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 Companys 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.
NovoFuel
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 NovoFuels 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 companys progress, business
opportunities and growth prospects, they are based on managements
current beliefs and assumptions as to future events. However, since
the companys 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.
CONTACTS:
AlumiFuel Power Corporation
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Henry Fong, Chief Executive Officer
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561-514-9042
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