NEAH Power to Acquire Exigent Security ProductsMay 12, 2011
The companies believe that by combining their businesses they will be able to integrate fuel cell and radiation detector technologies to enable remote, continuous sensor applications in the homeland security and power grid sectors.
BOTHELL, WA /PRNewswire/ -- NEAH Power Systems Inc. announced that it has signed a nonbinding letter of intent to acquire privately held Exigent Security Products Inc. (ESP). ESP, which is based in Illinois, markets and develops advanced radiation sensors for use by medical, homeland security, defense, and other industries. ESP has also begun introducing its radiation detector products in Japan and other regions where concerns with radiation have risen recently.
ESP has sold product to U.S. government and security agencies, self-storage facilities, and hospitals across the U.S. ESP's radiation detection systems integrate networks of sensors, controlled by Web-enabled management and messaging systems. The companies believe that a business combination will enable them to combine offerings of fuel cell and radiation detector products to provide power for remote and continuous sensor applications. "We believe that a product offering that combines networks of security sensors with reliable, continuous fuel cell power will provide further differentiation to our products and additional opportunities in the market place," stated Frank O'Connor, CEO of ESP.
"ESP and NEAH are dedicated to developing integrated protection systems, leveraging both the advanced technology from ESP, as well as the award-winning, patented silicon-based fuel cell systems from NEAH Power," said Chris D'Couto, CEO of NEAH Power.
The companies intend to complete due diligence expeditiously and provide periodic updates about the progress of the acquisition and upcoming products and market opportunities.
About NEAH Power
NEAH Power Systems Inc. is developing long-lasting, efficient, and safe power solutions for military, transportation, and portable electronics applications. NEAH 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. NEAH believes that the technology can also be used for energy storage and generation.
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