BOTHELL, Washington, March 27, 2017 /PRNewswire/ --
Neah Power Systems, Inc. (OTCBB: NPWZ) (OTC: NPWZ) - today issued the following Company update:
We continue our efforts on multiple fronts to capitalize the Company to realize the potential of the different technologies, with an emphasis on the PowerChip® battery. 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.
Business development and capital sourcing: This continues to be a challenge for the Company, and we are pursuing various financing and licensing avenues in different regions of the world.
- I was in China in December 2016 for discussions related to the licensing of the Company products, due to the emphasis on the hydrogen economy in China. A NY Times, Jan 05 2017, report indicates that the China government is expected to spend about $350B between now and 2020 to deploy a hydrogen economy. The Company representatives, including myself, are scheduled to travel again to China during 25th - 31st March 2017 to further the dialog on the battery technology and the hydrogen technology.
- Separately, I was traveling in the UAE and the UK in January 2017, to pursue funding and / or licensing avenues and we continue to have dialog with these entities.
- We recently added Mr. Paul Sidlo to the Board of Directors. Mr. Sidlo, an accomplished executive and technology visionary is based out of Abu Dhabi, and is managing various relationships in the region that are critical to the future success of the Company.
- We are in the process of shipping samples to Argonne National Laboratory related to the PowerChip® battery. We are very optimistic about the performance of the battery based on the performance we have seen to date.
Thank you for your continued support and best regards,
President and CEO
About Neah Power Systems, Inc.
Neah Power Systems, Inc. (OTCBB:NPWZ) is a developer of innovative, long-lasting, efficient and safe power solutions for the military, transportation, and portable electronics applications. Neah uses a unique, patented and award winning, silicon-based design for its PowerChip® technology that enable higher power densities, air and non-air operation, lower cost and compact form-factors. Neah uses patent pending low cost, differentiated technology for its BuzzBar™ and BuzzCell™ micro fuel cells for its consumer oriented products.
Forward Looking Statements
Certain 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.
SOURCE Neah Power Systems, Inc.