AlumiFuel Power and Italian Power Solutions Company, Genport, Announce Merger Plans
February 06 2013 - 7:00AM
Marketwired
Early production stage hydrogen generation company AlumiFuel Power
Corporation (OTCBB: AFPW) (the "Company"), announced today that it
has signed a Term Sheet with Genport, srl of Italy, which would
merge its wholly-owned Philadelphia-based operating subsidiary,
AlumiFuel Power Technologies, Inc., (APTI) and Genport into a new
U.S. corporate entity, NovoFuel, Inc. This initiative is the result
of continuing Joint Venture discussions between the parties, as
reported in the AFPW news release of November 28, 2012. This term
sheet will be the basis for, and the parties are moving forward
toward completion of, a definitive agreement through which both
parties would own 50% of NovoFuel before any future financings.
The merger would combine and integrate the synergistic
technologies, Intellectual Property, products, revenues,
engineering staffs, manufacturing operations, marketing, sales and
services activities of both companies, including a new lab facility
in the Philadelphia area. The focus of NovoFuel would be to pursue
and capture backup and portable power applications and business
opportunities in the U.S., Europe, and other market areas --
multi-billion dollar markets. The new entity would pursue the
engineering development of an integrated 5kW backup power system
for telecom facilities.
NovoFuel would encompass the following capabilities of both
companies: (1) APTI's AlumiFuel powder and cartridge-based hydrogen
generation for fuel cell power, weather balloon lift gas and
Unmanned Undersea Vehicle power; and (2) Genport/GNA's fuel cell
power systems, hydrogen generation and storage systems, solar cells
and lithium-ion battery packs. Genport's current flagship product
is the G300 Hybrid Fuel Cell, a European certified 400 Watt system
that can take energy inputs from hydrogen, solar panels and
lithium-ion battery packs and deliver electricity for a variety of
applications including military, emergency telecommunications, PCs,
battery charging, electro-medical devices, and auxiliary power.
The next steps in the merger process include executing the
definitive Merger Agreement, completing the capital raising effort
already underway by Colebrooke Capital Ventures of New York City,
and converting NovoFuel into a public entity at the appropriate
time.
AlumiFuel Power Technologies' President & CEO, Mr. David
Cade, said: "NovoFuel would be a true alternative energy company
with global reach, and we are excited about introducing customers
around the world to the advanced energy capabilities of this new
company."
Genport's Chief Executive Officer, Mr. Paolo Fracas, said:
"NovoFuel will offer significant new power solutions for portable
electronics, backup power, and micro-grid users. The introduction
of our new multi-technology, extended run-time fuel cells for
various critical mission applications will offer tremendous new
market opportunities for us."
Completion of this transaction is subject to, among other
things, further due diligence by the parties, negotiation and
execution of definitive agreements, and any board of director
and/or stockholder approvals that may be necessary.
About AlumiFuel Power Corporation (www.alumifuelpowercorp.com)
AlumiFuel Power Corporation, operating through its wholly owned
subsidiary, AlumiFuel Power Technologies, Inc., is an early
production stage alternative energy company that generates hydrogen
gas and steam/heat through the chemical reaction of aluminum
powder, water, and proprietary additives. This technology is
ideally suited for multiple applications requiring on-site,
on-demand fuel sources, serving National Security and commercial
customers. The Company's hydrogen feeds fuel cells for portable and
back-up power; fills inflatable devices such as weather balloons;
can replace costly, hard-to-handle and high pressure K-Cylinders;
and provides fuel for flameless heater applications. Its
hydrogen/heat output is also being designed and developed to drive
fuel cell-based and turbine-based undersea propulsion systems and
auxiliary power systems. The Company has significant
differentiators in performance, adaptability, safety and
cost-effectiveness in its target market applications, with no
external power required and no toxic chemicals or by-products
About Genport,srl (www.genport.it) Genport srl is an advanced
power solutions company based near Milan, Italy. Genport is focused
on providing clean, safe, reliable and high performance portable
power sources for medical, defense, emergency, telecommunications,
and industrial applications. Genport's solutions are designed to
store and generate electrical energy anytime, anywhere. Genport
combines solid hydrogen PEM fuel cell, lithium ion battery and
solar cell technologies to: provide a constant, reliable source of
power; maximize power and energy density; eliminate noise,
emissions and operate in extreme environmental conditions.
Genport/GNA's technology partners include Milan Polytechnic, Texas
Instruments, Arbin Instruments, four European companies, and Purdue
University.
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.
CONTACTS: AlumiFuel Power Investor Relations:
AlumiFuel Power Corporation Thomas B. Olson Corporate Secretary
303-796-8940 Technical Information & Marketing: Email
Contact 610-660-7775 Genport srl Via Lecco, 61 20871
Vimercate (MB) - Italy Email Contact +39 039 639 6500 Genport
North America Corp. 1281 Win Hentschel Blvd. West Lafayette, IN
47906 Email Contact 765-237-3393
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