AlumiFuel Power Corporation Updates Genport Transaction and Litigation Settlement
July 16 2013 - 7:00AM
Marketwired
Early production stage hydrogen generation company AlumiFuel Power
Corporation (OTCQB: AFPW) (the "Company"), announced today that the
previously announced prospective transaction with Genport, srl of
Italy is in the final stages of extensive due diligence. Under the
terms of the transaction, AlumiFuel Power's and Genport's assets,
Intellectual Property (patents and proprietary know-how),
technologies, operations, and products would be combined and
integrated into a new U.S. alternative energy corporate entity,
NovoFuel, Inc. Upon successful completion of the due diligence, the
parties expect to sign a definitive merger agreement through which
each would own 50% of NovoFuel before any future financings.
Capital raising options related to the prospective merger are under
consideration by the parties. Following the merger, NovoFuel would
have operations in The U.S. and Italy, and be in a position to
pursue and capture backup and portable power applications and
business opportunities in the U.S., Europe, and other regions --
multi-billion dollar markets. The parties believe that the
synergistic combination of Genport's hybrid fuel cells, solar power
systems, and lithium-ion battery packs, along with AlumiFuel
Power's hydrogen generation systems, can bring powerful "green"
capabilities to the global marketplace.
The Company also announced that a Settlement Agreement had been
finalized with Wexford-UCSC II, L.P., the former landlord of its
subsidiary AlumiFuel Power, Inc., and the matter has been
settled.
On November 30, 2011, the Company's subsidiary, AlumiFuel Power,
Inc., was notified that a Judgment by Confession had been entered
against it in the Court of Common Pleas Philadelphia County in
Philadelphia, Pennsylvania by Wexford-UCSC II, L.P., its former
landlord, assessing total damages of $428,232. Pursuant to the
terms of the Settlement Agreement, the Company has paid a cash
payment of $2,000 and issued a Convertible Promissory Note in the
amount of $75,000. Also pursuant to the terms of the Settlement
Agreement, AlumiFuel Power, Inc., AlumiFuel Power Corporation and
all affiliated entities and persons have been fully released. The
dismissal of the action will follow shortly pursuant to the terms
of the Agreement.
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.
About AlumiFuel Power Corporation AlumiFuel Power Corporation,
through its U.S. operating subsidiary, AlumiFuel Power
Technologies, Inc., is an early production stage alternative energy
company that generates hydrogen gas and heat through the chemical
reaction of aluminum, 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 generation feeds fuel
cells for backup and portable power, provides lift gas for weather
balloons, and can replace costly, hard-to-handle and high pressure
K-Cylinders. Its hydrogen/heat output is also being designed and
developed to power fuel cell-based and turbine-based undersea
propulsion 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
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: Investor Relations: AlumiFuel Power
Corporation Thomas B. Olson Corporate Secretary 303-796-8940
Technical Information & Marketing: Email Contact
AlumiFuel Power (CE) (USOTC:AFPW)
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