Neah Power Systems Announces Finalization of its Capital Restructure Plan and Name Change to XNRGI, INC.
BOTHELL, Wash., Feb. 21, 2020 /PRNewswire/ -- XNRGI, Inc. (the "Company") announced today that its capital restructure plan has been finalized, which included its corporate name change from Neah Power Systems, Inc. to XNRGI, INC., the shareholder exchange of old common shares for the new Class A Common Shares, and its transition to a non-SEC reporting company.
The Company's restructure plan was approved by shareholders and federal regulatory agencies and XNRGI intends to maintain its non-reporting status for the foreseeable future. Shareholders and the public can follow the Company's progress by viewing periodic updates posted on the Company's website (www.xnrgi.com).
As part of the Company's plan, Shareholders received their new Class A Common Shares in "book entry" registry form instead of paper stock certificates and shareholders should have received their electronic stock holding notification from the Company's transfer agent or from the Company, directly. All shareholder questions concerning their share positions should be addressed to the shareholder's broker or to the Company.
Chris D'Couto, the Company's CEO and President, stated "a recent article published in DigitalTrends.com provides a detailed description of XNRGI and its products, as well as XNRGI's expanded business model from its previous defense contractor concentration to a more mainstream, business-to-business battery storage products market". More information about the Company, its products and its technology is available at https://xnrgi.com. For more information contact [email protected] or visit https://xnrgi.com/contact/.
Safe Harbor Statement
This press release and documents referenced herein contain forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to purchase our technology and products may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the our battery technology or, if not, whether we can successfully meet changing market requirements. Increased competitive pressure on product development and costs, increases in material and other production costs that cannot be recouped in product development and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements.
Media Contact:
Investor Relations
[email protected]
(425) 272-2703
SOURCE XNRGI
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