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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>UNITED
      STATES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SECURITIES
      AND EXCHANGE COMMISSION</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Washington,
      D.C. 20549</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>FORM
      8-K</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
      REPORT</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of
      1934</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report (Date of earliest event reported): </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>February
      15, 2006</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Solomon
      Technologies, Inc.</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of registrant as specified in its charter)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Delaware</u></font></div>
            </td>
            <td valign="top" width="33%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>000-50532</u></font></div>
            </td>
            <td valign="top" width="33%" style="border-bottom: medium none;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>52-1812208</u></font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(State
                or other jurisdiction of incorporation)</font></div>
            </td>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                File Number)</font></div>
            </td>
            <td valign="top" width="33%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(IRS
                Employer Identification No.)</font></div>
            </td>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1400
      L
&amp; R Industrial Boulevard </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Tarpon
      Springs, Florida 34689</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
      of principal executive offices, zip code)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant's
      telephone number, including area code: </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>(727)
      934-8778</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>N/A</u></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Former
      name or former address, if changed since last report)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>see
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
      Instruction A.2. below):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: -3pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: -3pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: -3pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 108pt; TEXT-INDENT: -72pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">o</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: -3pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Forward-Looking
      Statements: </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Some
      of
      the statements in this report are forward-looking statements that involve risks
      and uncertainties. These forward-looking statements include statements about
      our
      plans, objectives, expectations, intentions and assumptions that are not
      statements of historical fact. You can identify these statements by the
      following words: </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      "may"
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      "will"
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      "should" </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      "estimates" </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      "plans"
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      "expects" </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      "believes" </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">-
      "intends" </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
      similar expressions. We cannot guarantee our future results, performance or
      achievements. Our actual results and the timing of corporate events may differ
      significantly from the expectations discussed in the forward-looking statements.
      You are cautioned not to place undue reliance on any forward-looking statements.
      Potential risks and uncertainties that could affect our future operating results
      include, but are not limited to, the risks identified and discussed from time
      to
      time in our filings with the Securities and Exchange Commission.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3.02</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Unregistered
      Sales of Equity Securities</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      February 15, 2006, Solomon Technologies, Inc. (the &#8220;Company&#8221;) completed a
      recapitalization of its Series A preferred stock whereby each outstanding share
      of Series A preferred stock and all accrued and unpaid dividends thereon were
      converted into five shares of common stock. At the time of the recapitalization,
      there were 3,071,474 shares of Series A preferred stock outstanding. These
      shares were converted into 15,357,370 shares of common stock. In addition,
      on
      February 15, 2006, warrants to purchase an aggregate of 4,646,474 shares of
      common stock at an exercise price of $1.00 per share were exchanged by the
      warrant holders for an aggregate of 2,323,237 shares of common stock. The
      warrants were held by certain of the Company&#8217;s Series A preferred
      stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      recapitalization and warrant exchange offer were effected on the basis of an
      exemption from registration provided by Section 3(a)(9) of the Securities Act
      of
      1933, as amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      3.03</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Material
      Modification to Rights of Security Holders</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      described under Item 3.02, on February 15, 2006, the Company completed a
      recapitalization of its Series A preferred stock. Each outstanding share of
      Series A preferred stock and all accrued and unpaid dividends thereon were
      converted into five shares of common stock. The following chart outlines the
      material differences between the Company&#8217;s common stock and Series A preferred
      stock:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div>&#160;</div>
      <div>&#160;</div>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="14%">&#160;</td>
            <td valign="top" width="25%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Common
                Stock</strong></font></div>
            </td>
            <td width="2%">&#160;</td>
            <td valign="top" width="41%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Series
                A Preferred Stock</strong></font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Voting
                Rights:</font></div>
            </td>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                holders of the Company&#8217;s common stock are entitled to one vote for each
                share of common stock held on all matters submitted to a vote of
                stockholders and do not have cumulative voting rights.</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                holders of the Company&#8217;s Series A preferred stock are entitled to vote,
                together with the holders of the Company&#8217;s common stock, as a single
                class. The holders of Series A preferred stock have the number of
                votes
                per share as is equal to the number of shares of common stock into
                which
                each share of Series A preferred stock is convertible. Additionally,
                as
                long as at least 65,000 shares of Series A preferred stock are
                outstanding, the affirmative vote of 75% of the Series A preferred
                stock
                is required to:</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">authorize
                or issue shares of any class of stock having any preference or priority
                as
                to dividends or assets superior to or on a parity with any such preference
                or priority of the Series A preferred stock;</font></div>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                increase or decrease the number of directors constituting the Company&#8217;s
                board of directors;</font></div>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">amend,
                alter or repeal any provision of the Company&#8217;s certificate of
                incorporation or bylaws;</font></div>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">merge
                or consolidate with any person or entity;</font></div>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">incur
                any indebtedness for borrowed money; or </font></div>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">engage
                in any action that would adversely affect the holders of the Series
                A
                preferred stock.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
            <td width="2%">&#160;</td>
            <td align="left" valign="top" width="41%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Board
                Seats:</font></div>
            </td>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                holders of the Company&#8217;s common stock are entitled to elect two members of
                the Company&#8217;s board of directors.</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                holders of the Company&#8217;s Series A preferred stock are entitled to elect
                three members of the Company&#8217;s board of directors.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
            <td width="2%">&#160;</td>
            <td align="left" valign="top" width="41%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Dividends:</font></div>
            </td>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subject
                to preferences that may be applicable to any shares of preferred
                stock
                outstanding at the time, holders of the Company&#8217;s common stock are
                entitled to receive dividends ratably, if any, as may be declared
                from
                time to time by the Company&#8217;s board of directors out of legally available
                funds. </font></div>
            </td>
            <td width="2%">&#160;</td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                holders of the Company&#8217;s Series A preferred stock are entitled to receive,
                if, when and as declared by the Company&#8217;s board of directors and before
                any cash is paid out or set aside for any common stock, dividends
                at the
                annual rate of $0.08 per share, subject to adjustment for stock splits
                and
                similar transactions. The dividends will accrue and be cumulative
                and will
                be payable upon the earlier to occur of redemption or liquidation,
                if not
                paid earlier. The holders of the Company&#8217;s Series A preferred stock are
                entitled to participate in any dividends paid to the Company&#8217;s common
                stockholders on an as converted basis. </font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
            <td width="2%">&#160;</td>
            <td align="left" valign="top" width="41%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Liquidation
                Rights:</font></div>
            </td>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Upon
                the Company&#8217;s liquidation, dissolution and winding up, the holders of the
                Company&#8217;s common stock are entitled to receive ratably, net assets
                available after the payment of </font></div>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">all
                secured liabilities, including any then outstanding secured debt
                securities which we may have issued as of such time,</font></div>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">all
                unsecured liabilities, including any then outstanding unsecured debt
                securities which we may have issued as of such time, and</font></div>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">all
                liquidation preferences on any then outstanding preferred
                stock.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td width="2%">&#160;</td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                holders of the Company&#8217;s Series A preferred stock are entitled to receive,
                in preference to the holders of common stock, an amount equal to
                $5.00 per
                share in the event of any liquidation occurring after April 29, 2005
                but
                before April 30, 2006, and $6.00 per share in the event of any liquidation
                occurring on April 30, 2006 or thereafter, plus, in each case, any
                accrued
                but unpaid dividends. After the payment of the liquidation preference
                to
                the holders of the Company&#8217;s Series A preferred stock, the remaining
                assets will be distributed ratably to the holders of the Company&#8217;s common
                stock and the Company&#8217;s Series A preferred stock on an as-converted basis.
                A merger, consolidation, sale of assets, sale of any business unit,
                division or subsidiary, or a transaction in which voting control
                of the
                Company&#8217;s company is transferred will be treated as a liquidation unless
                the holders of 75% of the outstanding Series A preferred stock vote
                or
                consent otherwise.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div>&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Redemption
                Rights:</font></div>
            </td>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                holders of the Company&#8217;s common stock have no redemption
                rights.</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                shares of Series A preferred stock are redeemable, in whole or in
                part, at
                the option of the holders on or after April 29, 2007. The redemption
                value
                will be $6.00 per share plus accrued or accumulated and unpaid
                dividends.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Conversion
                Rights:</font></div>
            </td>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                holders of the Company&#8217;s common stock have no conversion
                rights.</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Each
                share of Series A preferred stock may be redeemed and converted at
                any
                time, at the Company&#8217;s option, initially into one share of common stock
                but only after payment of the liquidation preference. Each share
                of the
                Series A preferred stock may be converted at any time, at the option
                of
                the holder, initially into one share of common stock.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                number shares of common stock into which the Series A preferred stock
                is
                convertible is subject to adjustment to prevent dilution in the event
                of:</font></div>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                stock split, stock dividend or recapitalization (e.g., restructuring
                of
                debt into equity), or</font></div>
              <div style="MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#167;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt">&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                issuance of additional shares of common stock (or other security
                or
                instrument convertible into common stock) at a per share purchase
                price
                that is less than the per share price at which the Series A preferred
                stock may be converted into common stock, after giving effect to
                any
                earlier adjustments. Adjustment of the number of shares is on a
                weighted-average basis.</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">&#160;</td>
            <td align="left" valign="top" width="25%">&#160;</td>
            <td width="2%">&#160;</td>
            <td align="left" valign="top" width="41%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Preemptive
                Rights:</font></div>
            </td>
            <td align="left" valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                holders of the Company&#8217;s common stock do not have preemptive
                rights.</font></div>
            </td>
            <td width="2%">&#160;</td>
            <td align="left" valign="top" width="41%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                holders of the Company&#8217;s Series A preferred stock have a preemptive right
                to purchase their pro rata share, based on the number of shares then
                outstanding, of new securities that we may from time to time propose
                to
                sell or issue, except shares proposed to be issued pursuant to an
                underwritten public offering of the Company&#8217;s common
                stock.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      5.02</strong></font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Departure
      of Directors or Principal Officers; Election of Directors; Appointment of
      Principal Officers</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      February 15, 2006, pursuant to the Certificate of Designation of Series and
      Determination of Rights and Preferences of the Series A preferred stock of
      the
      Company, the three members of the board of directors elected by the holders
      of
      the Series A preferred stock- Jonathan Betts, Michael D&#8217;Amelio and Gary
      Laskowski- were automatically removed from the board effective upon the
      recapitalization described in Item 3.02 above because there were less than
      65,000 shares of Series A preferred stock outstanding. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      February 15, 2006, after the recapitalization described in Item 3.02 above
      became effective, the two remaining directors re-appointed Messrs. Betts,
      D&#8217;Amelio and Laskowski to the board. Mr. Laskowski was also re-appointed to the
      audit committee of the board. Certain biographical information about the three
      directors is set forth below:</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Jonathan
      Betts</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Mr.
      Betts is a principal and founder of Venture Partners, a private investment
      bank,
      founded in 1986. Mr. Betts previously served as a member of the consulting
      operation of Technology Transitions Incorporated, a venture capital firm and
      as
      Regional Sales Manager for Medical Electronics Corporation, a critical care
      medical instrumentation manufacturer. Mr. Betts has a Bachelor&#8217;s Degree in
      Electrical Engineering from Boston University.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Michael
      D&#8217;Amelio</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      Mr.
      D&#8217;Amelio has been a director of the Company since May 2004 and vice president
      since November 2004. Mr. D&#8217;Amelio is the Managing Director and founder of JMC
      Venture Partners LLC, a private equity fund founded in 1999 that focuses on
      middle market manufacturing, distribution, technology and service companies.
      In
      addition, Mr. D&#8217;Amelio is a partner in the investment banking firm of Grace
      Matthews. From 1991 to 1999, Mr. D&#8217;Amelio served as President and CEO of TACC
      International Corporation, a specialty chemical manufacturer with facilities
      located throughout the United States that was subsequently sold to a Fortune
      500
      buyer. Mr. D&#8217;Amelio serves on numerous corporate boards and committees and is a
      graduate of Northeastern University with a BS in Management. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>Gary
      M. Laskowski</em></strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>.
      </em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
      Laskowski has been a director of the Company since May 2004 and vice president
      since November 2005. Mr. Laskowski is a principal and founder of Venture
      Partners Ltd., a private investment bank founded in 1986. Prior thereto Mr.
      Laskowski served as a member of the consulting operation of Technology
      Transitions Incorporated, a venture capital firm, and prior to that in a number
      of roles, including Vice President, Marketing, for Canberra Industries, Inc.,
      a
      supplier of data acquisition and analysis systems. Mr. Laskowski serves on
      the
      boards of a number of companies involved in electronics, power systems and
      software development. Mr. Laskowski holds a Bachelor&#8217;s Degree in Electrical
      Engineering from the University of Connecticut. </font></div>
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      to the requirements of the Securities Exchange Act of 1934, as amended, the
      Registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font></div>
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              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">SOLOMON
                TECHNOLOGIES, INC.</font></td>
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              <td>&#160;</td>
              <td colspan="2"><font size="2">(Registrant)</font></td>
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">Dated:
                February 17, 2006</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Peter
                W.
                DeVecchis, Jr.</font></td>
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                <hr style="COLOR: black" align="left" noshade size="2" width="80%"><font size="2">Peter
                W. DeVecchis, Jr.</font></td>
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">President</font></td>
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              <td colspan="2">&#160;</td>
              <td><font size="2">(Principal Executive
                Officer)</font></td>
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{"company-data": {"conformed-name": "SOLOMON TECHNOLOGIES INC", "cik": "0001240722", "assigned-sic": "3621", "irs-number": "521812208", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-50532", "film-number": "06630716"}, "business-address": {"street1": "7375 BENEDICT AVENUE", "city": "BENEDICT", "state": "MD", "zip": "20612", "phone": "3012744479"}, "mail-address": {"street1": "1400 L & R INDUSTRIAL BOULEVARD", "city": "TARPON SPRINGS", "state": "FL", "zip": "34689"}}
UNITED
      STATES
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
FORM
      8-K
CURRENT
      REPORT
Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of
      1934
Date
      of
      Report (Date of earliest event reported):
February
      15, 2006
Solomon
      Technologies, Inc.
(Exact
      name of registrant as specified in its charter)
Delaware
000-50532
52-1812208
(State
                or other jurisdiction of incorporation)
(Commission
                File Number)
(IRS
                Employer Identification No.)
1400
      L
& R Industrial Boulevard
Tarpon
      Springs, Florida 34689
(Address
      of principal executive offices, zip code)
Registrant's
      telephone number, including area code:
(727)
      934-8778
N/A
(Former
      name or former address, if changed since last report)
Check
      the
      appropriate box below if the Form 8-K filing is intended to simultaneously
      satisfy the filing obligation of the registrant under any of the following
      provisions (
see
General
      Instruction A.2. below):
o
Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)
o
Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)
o
Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))
o
Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))
Forward-Looking
      Statements:
Some
      of
      the statements in this report are forward-looking statements that involve risks
      and uncertainties. These forward-looking statements include statements about
      our
      plans, objectives, expectations, intentions and assumptions that are not
      statements of historical fact. You can identify these statements by the
      following words:
-
      "may"
-
      "will"
-
      "should"
-
      "estimates"
-
      "plans"
-
      "expects"
-
      "believes"
-
      "intends"
and
      similar expressions. We cannot guarantee our future results, performance or
      achievements. Our actual results and the timing of corporate events may differ
      significantly from the expectations discussed in the forward-looking statements.
      You are cautioned not to place undue reliance on any forward-looking statements.
      Potential risks and uncertainties that could affect our future operating results
      include, but are not limited to, the risks identified and discussed from time
      to
      time in our filings with the Securities and Exchange Commission.
Item
      3.02
Unregistered
      Sales of Equity Securities
On
      February 15, 2006, Solomon Technologies, Inc. (the "Company") completed a
      recapitalization of its Series A preferred stock whereby each outstanding share
      of Series A preferred stock and all accrued and unpaid dividends thereon were
      converted into five shares of common stock. At the time of the recapitalization,
      there were 3,071,474 shares of Series A preferred stock outstanding. These
      shares were converted into 15,357,370 shares of common stock. In addition,
      on
      February 15, 2006, warrants to purchase an aggregate of 4,646,474 shares of
      common stock at an exercise price of $1.00 per share were exchanged by the
      warrant holders for an aggregate of 2,323,237 shares of common stock. The
      warrants were held by certain of the Company's Series A preferred
      stockholders.
The
      recapitalization and warrant exchange offer were effected on the basis of an
      exemption from registration provided by Section 3(a)(9) of the Securities Act
      of
      1933, as amended.
Item
      3.03
Material
      Modification to Rights of Security Holders
As
      described under Item 3.02, on February 15, 2006, the Company completed a
      recapitalization of its Series A preferred stock. Each outstanding share of
      Series A preferred stock and all accrued and unpaid dividends thereon were
      converted into five shares of common stock. The following chart outlines the
      material differences between the Company's common stock and Series A preferred
      stock:
2
Common
                Stock
Series
                A Preferred Stock
Voting
                Rights:
The
                holders of the Company's common stock are entitled to one vote for each
                share of common stock held on all matters submitted to a vote of
                stockholders and do not have cumulative voting rights.
The
                holders of the Company's Series A preferred stock are entitled to vote,
                together with the holders of the Company's common stock, as a single
                class. The holders of Series A preferred stock have the number of
                votes
                per share as is equal to the number of shares of common stock into
                which
                each share of Series A preferred stock is convertible. Additionally,
                as
                long as at least 65,000 shares of Series A preferred stock are
                outstanding, the affirmative vote of 75% of the Series A preferred
                stock
                is required to:
§
authorize
                or issue shares of any class of stock having any preference or priority
                as
                to dividends or assets superior to or on a parity with any such preference
                or priority of the Series A preferred stock;
§
increase or decrease the number of directors constituting the Company's
                board of directors;
§
amend,
                alter or repeal any provision of the Company's certificate of
                incorporation or bylaws;
§
merge
                or consolidate with any person or entity;
§
incur
                any indebtedness for borrowed money; or
§
engage
                in any action that would adversely affect the holders of the Series
                A
                preferred stock.
Board
                Seats:
The
                holders of the Company's common stock are entitled to elect two members of
                the Company's board of directors.
The
                holders of the Company's Series A preferred stock are entitled to elect
                three members of the Company's board of directors.
Dividends:
Subject
                to preferences that may be applicable to any shares of preferred
                stock
                outstanding at the time, holders of the Company's common stock are
                entitled to receive dividends ratably, if any, as may be declared
                from
                time to time by the Company's board of directors out of legally available
                funds.
The
                holders of the Company's Series A preferred stock are entitled to receive,
                if, when and as declared by the Company's board of directors and before
                any cash is paid out or set aside for any common stock, dividends
                at the
                annual rate of $0.08 per share, subject to adjustment for stock splits
                and
                similar transactions. The dividends will accrue and be cumulative
                and will
                be payable upon the earlier to occur of redemption or liquidation,
                if not
                paid earlier. The holders of the Company's Series A preferred stock are
                entitled to participate in any dividends paid to the Company's common
                stockholders on an as converted basis.
Liquidation
                Rights:
Upon
                the Company's liquidation, dissolution and winding up, the holders of the
                Company's common stock are entitled to receive ratably, net assets
                available after the payment of
§
all
                secured liabilities, including any then outstanding secured debt
                securities which we may have issued as of such time,
§
all
                unsecured liabilities, including any then outstanding unsecured debt
                securities which we may have issued as of such time, and
§
all
                liquidation preferences on any then outstanding preferred
                stock.
The
                holders of the Company's Series A preferred stock are entitled to receive,
                in preference to the holders of common stock, an amount equal to
                $5.00 per
                share in the event of any liquidation occurring after April 29, 2005
                but
                before April 30, 2006, and $6.00 per share in the event of any liquidation
                occurring on April 30, 2006 or thereafter, plus, in each case, any
                accrued
                but unpaid dividends. After the payment of the liquidation preference
                to
                the holders of the Company's Series A preferred stock, the remaining
                assets will be distributed ratably to the holders of the Company's common
                stock and the Company's Series A preferred stock on an as-converted basis.
                A merger, consolidation, sale of assets, sale of any business unit,
                division or subsidiary, or a transaction in which voting control
                of the
                Company's company is transferred will be treated as a liquidation unless
                the holders of 75% of the outstanding Series A preferred stock vote
                or
                consent otherwise.
3
Redemption
                Rights:
The
                holders of the Company's common stock have no redemption
                rights.
The
                shares of Series A preferred stock are redeemable, in whole or in
                part, at
                the option of the holders on or after April 29, 2007. The redemption
                value
                will be $6.00 per share plus accrued or accumulated and unpaid
                dividends.
Conversion
                Rights:
The
                holders of the Company's common stock have no conversion
                rights.
Each
                share of Series A preferred stock may be redeemed and converted at
                any
                time, at the Company's option, initially into one share of common stock
                but only after payment of the liquidation preference. Each share
                of the
                Series A preferred stock may be converted at any time, at the option
                of
                the holder, initially into one share of common stock.
The
                number shares of common stock into which the Series A preferred stock
                is
                convertible is subject to adjustment to prevent dilution in the event
                of:
§
a
                stock split, stock dividend or recapitalization (e.g., restructuring
                of
                debt into equity), or
§
the
                issuance of additional shares of common stock (or other security
                or
                instrument convertible into common stock) at a per share purchase
                price
                that is less than the per share price at which the Series A preferred
                stock may be converted into common stock, after giving effect to
                any
                earlier adjustments. Adjustment of the number of shares is on a
                weighted-average basis.
Preemptive
                Rights:
The
                holders of the Company's common stock do not have preemptive
                rights.
The
                holders of the Company's Series A preferred stock have a preemptive right
                to purchase their pro rata share, based on the number of shares then
                outstanding, of new securities that we may from time to time propose
                to
                sell or issue, except shares proposed to be issued pursuant to an
                underwritten public offering of the Company's common
                stock.
Item
      5.02
Departure
      of Directors or Principal Officers; Election of Directors; Appointment of
      Principal Officers
(b)
On
      February 15, 2006, pursuant to the Certificate of Designation of Series and
      Determination of Rights and Preferences of the Series A preferred stock of
      the
      Company, the three members of the board of directors elected by the holders
      of
      the Series A preferred stock- Jonathan Betts, Michael D'Amelio and Gary
      Laskowski- were automatically removed from the board effective upon the
      recapitalization described in Item 3.02 above because there were less than
      65,000 shares of Series A preferred stock outstanding.
4
(d)
On
      February 15, 2006, after the recapitalization described in Item 3.02 above
      became effective, the two remaining directors re-appointed Messrs. Betts,
      D'Amelio and Laskowski to the board. Mr. Laskowski was also re-appointed to the
      audit committee of the board. Certain biographical information about the three
      directors is set forth below:
Jonathan
      Betts
.
      Mr.
      Betts is a principal and founder of Venture Partners, a private investment
      bank,
      founded in 1986. Mr. Betts previously served as a member of the consulting
      operation of Technology Transitions Incorporated, a venture capital firm and
      as
      Regional Sales Manager for Medical Electronics Corporation, a critical care
      medical instrumentation manufacturer. Mr. Betts has a Bachelor's Degree in
      Electrical Engineering from Boston University.
Michael
      D'Amelio
.
      Mr.
      D'Amelio has been a director of the Company since May 2004 and vice president
      since November 2004. Mr. D'Amelio is the Managing Director and founder of JMC
      Venture Partners LLC, a private equity fund founded in 1999 that focuses on
      middle market manufacturing, distribution, technology and service companies.
      In
      addition, Mr. D'Amelio is a partner in the investment banking firm of Grace
      Matthews. From 1991 to 1999, Mr. D'Amelio served as President and CEO of TACC
      International Corporation, a specialty chemical manufacturer with facilities
      located throughout the United States that was subsequently sold to a Fortune
      500
      buyer. Mr. D'Amelio serves on numerous corporate boards and committees and is a
      graduate of Northeastern University with a BS in Management.
Gary
      M. Laskowski
.
Mr.
      Laskowski has been a director of the Company since May 2004 and vice president
      since November 2005. Mr. Laskowski is a principal and founder of Venture
      Partners Ltd., a private investment bank founded in 1986. Prior thereto Mr.
      Laskowski served as a member of the consulting operation of Technology
      Transitions Incorporated, a venture capital firm, and prior to that in a number
      of roles, including Vice President, Marketing, for Canberra Industries, Inc.,
      a
      supplier of data acquisition and analysis systems. Mr. Laskowski serves on
      the
      boards of a number of companies involved in electronics, power systems and
      software development. Mr. Laskowski holds a Bachelor's Degree in Electrical
      Engineering from the University of Connecticut.
5
SIGNATURE
Pursuant
      to the requirements of the Securities Exchange Act of 1934, as amended, the
      Registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.
SOLOMON
                TECHNOLOGIES, INC.
(Registrant)
Dated:
                February 17, 2006
By:
/s/ Peter
                W.
                DeVecchis, Jr.
Peter
                W. DeVecchis, Jr.
President
(Principal Executive
                Officer)
6