Neah Concludes Secondary Offering

  
    
  
  
    
      Neah Power Systems, Inc., (OTCBB: NPWS) announces today that on May 11, 
      2007 the Company concluded the secondary offering undertaken pursuant to 
      it’s underwriting agreement with Empire 
      Financial Holdings (AMEX: EFH.) Total gross proceeds raised are 
      approximately $6,765,438 and the underwriter has released all funds from 
      escrow.
    
    
      About Neah Power Systems
    
    
      Neah Power Systems 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. As an emerging leader in fuel cell technology and design, Neah 
      Power Systems believes that its products will allow users to extend the 
      operating time of their devices multiple times beyond that of 
      conventional batteries. Key investors include Alta Partners, Frazier 
      Technology Ventures, Castile Ventures, WestAM and Intel Capital. Neah 
      Power Systems is headquartered outside of Seattle in Bothell, 
      Washington. 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 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 delivery 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.