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2006

Pinetree Capital Ltd. Increases Holding In Solomon Technologies To 24% Through Re-Organization


March 7, 2006

Toronto – Pinetree Capital Ltd. (TSX:PNP), a Canadian investment company, announces that it’s wholly owned subsidiary, Pinetree ( Barbados) Inc. now has a 24.8% ownership interest in Solomon Technologies Inc. (SOLM:OTCBB) (“Solomon”) as a result of a re-organization of Solomon’s capital structure that was completed on March 3, 2006. 

Solomon currently provides propulsion systems for new and retrofit marine applications and offers motors for high growth, high volume land based vehicle and machinery applications. Solomon, through its proprietary propulsion systems and patented Electric Wheel® technology, offers a unique electric motor design with an ability to efficiently regenerate electricity and it leads the way in the recreational boating industry's adoption of the fundamental new technology.

Solomon has recently announced that is has signed a letter of intent for its acquisition of Technipower LLC, a US-based manufacturer of power supplies and related equipment for the defense, aerospace and commercial sectors. Technipower provides high value added, precision, direct current power supplies and power supply systems for applications where high reliability and ruggedness are critical. Technipower’s expertise in magnetics, high density circuit design and systems engineering are well established and are complementary to Solomon’s current expertise and products.

In November 2005, Solomon filed a lawsuit against Toyota Motor Corporation for patent infringement, alleging that Toyota’s hybrid propulsion system used infringes on Solomon’s patented Electric Wheel® technology.  Solomon has engaged counsel, has arranged financing to prosecute the lawsuit, and has filed the action both in court and through the US International Trade Commission (“ITC”).  On February 8th, the ITC announced that it has instituted an investigation based on the complaint filed by Solomon.

For more information about Solomon, visit it’s website at www.solomontechnologies.com.

About Pinetree

Pinetree Capital Ltd. ("Pinetree" or the "Company"), which is publicly traded on the Toronto Stock Exchange (“TSX”) under the symbol “PNP”, is a diversified investment, financial advisory and merchant banking firm focused on the small cap market.  Pinetree’s investments are primarily in the resources sector: Oil & Gas, Uranium, Precious Metals and Base Metals. 

Pinetree’s investment approach is to build a macro position in a sector, find the micro-cap opportunities in that sector and work with those companies to build them to commercial production and create an exit.

For more details about Pinetree and its investments, please visit our website at www.pinetreecapital.com.

This news release contains forward-looking statements within the meaning of the “safe harbour” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Pinetree’s results to differ materially from expectations. These include risks relating to market fluctuations, investee performance and other risks. These forward-looking statements speak only as of the date hereof. Pinetree disclaims any intent or obligation to update these forward-looking statements.

Investor Relations Contact for Pinetree Capital Ltd.:

Larry Goldberg, C.A.
Executive Vice President and Chief Financial Officer
Pinetree Capital Ltd. 

130 King Street West, Suite 2810

Toronto, Ontario, Canada, M5X 1A9
416-941-9600
Email: ir@pinetreecapital.com
Web Site: www.pinetreecapital.com

©Copyright 2012 Pinetree Capital Ltd.