AFPW Subsidiary Energy Staffing Solutions Operations Generating Revenue at $2 Million Annual Run Rate
FOR IMMEDIATE RELEASE
AFPW SUBSIDIARY ENERGY STAFFING SOLUTIONS OPERATIONS GENERATING REVENUE AT $2 MILLION ANNUAL RUN RATE
CENTENNIAL, Colorado October 4, 2016. — AlumiFuel Power Corporation (OTCPink: AFPW) (“AlumiFuel” or the “Company”), announced today that its subsidiary, Energy Staffing Solutions, as a result of its two recently acquired business units in the staffing industry, are generating revenue at approximately $40,000 per week that presently equates to a $2 million per annum run rate. The Company’s on demand temporary labor operations continue to serve a wide spectrum of businesses in many different industries.
“With these acquisitions, in a very short period of time, we have established operations with a present revenue run rate of $2 million that validates our original roll up strategy and makes us excited about this performance and the future. The goal within these operations as we acquire them is to further build revenue through organic growth,” said AlumiFuel Chief Executive Officer, Henry Fong. “We continue to search and discuss other opportunities as they arise and at this juncture we have several under consideration.”
The Company is continuing its due diligence on potential acquisition opportunities and will update shareholders as events warrant.
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