Alumifuel Power Corporation Subsidiary Energy Staffing Solutions Closes Acquistion of Revenue Producing Staffing Operations
FOR IMMEDIATE RELEASE
ALUMIFUEL POWER CORPORATION SUBSIDIARY ENERGY STAFFING SOLUTIONS CLOSES ACQUISTION OF REVENUE PRODUCING STAFFING OPERATIONS
CENTENNIAL, Colorado August 18, 2016. — AlumiFuel Power Corporation (OTCPink: AFPW) (“AlumiFuel” or the “Company”), announced today that its newly formed wholly owned subsidiary, Energy Staffing Solutions, Inc. (“ESS”) has closed an Asset Purchase Agreement to acquire a staffing business unit from Labor SMART, Inc. (OTCPink: LTNC). The asset purchase consists of the business operations including customer lists, contracts, fixed assets, leases and certain other intangibles for operation of the ongoing business. No liabilities were assumed. The assets acquired produced more than $1 million in revenue in the last full year of operation with positive cash flow, on an unaudited basis.
As previously announced, ESS signed earlier this week a license agreement through which Labor SMART will provide consulting services to ESS for assistance with establishing and expanding its business. In addition, it is anticipated Labor SMART will provide consulting support to include long-term growth strategy, corporate and capital structure planning, recruiting and operational support.
“With this acquisition and the license agreement with Labor SMART we now have a solid foundation to implement our business plan,” said AlumiFuel Chief Executive Officer, Henry Fong. “By acquiring the assets of an operating business, ESS will have immediate revenue and cash flow with the goal of both organic and transactional growth; and we will provide further details on these plans as activities warrant,” concluded Mr. Fong.
About Labor SMART
Labor SMART, Inc. provides On-Demand temporary labor to a variety of industries. The Company’s clients range from small businesses to Fortune 100 companies. Labor SMART was founded to provide reliable, dependable and flexible resources for on-demand personnel to small and large businesses in areas that include construction, manufacturing, hospitality, event-staffing, restoration, warehousing, retailing, disaster relief and cleanup, demolition and landscaping. Labor SMART believes it can make a positive contribution each and every day for the benefit of its clients and temporary employees. The Company’s mission is to be the provider of choice to its growing portfolio of customers with a service-focused approach that enables Labor SMART to be seen as a resource and partner to its clients.
About AlumiFuel Power Corporation
AlumiFuel Power Corporation, operating through its wholly owned subsidiary, NovoFuel, Inc., is an early production stage alternative energy company that is pursuing hybrid renewable energy systems for a number of backup power applications. The NovoFuel brand includes a new line of high capacity lithium-ion batteries as well as patented and proprietary technology that generates hydrogen gas through the chemical reaction of aluminum powder, water, and proprietary additives. The Company recently formed a new subsidiary, Energy Staffing Solutions, Inc., with plans to enter the temporary staffing industry.
Safe Harbor for Forward-looking Statements
This news release may contain forward-looking statements that are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company’s progress, business opportunities and growth prospects, they are based on management’s current beliefs and assumptions as to future events. However, since the company’s operations and business prospects are always subject to risk and uncertainties, the forward-looking events and circumstances discussed in this news release might not occur, and actual results could differ materially from those described, anticipated or implied. For a more complete discussion of such risks and uncertainties, please refer to the company’s filings with the Securities and Exchange Commission.
AlumiFuel Power Corporation
Henry Fong, Chief Executive Officer