Neah Power Systems Inc (OTCBB:NPWZ) and Clear Path Technologies reported that they have finalized a Teaming deal for business development and system integration, and a MOU for the resale, support and distribution of the Company’s products, including Formira HODTM fuel cell to the budding worldwide security and defense market.
Neah Power stated that the prime objective of business development plan undertaken with the Teaming deal is to jointly look after the security and defense business activities with the U.S. Department of Energy, U.S. Department of Defense and U.S. Department of Homeland Security. Also, the company will take care of security and defense business with foreign government counterpart within areas where Clear Path has forged strong relationships, including Asia Pacific, the Middle East and Africa Region.
As per the deal, Clear Path will also provide support to NEAH Power with advanced systems integration, technical, engineering, and operational support. The MOU offers the terms and framework by which a Distribution and Reseller deal will be executed. The respective deal will cover definitive terms associated with the distribution, sales, support and marketing of NEAH Power’s goods in selected regions. It will provide the company with liberal distribution and sales channels and access to commercial end users and governmental agencies.
The expert view
Dr. Chris D’Couto, the CEO and President said that Neah Power Systems Inc (OTCBB:NPWZ) is thrilled to associate with Clear Path to design and support new commercial applications in the new regions where the company is not currently actively engaged. With the innovative system integration capabilities, strong commercial presence, expert management and valuable geographical footprint of Clear Path, the company will develop a global market for NEAH’s products.
In last trading session, the stock price of NPWZ declined more than 13% to close the trading session at $0.00600. The decline came at a share volume of 22.82 million compared to average share volume of 5.94 million.