BOTHELL, Wash., July 30, 2009 - Neah Power Systems, Inc. ('Neah') (OTCBB:NPWZ - News) www.neahpower.com, the Company developing fuel cells for the military and portable electronic devices, announced today that it has reached agreement with Optimus Energy Capital Partners, LLC ('Optimus'), an investment fund, under which Optimus may purchase up to $10 million of Neah Power's Series B Preferred Stock between today's date and July 27, 2010 at Neah Power's sole discretion.
Dr. Chris D'Couto, Neah CEO, said, "The confidence shown by the financial community in Neah's patent-protected technology and our commercial engagements is truly gratifying. This major commitment to the company should enable us to quickly complete manifold renewable energy solutions for our customers and meet our corporate goals including listing on the AMEX. We are enthused by this further endorsement of Neah's IP-protected, differentiated product, management team, and, we believe, the untapped market opportunity ahead of the company."
About NEAH Power
NEAH Power Systems, Inc. (NPWZ) is developing long-lasting, efficient and safe power solutions for the military and for portable electronic devices. NEAH uses a unique, patented, silicon-based design for its micro fuel cells that enable higher power densities, lower cost and compact form-factors. The company's micro fuel cell system can run in aerobic and anaerobic modes.
Further company information can be found at www.neahpower.com.
Forward-Looking Statements
This press release contains forward-looking statements and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Review previous filings for information about other forward-looking statements. 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. Factors that might cause such material difference include, among others, our limited operating history, potential research and prototype delays, difficulties in developing and commercializing new technologies.
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