Alumifuel Power Corporation Update
FOR IMMEDIATE RELEASE
ALUMIFUEL POWER CORPORATION UPDATE
CENTENNIAL, Colorado August 22, 2016. — AlumiFuel Power Corporation (OTCPink: AFPW) (“AlumiFuel” or the “Company”), is pleased to provide an update on the following items:
Convertible Debt Consolidation
The Company is making progress in an initiative to consolidate its outstanding convertible debt. To date approximately $200,000 of the issued convertible notes have been consolidated with two existing lenders thereby reducing the number of lenders by five. No new shares were issued as a result of these debt consolidations. In the Company’s view, this consolidation significantly enhances the ability for future financings and provides better market stability while reducing toxicity. AlumiFuel will provide further updates on this initiative as future events occur.
Energy Staffing Solutions
AlumiFuel is performing due diligence on several acquisition opportunities presented in the staffing industry and will provide further updates as warranted. The candidates being vetted are limited to those that are both revenue producing and have positive cash flow.
AFPW’s alternative energy operating company, NovoFuel, Inc., continues to pursue hybrid renewable energy solutions for backup power applications as a complement to its patented hydrogen generation technology. NovoFuel’s new branded high capacity lithium-ion battery product line can serve a wide range of markets. The 5kWh unit, which can be stacked to provide 20kWh and beyond, is the standard battery building block for NovoFuel’s proposed hybrid Renewable Energy Systems (RES) solutions in combination with solar panels and wind turbines. The 2.5kWh product is ideal as a standalone battery that can serve numerous jobsite power requirements. The hybrid RES solutions are of interest to a variety of markets including medical cannabis grow operations, agricultural applications, and oilfield/mining operations. NovoFuel is now presenting its RES solutions to cannabis grower contacts in Colorado, Washington state and Michigan. In response to inquiries from prospective customers, NovoFuel is also sizing and pricing proposed hybrid RES solutions involving several outdoor applications including agricultural irrigation and oil field operations; where the required power and energy can be provided totally or partially off-grid. The Company believes the addition of Energy Staffing Solutions provides synergies for potential support to NovoFuel’s future operations.
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., and has entered 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