Nephros Inc. Discloses Nonpayment of Installment Under the Lancer Settlement Agreement in Current Report on Form 8-K

NEW YORK, NY--(MARKET WIRE)--Aug 7, 2007 -- Nephros, Inc. (AMEX:NEP - News) today announced that it received a letter on July 23, 2007 from representatives of Marty Steinberg, Esq., as Receiver for Lancer Offshore, Inc., notifying it of its failure to pay the third $200,000 installment of a settlement between the parties as further described below, and asking it to cure such default by July 30, 2007. In the letter and in subsequent communications with a representative of Nephros, Inc. (the "Company"), the Receiver's representatives also indicated that the Receiver may (i) file a Certificate of Default and seek a final judgment in the amount of $1.2 million, less those portions the Company has already paid and (ii) seek to recover its attorneys' fees and costs if legal fees are incurred in connection with such filing. The Company previously disclosed these communications in a Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on August 3, 2007.

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