BOTHELL, Wash., Feb. 9, 2010 (GLOBE NEWSWIRE) -- Neah Power Systems, Inc., ('Neah') (OTCBB:NPWZ) (www.neahpower.com/">www.neahpower.com) a leading developer of fuel cell-based renewable energy solutions, reported today that Neal Kaufman will assist management in the transition to revenue generation. Kaufman has extensive experience in leading roles in General Electric's Internet subsidiary, and with 3Com Corporation. With this engagement, Neal Kaufman has joined the advisory committee of NPWZ. Mr. Kaufman has significant experience working with large and small high-tech companies, leveraging advanced technologies to bring products to the market. He will work with Neah Power to accelerate the transition from research & development to commercializing products based on the company's award-winning technology.
Dr. Chris D'Couto, Neah Power CEO, said that enhancing and expanding the management structure of the company is a key factor for the growth and success of the company. "We welcome Neal Kaufman to Neah. His leadership expertise with leading public companies is extremely valuable to Neah Power at this crucial moment of the company's development and growth. Neah Power has made significant strides in technology and product development, and operating cost reduction, including continuous run time of more than 2,000 hours for our unique fuel cell. We are now taking orders for our patented, porous, silicon-based anaerobic fuel cells as stand alone products and in integrated consumer, military and industrial applications."
Neal Kaufman commented, "Developing new forms of energy storage is crucial in the current economic and political environment. Neah Power has industry leading technology; over $40 million invested, development partners in the U.S. and India, and is developing and commercializing exciting products to capitalize on this business opportunity."
Mr. Kaufman has provided support to organizations looking to expand and grow new clean technology efforts. Recently he was an investment banker, wholly focused on bringing capital to support new business efforts in this growing sector. Prior to that, he was the Chief Executive Officer of a publicly traded company focused on using recycled composite materials to replace existing chemically treated wood products. From 2001 to 2005 he worked at 3Com Corporation, where he was responsible for stackable switches and SMB products. Prior to that, he worked for NBC Internet, opening and running international offices. He began his career at McKinsey & Co., working in the U.S., Europe and South America. He has a BA in economics from Harvard College, an MA from Stanford University and an MBA from Harvard Business School.
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/">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.