BOTHELL, Wash., Jan. 21, 2010 (GLOBE NEWSWIRE) -- The following continues our dialogue regarding significant recent events at our Company and responds to additional questions from our shareholders:
How is the SolCool integration progressing?
The integration is progressing well. We announced in early December that we had received orders for 107 systems with a wholesale value of more than $350,000. These were very high quality orders from cell phone companies in the United States, including the State of Idaho, India, etc.
What are the synergies from the SolCool acquisition?
SolCool has an established distributor network that will allow us to introduce various products to enable off-the-grid living. We previously announced the introduction of Remote Area Power Supplies (RAPS) that can provide 1KW – 10KW systems that are hybrid of solar / wind / and fuel cell products. We are receiving a lot of interest in these RAPS products from developing countries. Additionally, the stand-alone fuel cell products (Infinity eL series) will be distributed through the same supply chain.
What is the status of the Amex listing and are you looking at other exchanges?
Based on the current state of the company, and having completed the various milestones, we are currently focused on the Amex and believe we will be ready to list on the Amex by midyear. Depending on our partnerships with other international customers, suppliers, and targeted markets, we would also consider dual listings on the Hong Kong or Singapore stock exchange, but the current focus is the Amex.
As you may know, just in the last twelve months, Neah Power Systems completed the second Office of Naval Research (US Navy) grant, implemented a manufacturing supply chain, acquired two customers (EKO Vehicles and Hobie Cat), and just recently, introduced our standalone product, the Infinity eL series of fuel cells.
We are most excited by the opportunities for utilization of our anaerobic (non-air) fuel cell in automobiles, trucks, two wheelers, forklifts, electric scooters (EKO Vehicles), and water-based transportation (Hobie Cat). If the vehicle has an electric drive, the fuel cell can effectively make the range unlimited.
Thank you for your continued support of Neah Power and the management team at the company.
Sincerely,
Chris D’Couto
Chief Executive Officer & President
About Neah Power
Neah Power Systems, Inc. (OTCBB: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. Neah believes that the technology can also be used for energy storage and generation.
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.