Neah Power Systems Company Update - November 2016
Status update on Neah Power Systems, Inc.
BOTHELL, Washington, November 3, 2016 /PRNewswire/ --
Neah Power Systems, Inc. (OTCBB: NPWZ) (OTC: NPWZ) - today issued the following Company update:
We continue our diligent efforts to capitalize the Company to realize the potential of the different technologies. For recent followers of the Company, we want to highlight our key products. We have the PowerChip® anaerobic (non-air) fuel cell, most recently accepted by the Defense Research and Development Organization (DRDO) of the Government of India. We also have the Formira Hydrogen on Demand (Formira HOD), the most energy dense solution for the generation of hydrogen from a safe liquid source. The BuzzBar Suite is an off-grid charging solution for consumer and commercial applications. We shipped our BuzzBar Gen2 product, and have a Gen3 design that will ship once we close the next round of financing. Finally, we have the PowerChip® Battery which recently received a grant from the U.S. Department of Energy in the Advanced manufacturing category in partnership with Argonne National Laboratory. All of our products and technologies are covered by 15 patents, 11 pending patent applications and various trade secrets and know how.
Capital Sourcing: This continues to be a challenge for the Company, and we are pursuing a variety of options to meet this critical need. We believe the Company has to be adequately capitalized to be able to source material and build products, and thus enabling the capitalization is a priority for the management of the Company. I have had multiple visits to the UAE where we continue to explore financing and business opportunities. We will update as this effort progresses.
Business Update:
- The work related to DOE grant has started, and we have been exchanging various information with Argonne National Laboratory. We will continue to update as we make progress on this.
- We are negotiating with groups in India to license the non-battery technologies for certain market rights in India. This is still in early stage, and we continue to maintain dialog. The group that we eventually partner with would also be instrumental in negotiating the licensing with the DRDO.
- We are getting interest from multiple parties from the consumer to the defense sector on the battery. We continue to maintain dialog with these groups while we strive to complete the capitalization of the Company.
Thank you for your continued support, and best regards,
Chris D'Couto
President & CEO
For further information, please contact:
Jeffrey A. May, CFO
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, 2015 and its Quarterly Reports on Form 10-Q filed with the SEC during fiscal 2015 for a discussion of such risks, uncertainties and other factors.
Website: http://www.neahpower.com
Phone: +1(425) 424-3324
Email: info@neahpower.com
For further information, please contact:
Jeffrey A. May, CFO
SOURCE Neah Power Systems, Inc.
