Neah Power Systems Settles Outstanding Debt with EPD Investment
Neah Power Systems announced today that it has fully retired its debt obligation with EPD Investment Co. which fully releases all claims on intellectual property, assets and other miscellaneous fees associated with the company.
“The original terms of the loan with EPD were considered, by the new board of directors, to be a major impediment in completing the interim financing of Neah Power. We are now proceeding with our funding and development plans,” said James H. Smith, chairman of the board of directors for Neah Power.
President and CEO of Neah Power Systems, Dr. Chris D’Couto said, “This settlement with EPD eliminates a major concern that investors had with Neah Power. This loan was secured by the assets of the company, and this settlement enables the company to control and fully utilize its assets. This is a significant accomplishment for the company, and enables us to continue on our path towards commercialisation.”
Source: Fuel Cell Today
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