CENTENNIAL, CO -- August 18, 2016 -- InvestorsHub NewsWire
-- AlumiFuel Power Corporation (OTCPink: AFPW) (AlumiFuel or
the Company), announced today that its newly formed wholly owned
subsidiary, Energy Staffing Solutions, Inc. (ESS) has closed an
Asset Purchase Agreement to acquire a staffing business unit from
Labor SMART, Inc. (OTCPink: LTNC). The asset purchase consists of
the business operations including customer lists, contracts, fixed
assets, leases and certain other intangibles for operation of the
ongoing business. No liabilities were assumed. The assets acquired
produced more than $1 million in revenue in the last full year of
operation with positive cash flow, on an unaudited basis.
As previously announced, ESS signed earlier this week a license
agreement through which Labor SMART will provide consulting
services to ESS for assistance with establishing and expanding its
business. In addition, it is anticipated Labor SMART will provide
consulting support to include long-term growth strategy, corporate
and capital structure planning, recruiting and operational
support.
"With this acquisition and the license agreement with Labor
SMART we now have a solid foundation to implement our business
plan," said AlumiFuel Chief Executive Officer, Henry Fong. "By
acquiring the assets of an operating business, ESS will have
immediate revenue and cash flow with the goal of both organic and
transactional growth; and we will provide further details on these
plans as activities warrant," concluded Mr. Fong.
About Labor SMART
Labor SMART, Inc. provides On-Demand temporary labor to a
variety of industries. The Company's clients range from small
businesses to Fortune 100 companies. Labor SMART was founded to
provide reliable, dependable and flexible resources for on-demand
personnel to small and large businesses in areas that include
construction, manufacturing, hospitality, event-staffing,
restoration, warehousing, retailing, disaster relief and cleanup,
demolition and landscaping. Labor SMART believes it can make a
positive contribution each and every day for the benefit of its
clients and temporary employees. The Company's mission is to be the
provider of choice to its growing portfolio of customers with a
service-focused approach that enables Labor SMART to be seen as a
resource and partner to its clients.
About AlumiFuel Power Corporation
AlumiFuel Power Corporation, operating through its wholly owned
subsidiary, NovoFuel, Inc., is an early production stage
alternative energy company that is pursuing hybrid renewable energy
systems for a number of backup power applications. The NovoFuel
brand includes a new line of high capacity lithium-ion batteries as
well as patented and proprietary technology that generates hydrogen
gas through the chemical reaction of aluminum powder, water, and
proprietary additives. The Company recently formed a new
subsidiary, Energy Staffing Solutions, Inc., with plans to enter
the temporary staffing industry.
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 companys progress, business
opportunities and growth prospects, they are based on managements
current beliefs and assumptions as to future events. However, since
the companys 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 Corporation
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Henry Fong, Chief Executive Officer
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561-514-9042
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