Southridge Partners II Enters Into $10 Million Equity Purchase Agreement With Neah Power
Neah Power Systems is a leader in the renewable energy industry with some of the latest advancements in fuel cell technology. This technology is being used in a variety of industries such as military, mobile devices, logistics and first responders.
- (1888PressRelease) June 24, 2011 - Stephen Hicks, Managing Member of Southridge, LLC ("Southridge"), announced today that Southridge Partners II LP, an institutional investor, has entered into a $10 million equity purchase agreement with Neah Power Systems, Inc. (OTCQB:NPWZ), the company that is developing portable fuel cell-based renewable energy solutions ("Neah Power").
"We are excited to work with Neah Power as they pioneer advancements in fuel cell technology and deploy these products to very enthusiastic customers," said Mr. Hicks. "Southridge is committed to working with Neah Power as they continue to develop and market innovative solutions that will be in high demand in the renewable energy space."
Pursuant to the equity purchase agreement, Neah Power has the right, in its sole discretion, to sell to Southridge up to $10 million of its common stock over a 24-month period. The Company will have the right, but is not obligated, to sell stock to Southridge depending on certain conditions as set forth in the equity purchase agreement.
"We are pleased to have secured this equity agreement with Southridge, a forward thinking institutional investor that provides future flexibility in capital raising," said Chris D'Couto, President and Chief Executive Officer of Neah Power. He added, "We plan to use the proceeds as needed to support our sales and marketing efforts as we deploy systems that can out-compete existing conventional energy sources not only in terms of capability, but also affordability."
About Southridge, LLC
Southridge LLC is a diversified financial holding company offering a wide range of products and services, including Fund Management, Investment Banking, Merchant Banking, Wealth Management and Business Solutions. For more information please visit www.southridgellc.com.
About Neah Power Systems, Inc.
Neah Power is developing long-lasting, efficient and safe power solutions for the military, transportation, and for portable electronics. Neah Power 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. The Company believes that the technology can also be used for energy storage and generation, as well as powering various homeland security solutions. Further company information can be found at http://www.neahpower.com.