SOURCE: Crystal Research Associates, LLC

July 31, 2006 10:07 ET

Crystal Research Associates, LLC Issues Executive Informational Overview® (EIO®) on Neah Power Systems, Inc.

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Crystal Research Associates, LLC

NEW YORK, NY -- (MARKET WIRE) -- July 31, 2006 -- Crystal Research Associates, LLC announced today that it has issued an Executive Informational Overview® (EIO®) on Bothell, Washington-based Neah Power Systems, Inc. (PINKSHEETS: NPWS). The full 48-page report can be found at www.crystalra.com and www.neahpower.com.

Neah Power Systems, Inc. ("Neah Power" or "the Company") is developing micro fuel cell technology for portable electronic devices using a patented, porous silicon-based design to provide long-lasting, efficient, and safe power for use in the military, industrial, and consumer sectors. In virtually all segments of the portable electronic device space, limitations imposed by existing portable power methods are a significant roadblock to enabling greater functionality and ease of use as markets continue to demand more wireless freedom. Fuel cells offer users the opportunity for longer run times with less interruption in service than traditional battery technologies. Neah Power is initially focused on developing a small silicon-based fuel cell that could replace the military's BA-5590 battery, the most widely used battery for small electronics in the field today. The Company's fuel cell, which is portable, is powered by direct methanol fuel cell (DMFC) cartridges. Instead of a soldier carrying half a dozen of the conventionally used BA-5590 batteries, which can weigh several pounds each, a soldier could carry small tanks of methanol (cartridges) to replenish the fuel cell, where each methanol cartridge would weigh less than a BA-5590 battery and result in a 50% to 60% weight reduction for a 72-hour mission. Neah Power's direct methanol micro fuel cell technology is moving from research into the engineering and development phase and the Company could have a "breadboard" prototype by the end of summer 2006.

About Crystal Research Associates, LLC

Crystal Research Associates, LLC is an independent research firm that provides institutional-quality fee-based research to small and mid-cap companies. The Company's unique and novel product, the Executive Informational Overview® (EIO®), is free of investment ratings, target prices, and forward-looking financial models. The EIO® presents a crystal-clear, detailed report on a company (whether public or private) in a manner that is easily understood by the Wall Street financial community. The EIO® details a company's product/technology/service offerings, market size(s), key intellectual property (IP), leadership, growth strategy, competition, risks, audited financial statements, key events and other such fundamental information. Crystal Research Associates has offices in New York City, Delray Beach, Montreal, and Toronto. Crystal Research Associates has been compensated by the Company in cash of US$35,000 and 200,000 warrants for its services in creating this report, for updates, and for printing costs.

Forward-Looking Safe Harbor Statement

Statements in this news release regarding future financial and operating results, future growth in research and development programs, potential applications of the Company's technology, opportunities for the Company and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: limited operating history, need for future capital, risks inherent in the development and commercialization of potential products, protection of the Company's intellectual property, and economic conditions generally. Additional information on potential factors that could affect results and other risks and uncertainties are detailed from time to time in the Company's periodic reports, including the report on Forms 10-KSB, 10-QSB, 8-K and other forms filed with the Securities and Exchange Commission ("SEC") from time to time.

These statements, and other forward-looking statements, are not guarantees of future performance and involve risks and uncertainties. Crystal Research Associates, LLC assumes no obligation to update any of the forward-looking statements in this release.

Contact Information

  • Contact:
    Jeffrey J. Kraws/Karen B. Goldfarb
    Crystal Research Associates, LLC
    P: (609) 306-2274
    F: (609) 395-9339
    Email Contact/Email Contact