BOTHELL, Wash., Feb. 12, 2010 (GLOBE NEWSWIRE) -- Neah Power Systems, Inc., ('Neah') (OTCBB:NPWZ) www.neahpower.com, the company developing fuel cell based renewable energy solutions, reported that it has signed documents with CyVolt Energy Systems ('CyVolt') to acquire all of its technology and assets. The cost of the acquisition would be covered by the company's recently announced financing that management plans to use to acquire businesses that are expected to provide positive cash flows in the near term.
Dr. Chris D'Couto, President and CEO of Neah Power Systems, said, "Neah's goals, as part of the recently announced funding, is to complete strategic acquisitions that complement Neah's technology and meet our target of having commercially available products within the next 6 months. CyVolt meets these high standards."
Neah intends to introduce the product, a hybrid fuel cell technology that recharges industry-standard lithium ion batteries, to the retail market within four to six months. Lithium ion batteries are the most common form of battery used in portable electronics. The product will produce ongoing power by "hot-swapping" additional fuel via cartridges or refills, thereby eliminating dependence on access to the electrical grid.
CyVolt Energy Systems is a Cleantech company developing fuel cell based portable power products for the consumer and military electronics market. CyVolt has developed a renewable fuel cell technology with the potential of significantly reducing development and downstream manufacturing costs. www.cyvolt.com
About Neah Power
Neah Power Systems, Inc. (NPWZ) is developing long-lasting, efficient and safe power solutions for the military, industrial and consumer applications, 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. The company is developing energy generation and storage solutions based on its patented technology.
Further company information can be found at www.neahpower.com.
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. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. See Neah Power System's Form 10-KSB for the fiscal year ended September 30, 2008 for a discussion of such risks, uncertainties and other factors. These forward-looking statements are based on management's expectations as of the date hereof, and the company does not undertake any responsibility to update any of these statements in the future.