Neah Power Systems, Inc. (OTCBB:NPWS), a leading developer of fuel cells for military application and portable electronic devices, announced its board of directors has appointed Dr. Gerard C. (Chris) D'Couto as the Company’s new President and Chief Executive Officer, effective February 1, 2008, and elected Paul Abramowitz as the new Chairman of the Board of Directors. Dr. D’Couto will also hold a seat on the Board and Dr. Daniel Rosen, who has served as Executive Chairman, will serve as Director.
“After steering Neah Power through its first years as a public company, its gives me great pleasure to tender the position of President and CEO to Dr. D’Couto,” said Abramowitz. "Dr. D’Couto brings Neah product development, sales and marketing executive experience from leading technology companies. These skills will be extremely valuable to Neah Power as the Company focuses on its commercialization efforts.”
Dr. D’Couto, 41, has served as the Company’s Chief Operating Officer since September 2007. An industry veteran with a proven track record in technology development, product marketing, sales, and new product introduction, he has previously worked at Formfactor, Inc., Novellus Systems, Varian Associates and Intel Corporation.
Dr. D’Couto stated, "With the successful completion of our prototype and ongoing progress, Neah begins transitioning its focus from development to commercialization. We are newly energized and looking forward to moving from our prototype to commercial products directed to military and portable electronic markets.”
About Neah Power
Neah Power Systems, Inc. (NPWS) is developing long-lasting, efficient and safe power solutions for portable electronic devices, including notebook PCs, military radios and other power-hungry computer, entertainment, and communications products. Neah Power uses a patented, silicon-based design for its micro fuel cells that enable higher power densities to enable lighter-weight, smaller form-factors and lower costs. This silicon-based architecture lets Neah Power use a componentized design so that a fuel cell can be tailored to meet each customer’s needs, varying the components to achieve required power, size, and operating duration. This exceptional flexibility and Neah’s ability to leverage the silicon industry’s manufacturing technology set Neah Power apart.
The company’s working micro fuel cell prototype, which was demonstrated on September 28, 2007, runs as a closed-loop system without requiring air as an oxidant. As Neah Power pursues the broader military market for fuel cells, it will leverage this characteristic unique to its porous silicon technology to pursue these anaerobic applications, addressing a market whose needs are currently not being met.
The military market for fuel cell is estimated to exceed $2.5B in 2012 according to the research report: “Micro Power Sources, Opportunities from Fuel Cells and Batteries for Mobile Applications,” prepared by NanoMarkets. Neah Power is the only company that is using porous silicon to pursue this market opportunity. Porous silicon has the advantage of being able to be manufactured into fuel cells using the processing capability of the silicon industry.
Further company information can be found at www.neahpower.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, research and prototype delays, difficulties in developing and commercializing new technologies, and additional risk factors as discussed in the reports filed by the company with the Securities and Exchange Commission, which are available on its website at http://www.sec.gov