BOTHELL, Wash., Jan. 25, 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 had filed its annual report on Wednesday, January 13th 2010. As part of the annual report filing, it was reported that the company had made significant strides in the technology and product development and operating cost reduction.
Ed Cabrera, a director of Neah Power Systems, Inc., said today the Company appears to be forming a position that will allow it to file with the American Stock Exchange.
Cabrera is Head of Investment Banking and Co-Head of Capital Markets at Jesup & Lamont, one of the largest broker-dealers in the rapidly-growing South of the United States, with over 180 financial consultants in 20 retail offices and 6 institutional desks that trade for over 800 institutional clients throughout the world.
"In the last Month, Neah Power has made several technological breakthroughs, including continuous run time of more than 2,000 hours for their unique fuel cell, in perhaps the most important industry of the future, alternate energy," Cabrera said, "and announced that it is taking orders for its patented, porous, silicon-based anaerobic fuel cells as stand alone products and in integrated consumer, military and industrial applications." "Neah has just begun to grow. With over $40 million invested, development partners in the U.S. and India, and orders and contracts not only in the U.S., but also around the world, we feel confident in a future uplist to a higher exchange."
Cabrera has worked on Wall Street for over 20 years as an investment banker, equity analyst, market strategist and portfolio manager at Merrill Lynch, where for 11 years, he was Managing Director and Head of Latin America, building the top ranked team for the region, according to Greenwich Associate surveys and Latin Finance magazine polls. He was selected for the 2000 Millennium edition of Who's Who in Finance and has been named to the All-America team by Institutional Investor for the quality of his work
For product enquiries, please contact products@neahpower.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.