AlumiFuel Power Corporation Annnounces Change in Company's Strategic Direction
February 06 2014 - 7:00AM
Marketwired
AlumiFuel Power Corporation Annnounces Change in Company's
Strategic Direction
CENTENNIAL, CO--(Marketwired - Feb 6, 2014) - Early production
stage hydrogen generation company AlumiFuel Power Corporation
(OTCQB: AFPW) (AlumiFuel or the "Company") announced today that it
has made the decision to change its strategic direction and has
approved a name change.
During the last 4 1/2 years, the Company's resources and efforts
have been direct toward the research, development and production of
a unique process for generating hydrogen fuel. After this period of
time, the Company is now at the point that its technology has
reached commercialization. The AlumiFuel hydrogen generation
process has been vetted/used by multiple military organizations,
certain of the world's largest defense contractors and Fortune 100
companies, with their reviews focused mainly on the Company's core
applications of lift gas for weather balloons which are launched
worldwide, and feeding fuel cells for backup & portable power
-- an enormous emerging market.
The business, technology and intellectual property have now been
centralized in a recently formed wholly-owned entity, NovoFuel,
Inc. NovoFuel will separately seek its own financing with the plan
of a future going-public transaction and has retained the services
of a New York-based investment advisor for assistance in achieving
these initiatives.
AlumiFuel Power Corporation will effectuate a name change at the
earliest feasible time to "AFPW Holdings, Inc." The Company will be
seeking additional business opportunities, which may be within or
outside of its current business area, with the belief that a wider
diversification over the long-term will enhance shareholder
value.
David Cade, President of NovoFuel, said, "We have worked hard
these past few years to develop our hydrogen generation technology
and taken the company from the R&D stage to the
commercialization stage. We look forward to this opportunity to
become a decentralized stand-alone entity with the singular focus
of commercializing our unique technology."
About AlumiFuel Power
Corporation AlumiFuel Power Corporation, through its
wholly-owned subsidiary, Novofuel, 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:
AlumiFuel Power Investor Relations: AlumiFuel Power Corporation
Henry Fong Chief Executive Officer 561-514-9042 Novofuel Technical
Information & Marketing: Email Contact 610-660-7775
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