I just ask to be correct With share holders approval and the date to be July 1 2009 the last SEC fileing
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.
