AlumiFuel Power Corporation Updates Status of Genport-Novofuel Merger Transaction
September 16 2013 - 7:00AM
Marketwired
Early production stage hydrogen generation company AlumiFuel Power
Corporation (OTCQB: AFPW) (the "Company") announced today that the
extensive due diligence process involving the prospective merger
transaction with Genport, srl of Italy has now been completed, and
the parties are finalizing the definitive Agreement. (See AFPW news
release of July 16, 2013).
The two companies are working intensely and diligently to sort
out complex international contractual issues and arrive at the
optimal transaction structure. The Agreement requires modification
to become a Stock Purchase Agreement rather than a Merger
Agreement, among other things to better comply with Italian law.
The end result essentially would be the acquisition of Genport by
Novofuel, Inc., a U.S. based company. Genport would become a wholly
owned subsidiary of Novofuel, with Genport shareholders and AFPW
shareholders owning Novofuel, and Novofuel owning 100% of Genport,
srl shares. The two parties are now amending the Agreement
accordingly, and are in the process of finalizing it for signature.
The amount of capital to be raised, and the most cost effective
options for raising the capital in the public or private equity
market are being deliberated. In this regard, the Company is
actively engaged in ongoing discussions with a variety of potential
investors and financial sponsors who are anxiously awaiting
finalization of the transaction structure. Both companies remain
extremely bullish on completing the deal.
Following the closing of the transaction, 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 alternative
energy capabilities to the global marketplace.
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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