you are correct on all counts.
Maybe my question wasn't clear, I was just trying to determine if the award they just received ($700K) was part of the Third Phase Trials they were awarded in September of last year, or if it was separate? If it's separate then we would hopefully still have another very positive outcome to look forward too, if they are the same then it's great to know the trials were a success.
The way I read the PR's, I think they are two separate technologies.
Fivestar
There seems to be some conflicting answers to my post #4632, would you offer an opinion?
Thanks.
Not one of their more exciting releases, but at least they're still putting something out trying to keep the buzz alive.
New PR
Solomon Technologies Supplies Critical Nuclear Power Application
DANBURY, Conn., Sept. 3 /PRNewswire-FirstCall/ -- Solomon Technologies, Inc. (Pink Sheets: SOLM - News) announced today that its Technipower subsidiary shipped several orders for power systems to a premier nuclear power plant supplier. The systems are rigorously tested, inspected and certified by the customer for use in a nuclear power generating facility's reactor control and safety systems.
Dan Connors, President of Technipower said, "Technipower has been delivering systems like these for critical safety related applications for decades, reinforcing our reputation for quality and reliability. The consistent rate of orders from the nuclear market is a stable contributor to our profitable base power systems business and an important part of our product mix."
Connors continued, "We are working on a number of exciting new opportunities. We have gained market traction with our specialized Cobalt(15) high voltage power system line; we have launched a solar PV product line, Instant Solar(TM); and we are making significant technical progress in Solomon's marine propulsion development while we continue to pursue licensing targets for our patented Electric Transaxle(TM) technologies. Our ability to grow profitably in the renewable energy markets is an important facet of our business plan supported by the strong foundation of our underlying power systems business."
The $700K award they just received was from a tier one defense contractor, but I don't believe this is for the same technology for which they were awarded Third Phase Trials in September of 08'. According to the recent award it was a "follow up production order" which is why I thought it was connected to the $500K award they received last December, not part of the technology that is in the Third Phase.
You may be right frankieh in that they are all one in the same, it just reads that the $700K goes along with the $500K from last December and that we don't have any further news (yet) from the Third Phase Trials they were awarded in September of last year.
Pieces of the Puzzle....
If I'm wrong on any of this please correct me.
The most recent award for $700K was a follow up to the following award;
DANBURY, Conn., Dec. 2, 2008 - Solomon Technologies, Inc. (OTCBB:SOLM), announced today that it has been awarded a $500,000 contract to develop a precision multi-output power supply as part of a classified navigation system for the U.S. government. A production contract of similar size is expected sometime next year assuming the development contract is successful.
Is that correct?
If so, I haven't read or heard any follow up to this PR that was released last September;
DANBURY, Conn., Sept. 4, 2008 - Solomon Technologies, Inc. (OTCBB:SOLM), announced today that its Technipower unit has been awarded a third phase contract to develop and supply additional power supplies for a new advanced vehicle launch ordinance system for the United States military. Technipower was awarded the first phase contract in February of 2007 and the second phase in June of 2008.
With a quote at the end of the PR stating;
"If the military selects the new system for future field deployment, the production contract could be substantial over a number of years."
Are we still waiting for the results of the Third Phase Trials or is that some how related to the award they just received?
I know there has been a lot going on with Solomon, but it would seem if this Trial is still underway with a potential positive outcome, that could make for another big boost in confidence and PPS.
Yes.....No??
Thanks.
Question about the RS.
It seems the main reasons for a reverse split are to raise the PPS above certain minimums for some financial groups so they are able to buy shares and/or to hopefully jump up to a bigger board.
My question is, would it make any sense to do a RS before you have cleared up your outstanding finacials and filed the appropriate paperwork to at least be removed from Pink status?
Does anyone have any further information on the Third Phase Military Contract Solomon was awarded? I don't know how long the third phase was anticipated to take, but we're closing on 1 year.
I also came across the following while trying to find some information....apparently Solomon didn't find this worthy of publicizing when it happened as neither is much money but it seems note worthy. This is taken from Buisnessweek.com, the link is below;
http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=839691
Key developments for Technipower LLC
Technipower Wins $48,360 Contract for Power Supply
11/7/2008
The Defense Logistics Agency has awarded a $48,360 contract to Technipower LLC, Danbury, Conn., for power supply. The contract was awarded by the DLA's Defense Supply Center, Richmond.
Technipower Wins $52,290 Contract for Power Supply
10/30/2008
The Defense Logistics Agency has awarded a $52,290 contract to Technipower LLC, Danbury, Conn., for power supply. The contract was awarded by the DLA's Defense Supply Center, Richmond.
Technipower Wins Third Phase Military Contract
09/4/2008
Solomon Technologies Inc. announced that its Technipower LLC has been awarded a third phase contract to develop and supply additional power supplies for a new advanced vehicle launch ordinance system for the United States military. Technipower was awarded the first phase contract in February of 2007 and the second phase in June of 2008. The new initiative will increase launch trajectory accuracy, replacing a decades old system on one of the military's primary light mobile bombardment platforms. Technipower's proposal not only provided a robust, innovative power system, but also was responsive to the contractor's need for a highly manufacturable, cost effective solution. If the military selects the new system for future field deployment, the production contract could be substantial over a number of years.
Does anyone know when we could expect a date for the trial to be set?
Everyone is waiting for some news.
Thanks Pete, I was sure I had seen that somewhere before, just trying to keep all the facts straight.
I may be way off base with this, but didn't I read in a message that executives from Toyota toured the Solomon plant before the first case went to court?
I thought I had read that either on Ihub or the yahoo message board, if I'm wrong I apologize.
Well it's about time you came back around Kitty!! :) Glad to see you're still hanging in there and I certainly hope....as well as many others out there I'm sure that your predictions in this stock are correct. As Fivestar says, it's still a lotto but I think I like my odds better here than with the powerball.
Welcome back, and keep the insight coming!!
Good question Pete, and I'm about as beginner with all this as you can be, but it would seem they may not have to "say" anything, how about simply stating the facts about Solomon & Toyota both consenting to a trail and posting the court order? They don't have to slant it either way or try to needlessly pump the company, just keep their shareholders and the public at large aware of what's going on.
I guess it would just be nice to see the company take some sort of active role in updating their current situation to us share holders and anyone who may be watching the situation from the sidelines at this point......if that makes any sense.
Thanks Joyce. I haven't seen Kitty in a few months so I guess she's gone on to other stocks. Fivestar has been doing a great job keeping us updated on the court orders, but it still seems puzzling that Solomon won't put some of this information out in a press release. The simple fact that the case IS going to be ruled upon again regardless of by Jury or Magistrate ruling should be enough in it's own right for Solomon to be excited and want the public to know.
I guess as usual it's a wait and see with them....thanks for the reply.
Joyce,
You have always had a good grasp on the happenings with Solomon, what's your take on the recent court orders and possible scenarios?
Fivestar,
Solomon has been horrible updating the public on anything over the past 6-7 months, do you feel they will at least submit a press release about their current situation pertaining to all the court orders?
It appears all information so far is positive for them, seems like this is something they would want the public to know.
Thanks!
Excellent, thank you look1. So, all parties have consented, looks to be a jury trial, a Magistrate is available for the case......where's the PR from Solomon?!?!