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Neah Power Systems to Use Jesup & Lamont to Develop Growth Strategies

Jesup & Lamont to advise on possible mergers and acquisitions (M&A)

July 10, 2008

Neah Power Systems, Inc., (OTCBB: NPWS), announced today that it engaged Jesup & Lamont Securities Corporation ('Jesup & Lamont') as its investment banker to advise on M & A activity.

Established in 1877, Jesup & Lamont has an extensive history on Wall Street, with its origins encompassing such successes as providing brokerage services to Standard Oil and raising capital for the construction of Rockefeller Center. Jesup & Lamont, through its two wholly owned brokerage subsidiaries, offers full service broker-dealer services through its approximately 300 retail brokers in over 30 offices nationwide and institutional sales offices in New York, San Francisco, Boston, Boca Raton and Orlando. The Company's Jesup & Lamont Securities Corporation subsidiary also publishes proprietary research on several industries including Aerospace/Defense, Alternative Energy and Life Sciences/Healthcare and offers comprehensive investment banking services.

Ed Cabrera, head of Investment Banking at Jesup & Lamont said, "We are pleased that Neah Power has engaged Jesup & Lamont to advise on financing and M&A activity. We are impressed with the unique solution that Neah Power offers to the power solutions market, and the progress of the company. We look forward to developing an M & A strategy in partnership with the management team that leverages their product, manufacturing model, and other key areas of differentiation".

"As previously noted, Jesup & Lamont has been retained as our investment banker. We are also retaining them to pursue possible merger and acquisition candidates. We have an IP-protected, differentiated, power generation solution that serves a large available market. This power generation solution has strong synergies with a variety of power storage, distribution, and other electrochemical solution providers. This could enhance the ability of the company to provide a more complete solution to our customers", said Dr. Chris D'Couto, President and CEO of Neah Power Systems.

About Neah Power Systems

Neah Power Systems, Inc. (NPWS) is developing long-lasting, efficient and safe power solutions for portable electronic devices, including notebook PCs, military radios and other power-hungry products. The market size for portable power is estimated in the multi-billion dollar range by the research group Frost and Sullivan. Neah Power uses a unique, patented, silicon-based design for its micro fuel cells that enable higher power densities. This enables lighter-weight, smaller form-factors and lower cost products, as well as an outsourced manufacturing model. The company's working micro fuel cell prototype, which was demonstrated on September 28, 2007, runs as a closed-loop system without requiring air as an oxidant. Further company information can be found at our website: www.neahpower.com.

Forward Looking Statements

Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, research and prototype delays, difficulties in developing and commercializing new technologies, and additional risk factors as discussed in the reports filed by the company with the Securities and Exchange Commission, which are available on its website at: http://www.sec.gov.

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