“Permission Denied” using cygwin in Windows

Background: I am trying to write a [.bat] file so I can double click it and a bash script will get invoked. The bash script will start up a few windows GUI apps to monitor GPU/CPU temperatures. I just did a fresh install of cygwin v1.7.7-1 (downloaded today) and windows 7.

Code: monitor-temps.bat:

C:\cygwin\bin\bash.exe ~/bin/monitor-temps.bash
pause

Code: monitor-temps.bash:

#!/usr/bin/bash
"/cygdrive/c/Users/michael/Desktop/apps_and_drivers/GPU-Z.0.4.8.exe" &

Output: After I double click the [.bat] file, I get a:

C:\Users\michael\Desktop>C:\cygwin\bin\bash.exe ~/bin/monitor-temps.bash

C:\Users\michael\Desktop>pause
Press any key to continue . . . /home/michael/bin/monitor-temps.bash: line 2: /cygdrive/c/Users/michael/Desktop/apps_and_drivers/GPU-Z.0.4.8.exe: Permission denied

I still get the same permissions error when I cd to the directory and manually execute the application.

Permissions: From my experience with permission problems in Linux, everything looks good because I am the user I think I am, and the file has the expected permissions:

$ whoami
michael

$ ls -l GPU*
-rwx------+ 1 michael        None 890720 2010-12-01 19:23 GPU-Z.0.4.8.exe

Question: Does anyone know how to fix this? Am I missing something?