Neah Power Systems Completes Asset Acquisition of Fuel Cell Business Enabling New Market Opportunities
November 26 2013 - 9:00AM
Neah Power Systems, Inc., (OTCBB:NPWZ) http://www.neahpower.com, a
provider of power solutions using proprietary, award winning
technology for the military, transportation, and portable
electronics markets using the PowerChip® and the Buzz Bar
technologies, announced today that the Company has completed a fuel
cell technology asset acquisition that bolsters its current product
line up, and opens up new market opportunities in the renewable
energy sector. Neah Power Systems, Inc. (the "Company") issued
23,198,600 restricted common shares at a price of $0.019 per share,
to Clean Tech Investors LLC (the "Seller") for a purchase price of
$440,000 pursuant to the terms of an Asset Purchase Agreement.
"This is an exciting time," said Dr. Chris D'Couto, CEO of Neah
Power Systems. "The integration of this technology, intellectual
property, and physical assets into the Company's suite of product
offerings, strengthens our value proposition in the renewable
energy marketplace, and opens up new avenues. We will continue to
update shareholders on an ongoing basis on the new opportunities
enabled by this asset purchase."
Bill Shenkin, Manager of Clean Tech Investors LLC, noted, "We
are pleased to combine these assets which were developed using an
excess of $15M into Neah Power Systems. We believe that the ongoing
commercial success of Neah Power Systems will provide a pathway to
commercialize the assets that we bring to the table."
As part of this asset purchase and previously announced
investment by Clean Tech Investors LLC, Mr. Shenkin will be joining
the Board of Directors of Neah Power Systems.
About Neah Power
Neah Power Systems, Inc. (NPWZ.OB) is an innovator of
cutting-edge power solutions for the military, transportation and
portable electronics industries. Neah Power's long-lasting,
efficient, and safe solutions include patent-pending micro fuel
cells that enable higher power densities in compact form-factors at
a lower cost, and that run in aerobic and anaerobic modes. Neah
Power was a 2012 ZINO Green Finalist, 2010 WTIA Finalist, and 2010
Best of What's New Popular Science Award. Contact Neah Power at
(425) 424.3324 ext-108 or info@NeahPower.com. Neah Power has named
Hitman, Inc., as their current agency of record.
Forward Looking Statements
Certain of the statements contained herein may be, within the
meaning of the federal securities laws, "forward-looking
statements," which are subject to risks and uncertainties that
could cause actual results to differ materially from those
described in the forward-looking statements, and the Company does
not undertake any responsibility to update any of these statements
in the future. Please read Neah Power System's Form 10-K for the
fiscal year ended September 30, 2012 and its Quarterly Reports on
Form 10-Q filed with the SEC during fiscal 2013 for a discussion of
such risks, uncertainties and other factors.
CONTACT: Media Contact:
Steve Brazell
Hitman, Inc. | (212) 300.6026
steve@yourhitman.com