Neah Power Systems Completes Asset Acquisition of Fuel Cell Business

27 Nov 2013

Neah Power

Neah Power Systems, Inc., (OTCBB:NPWZ) has announced that it 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 commercialise the assets that we bring to the table."

As part of this asset purchase and previously announced investment by Clean Tech Investors LLC, Mr. Shenkin will be joining the Board of Directors of Neah Power Systems.


Source: Neah Power Systems


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