Tuesday, November 29, 2005

Oliver Street Finance backs Solomon litigation against Toyota over US 5,067,932

Solomon Technologies has arranged an interesting plan to finance its litigation against Toyota over hybrid vehicles such as the Prius which allegedly infringe US Patent No. 5,067,932. [see earlier post on IPBiz.]

Solomon Technologies, Inc. announced November 29 that it has arranged funding to prosecute its patent infringement case against Toyota Motor Corporation. Oliver Street Finance, LLC, has agreed to pay all legal fees and expenses in exchange for a portion of any recovery Solomon receives in the litigation equal to the greater of 40% of the recovery or the actual amount of legal fees and expenses Oliver Street pays on Solomon's behalf. As previously announced, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. has agreed to represent Solomon in its pending claims against Toyota. Michael A. D'Amelio, a member of Solomon's board, is affiliated with Oliver Street.

Solomon President Peter W. DeVecchis, Jr., said, "We are extremely pleased to have concluded our efforts to fund the costs of this lawsuit. We believe that the analyses done in coming to this arrangement, by both Mintz and Oliver Street, are major endorsements of our claims against Toyota."

Mr. D'Amelio commented, "After studying the claims of this case and evaluating the risk and possible rewards of the litigation, we believe that Solomon's case against Toyota is strong and convincing. The fact that a major law firm has agreed to undertake the representation is very encouraging."

Mr. DeVecchis also commented "With this major financing behind us, we can now focus on articulating our long term strategy to stockholders and begin the implementation. We expect to initiate that process by the beginning of the first quarter of 2006."

Solomon brought suit against Toyota Motor Corporation, Toyota Motor Sales U.S.A. Inc. and Toyota Motor Manufacturing North America in the United States District Court for the Middle District of Florida, Tampa Division, on September 12, 2005, claiming infringement of a number of claims in Solomon's patent number 5,067,932, primarily relating to Toyota's use of the technology in its Prius and Highlander Hybrid vehicles.

[from Business Wire]


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