Nov 27 2013
Neah Power Systems, Inc., a provider of power solutions using proprietary, award winning technology for the military, transportation, and portable electronics markets using the PowerChip® and the Buzz Bar technologies, announced today that the Company has completed a fuel cell technology asset acquisition that bolsters its current product line up, and opens up new market opportunities in the renewable energy sector.
Neah Power Systems, Inc. (the "Company") issued 23,198,600 restricted common shares at a price of $0.019 per share, to Clean Tech Investors LLC (the "Seller") for a purchase price of $440,000 pursuant to the terms of an Asset Purchase Agreement.
"This is an exciting time," said Dr. Chris D'Couto, CEO of Neah Power Systems. "The integration of this technology, intellectual property, and physical assets into the Company's suite of product offerings, strengthens our value proposition in the renewable energy marketplace, and opens up new avenues. We will continue to update shareholders on an ongoing basis on the new opportunities enabled by this asset purchase."
Bill Shenkin, Manager of Clean Tech Investors LLC, noted, "We are pleased to combine these assets which were developed using an excess of $15M into Neah Power Systems. We believe that the ongoing commercial success of Neah Power Systems will provide a pathway to commercialize the assets that we bring to the table."