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Neah Power Announces Annual Shareholders Meeting to Be Held August 15, 2008

August 14, 2008

Neah Power Systems, Inc., (OTCBB: NPWS - News), a leading developer of fuel cells for military, industrial and consumer portable electronic devices, announced today that it will be holding its annual shareholders meeting Aug. 15, 2008.

The meeting will be held at the Marriott Springhill Suites, located in Bothell, Wash. It will begin promptly at 9 a.m. and release at 11 a.m. PST. Shareholders can follow this link to listen to the live Web cast, listen to a rebroadcast or download a podcast of the event:

http://www.investorcalendar.com/IC/CEPage.asp?ID=133241

Shareholders will have the opportunity to ask questions via the Web during the question and answer portion of the Web cast.

This link can be found on the company's Web site, www.neahpower.com, for shareholders to log on to the meeting as well as find additional information, regarding the meeting.

This annual assembly is an opportunity for shareholders to vote on pending issues or changes within the company, as well as ask needed questions regarding Neah Power Systems, Inc. Shareholders are invited to participate in and attend the shareholder meeting.

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.

For More Information

For press inquiries or
additional information,
please email
ir@neahpower.com.