BOTHELL, Wash., Feb. 16, 2010 (GLOBE NEWSWIRE) -- Neah Power Systems, Inc., ('Neah') (OTCBB:NPWZ) www.neahpower.com, the company developing fuel cell-based renewable energy solutions, today further elaborated on its decision to acquire CyVolt Energy Systems.
CyVolt Energy Systems ('CyVolt') is a cleantech company developing fuel cell-based portable power products for the consumer and military electronics market, which includes a contract from the U.S. Air Force enabling CyVolt, with Neah's expertise, to potentially provide and deploy compelling remote-power solutions.
Dr. Chris D'Couto, President and CEO of Neah Power, said, "CyVolt's unique product capability complements Neah's patented products, and increases our ability to serve a variety of markets from low power consumer applications to higher power range industrial, consumer, and military applications. The market for the CyVolt products is estimated at greater than five hundred million dollars in five years, as reported in the recently released Frost and Sullivan report. Neah expects to have first products based on the CyVolt technology within two quarters from completing this acquisition."
"CyVolt is excited to be teaming with Neah Power and looks forward to leveraging its top-notch laboratory infrastructure and engineering expertise in furthering both companies' technologies," said Art Rancis, Chairman of CyVolt. "CyVolt's hybrid fuel cell technology, when combined with Neah's proven commercialization expertise, has the real potential to provide compelling solutions for myriad applications, including military, where portable, long-lasting power sources remain a critical issue."
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.