CORRECTING and REPLACING Neah Closes Secondary Offering

  
    
  
  
    
      Please replace the release with the following corrected version due to 
      multiple revisions.
    
    
      The corrected release reads:
    
    
      NEAH CLOSES SECONDARY OFFERING
    
    
      Neah Power Systems, Inc., (OTCBB: NPWS) announces today that the Company 
      has satisfied the minimum requirements of its $6 million - $12 million, 
      minimum/maximum underwriting agreement with Empire Financial Group, 
      Inc., an affiliate of Empire Financial Holdings Company (AMEX: EFH) and 
      the underwriter has released the funds received-to-date from escrow. The 
      pricing was $0.55 for the common shares and warrant coverage of 75% in 
      three equal tranches of $1.10 per share, $1.60 per share and $2.00 per 
      share.
    
    
      A prospectus for the offering may be obtained from the Company or Empire 
      Financial at the addresses below:
    
    Neah Power Systems, Inc.
22122 20th Ave SE, Suite 161
Bothell, Washington 98021
Investor Relations, 425-424-3324

Empire Financial Group, Inc.
2170 West State Road 434, Suite 100
Longwood, FL 32779
Don Wojnowski, [phone]
    
      This is not an offer to sell these securities, and it is not 
      soliciting an offer to buy these securities in any state where the offer 
      or sale is not permitted.
    
    
      About Neah Power Systems
    
    
      Neah Power Systems, Inc. is a micro fuel cell development company that 
      owns a patented, silicon-based design to provide long-lasting, efficient 
      and safe power solutions for portable electronic devices, including 
      notebook PCs and other power-hungry computer, entertainment, and 
      communications products. Further company information can be found at www.neahpower.com 
      and in the reports that have been filed with the Securities and Exchange 
      Commission, which are accessible at http://www.sec.gov.
    
    
      Statements in this press release that are not statements of 
      historical or current fact constitute "forward-looking statements" 
      within the meaning of the Private Securities Litigation Reform Act of 
      1995. Such forward-looking statements involve known and unknown risks, 
      uncertainties, and other unknown factors that could cause the actual 
      results of the Company to be materially different from the historical 
      results or from any future results expressed or implied by such 
      forward-looking statements. In addition to statements which explicitly 
      describe such risks and uncertainties, readers are urged to consider 
      statements labeled with the terms "believes," "belief," "expects," 
      "intends," "anticipates," "will," or "plans" to be uncertain and 
      forward-looking, including statements relating to the completion of 
      company milestones and the delivey of form-factor prototype. The 
      forward-looking statements contained herein are also subject generally 
      to other risks and uncertainties that are described from time to time in 
      the Company's reports and registration statements filed with the 
      Securities and Exchange Commission.