ENERGY FIRM ACQUIRES TWO LABOR SMART BRANCHES

FOR IMMEDIATE RELEASE

ENERGY FIRM ACQUIRES TWO LABOR SMART BRANCHES

September 15, 2016. — Energy Staffing Solutions Inc., a wholly owned subsidiary of AlumiFuel Power Corp. (OTCMKTS: AFPW), acquired the staffing business units in Marietta, Ga., and Knoxville, Tenn., from industrial staffing provider Labor Smart (OTCMKTS: LTNC).

Centennial, Colo.-based AlumiFuel Power’s board of directors last month formed ESS as an avenue to enter the temporary staffing industry. In conjunction with the agreement, Labor Smart will provide consulting services to ESS for assistance with establishing and expanding its business.

“We see the staffing function being a synergistic complement to AlumiFuel’s wholly owned subsidiary NovoFuel Inc., which continues to pursue hybrid renewable energy systems solutions for a variety of off-grid power applications,” AlumiFuel CEO Henry Fong said. “In a concurrent initiative, we are pursuing the consolidation of certain of AlumiFuel’s convertible debt as this will be an important element in future financing considerations for potential acquisitions. We will be advising our stockholders further as these actions move forward and materialize.”

The Georgia acquisition from Labor Smart closed at the end of last week, while the Tennessee acquisition closed last month. The deals included a combination of cash and stock. Assets purchased consist of the business operations including customer lists, contracts, fixed assets, leases and certain other intangibles for operation of the ongoing business.

“The acquisition of over $2 million in revenue within the past 30 days for staffing operations signifies our commitment to building a solid foundation in the temporary staffing business,” Fong said. “By acquiring the assets of a second operating business, ESS has immediate revenue and cash flow while providing a further basis for both organic and transactional growth.”

CONTACTS:
AlumiFuel Power Corporation
Henry Fong, Chief Executive Officer
561-514-9042