AlumiFuel Power Corp Provides General Corporate Update
December 06 2013 - 7:00AM
Marketwired
AlumiFuel Power Corp Provides General Corporate Update
PHILADELPHIA, PA--(Marketwired - Dec 6, 2013) - Early
production stage hydrogen generation company AlumiFuel Power
Corporation (OTCQB: AFPW) (the "Company"), provided today a general
corporate update on recent activities.
The Company's wholly owned subsidiary, Novofuel, Inc., and
Genport, srl of Italy are continuing to conduct face-to-face
meetings to discuss optimal ways of integrating their synergistic
technologies, and pursuing huge new market opportunities for
alternative energy in the U.S., Europe and elsewhere. (See
AFPW news release of November 4, 2013). Genport's unique
hybrid power modules -- combining fuel cells, NovoFuel hydrogen
generation technology, smart Lithium battery packs, and leading
edge state-of-the art energy management systems -- can provide
ultra-reliable, clean, off-grid and on-grid power anytime,
anywhere. Typical applications involve 300W-5kW fuel cell
units for telecom, agriculture, industrial and other
customers. Preliminary planning is already underway to
determine the most viable near-term specific opportunities in the
U.S. and Europe based on ongoing discussions with customers on both
continents. The 300W hybrid power system will be in final
prototype form, ready for demonstrations, in March,
2014. Scaling up to a modular 1kW system will follow shortly
thereafter, while the larger 5kW system is expected to be available
in prototype form within the next 12 months or so. Meanwhile,
the two companies are actively working with their New York-based
financial advisor to determine the best corporate structure and
transaction parameters for the combination of the technologies,
assets, and operations. Discussions with a number of potential
investor groups are also underway.
The Company also announced that its wholly-owned subsidiary,
AlumiFuel Power Technologies, Inc., recently participated in the
Meteorological Technology World Expo in Brussels, Belgium, which
reaffirmed the uniqueness of AlumiFuel's Portable Balloon Inflation
System and its potential to become the technology of choice and
worldwide standard for portable and mobile lift gas
requirements. Mr. Ed Figelman, AlumiFuel Power's
meteorological marketing lead, met with a wide range of potential
partners and customers at the Expo. His interaction with
fellow attendees affirmed that interest in the PBIS system and
technology remains strong within the upper air community. Many
participants were well aware that The U.S. Air Force Special
Operations Command is continuing to conduct field testing of the
PBIS-2000 unit (see AFPW news release of September 18, 2013), and
are closely following the progress. Manufacturers and
distributors of complimentary equipment advise that end-users are
still having difficulties related to helium sourcing and pricing,
and they reconfirm that there is a need in the market to replace
high pressure hydrogen K-cylinders for filling weather
balloons. The PBIS offers an ideal solution to both of these
difficulties. One manufacturer of radiosonde systems has even
offered to use the PBIS at their facility in Europe for the purpose
of generating sales interest.
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 renewable energy systems 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, VTT (Finland), Texas Instruments, Linear
Technologies, Arbin Instruments, four European companies, and
Purdue University.
About AlumiFuel Power
Corporation AlumiFuel Power Corporation, through its
wholly-owned subsidiary, NovoFuel Power, 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:
AlumiFuel Power Investor Relations: AlumiFuel Power Corporation
Thomas B. Olson Corporate Secretary 303-796-8940 Technical
Information & Marketing: Email Contact 610-660-7775
AlumiFuel Power (CE) (USOTC:AFPW)
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