BOTHELL, WA--(Marketwire - 08/24/10) - NEAH Power Systems, Inc. (OTC.BB:NPWZ - News) www.neahpower.com, the company leading development in fuel cells for the military and portable electronic devices, announced today it has signed a letter of intent to explore acquisition or merger plans with EKO Vehicles of Bangalore, Private Limited, India (http://www.ekovehicle.com/), India's leading technology producer of two-wheeled electric vehicles. This combined venture is expected to provide additional opportunities for the expansion of product lines and global growth. Both companies are undertaking due diligence efforts in order to determine the viability and the structure of the combination.
NEAH had previously announced a customer relationship with EKO to build fuel cells for EKO's electric scooter product line. The third generation of EKO product is currently being sold in Asia and will shortly be available in the United States and Europe. "We intend to take the synergistic relationship between Neah and EKO to new levels. In addition to the fuel cells for electric two wheelers, we see high demand for Neah's fuel cells for a variety of military and industrial applications in India and Asia, and this relationship could enable us to meet this demand. Our micro fuel cells may eventually replace batteries for most uses," said Dr. Chris D'Couto, President and CEO of Neah Power.
"We welcome NEAH's technology and we share the common goal of reducing the levels of air and noise pollution, provide cost effective power solutions for two wheeler and four wheeler applications, and enable global growth for our products," said Mr. Anil Ananthakrishna, Chairman and Chief Executive Officer of EKOVEHICLES Pvt. Ltd.
About NEAH Power
NEAH Power Systems, Inc. (OTC.BB:NPWZ - News) 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.
About EKO Vehicles
The EKO Vehicles Pvt. Ltd. mission is to reduce atmospheric pollution through the distribution of its low-pollution, electric vehicles. Founder Anil Ananthakrishna has more than 30 years of experience in non-polluting powered vehicle design, testing and manufacturing, industrial consulting and business management. The company is developing "Rapid Battery Charging Stations" at several locations in the cities of Bangalore and Mysore in order to enable customers to charge Eko electric vehicles in under 15 minutes. EKO is planning to introduce electric three-seater, three-wheeler and four-seater, omni-type four-wheelers with the same capabilities.
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, 2009 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
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