BOTHELL, Wash., Jan. 19, 2010 (GLOBE NEWSWIRE) -- Neah Power Systems, Inc. ('Neah') (OTCBB:NPWZ) (www.neahpower.com), the Company developing fuel cells and fuel cell-based renewable energy solutions, announced today that it has reached agreements separately with Ebeling Heffernan (EF), a public markets Consultancy Company based in Bangkok, Thailand, and First Equity Trust to purchase from the company up to $10 million of Neah Power’s common stock between January 26, 2010 and January 25, 2011, with a firm commitment of a minimum of $500,000 at a $1.00 per share (restricted stock) by January 26, 2010. The company also reported that it has received a total of $200,000 from the investors, at a valuation of $1.00 per share in restricted stock.
Dr. Chris D’Couto, Neah CEO, said, “This investment from Ebeling Heffernan and First Equity underscores their confidence in the technology and the management of the company. Tremendous progress has been made by the company and we are now taking orders for our fuel cell and renewable energy solutions, which includes our Solcool line of products.”
Ebeling Heffernan last October sponsored Neah’s introduction to the Asian market with a presentation to energy producers and government agencies from Southeast Asia, including Thailand, Vietnam, Singapore, China and Japan. The Company’s unique technology and products are partially funded by the U.S. Navy, which with Intel Capital, Novellus Systems, Frazier Technology Ventures, Castile Ventures, have invested more than $40M into the company. Neah’s patent-protected anaerobic fuel cells are especially suited to transportation, being able to operate in airless conditions, such as in space and underwater, and is attractive to other transportation implementations (automobiles, trucks, two wheelers, forklifts, etc.) as hybrid implementations where the fuel cell is used to keep a battery constantly charged, and the battery then drives the motor.
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.
About Ebeling Heffernan
Ebeling Heffernan (EF) is a public markets Consultancy Company formed by two experienced stock market analysts, each of whom founded and currently operate two venture capital companies in the USA and Hong Kong. EF showcases its client’s products and services throughout Asia and invests in innovative businesses, the latest technology, novel pharmaceuticals and new markets.
EF offers local companies access to the USA public market sector, providing corporate consultancy, representation, finance, and introductions to global public markets. EF operates several online publications, one of which, Live Trading News, focuses on the broader market and on highlighting investment opportunities in Asia, as many of Asia’s largest companies are not known to western investors.
EF proffers coverage and analysis that offers a new perspective on investing in Asia, covering Real Estate, Travel, Living and Political news, presenting a superior perspective on the various countries of Asia.
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.