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| Neah Power Systems, Inc. (NPWS.OB): First Quarter 2007 Financial Results and Business Update (07/11/07)
| | 07/11/07, 78840 | | From ResearchConnect Analyst Reports - Business | |
The Company has recently achieved stable, high-power operation of its silicon-based chemical reactor ("stack"), and may have an assembled working prototype for bench-top testing by the end of summer 2007. On February 20, 2007, the Company announced the appointment of U.S. astronaut Dr. Buzz Aldrin to its Board of Directors. Dr. Aldrin brings extensive knowledge and expertise in the field of fuel cell technologies and the critical role they play in furthering technological advancements. Fuel cells played a mission-critical role in the success of Apollo XI, supplying the on-board electricity for the Apollo command and service modules. Since August 2006, the U.S. Patent and Trademark Office has issued Neah a number of patents, which broaden the intellectual property coverage that Neah has established in the area of silicon-based electrodes for use in fuel cells, and further expands the Company's intellectual property for its core porous silicon electrode architecture. The Department of Defense (DOD) Appropriations Act for Fiscal 2007, passed by the U.S. Congress and signed by the President, includes $1.35 million for the continued research and development (R&D) of a porous silicon-based DMFC for use in portable military devices and electronics. For the first quarter 2007, Neah had no revenues but was finalizing negotiations with the DOD and Office of Naval Research (ONR) related to a potential $1.75 million grant. Net loss for the period was approximately $2.4 million, or ($0.02) per share--with average shares of 103 million--versus net loss of approximately $1.6 million, or ($0.05) per share--with average shares of 29 million--for the year-ago period. At March 31, 2007, Neah's cash position was $198,725; however, the Company has since closed an offering with total gross proceeds of approximately $6.8 million. Neah's cash position is approximately $2.4 million. | |
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