AlumiFuel Power and Italian Power Solutions Company, Genport, Provide Update on Merger Plans
February 20 2013 - 8:00AM
Marketwired
Early production stage hydrogen generation company AlumiFuel Power
Corporation (OTCBB: AFPW) (the "Company") announced today that the
prospective merger of its Philadelphia-based operating subsidiary,
AlumiFuel Power Technologies, Inc. (APTI), and Genport srl into a
new U.S. corporate entity, NovoFuel, Inc., is proceeding according
to plan (see AFPW news release of February 5, 2013). The parties
are finalizing a definitive merger agreement through which each
would own 50% of NovoFuel before any future financings.
The merger would combine and integrate the synergistic
technologies, Intellectual Property, products, revenues,
engineering staffs, manufacturing operations, marketing, sales and
services activities of both companies, including a new lab facility
in the Philadelphia area. The focus of NovoFuel would be to pursue
and capture backup and portable power applications and business
opportunities in the U.S., Europe, and other market areas --
multi-billion dollar markets.
Meanwhile, pre-merger business development efforts of both
companies are proceeding at a fast pace. In 2013 Genport already
has booked over $1 million in revenues associated with its hybrid
power products, including lightweight solar cell modules and
lithium-ion battery pack modules for off-grid energy generation,
and the GEN300 Hybrid Fuel Cell, which under NovoFuel will be
integrated with the AlumiFuel Power hydrogen generation system.
Genport has established a customer relationship with Arrow Europe,
Autostrade Spa and ENEL Group, Italy's largest power company, and a
leading player in power and gas markets in 40 companies on four
continents. ENEL is strongly committed to renewable energy sources,
and ENEL Labs is sponsoring a $1 million competition, for which
Genport has been selected as a finalist. At the same time, APTI
continues to receive requests from many customers around the world
for quotations regarding its PBIS (Portable Balloon Inflation
System) products.
Capital raising efforts related to the prospective merger are
continuing, and the parties are exploring options for conversion of
NovoFuel into a new U.S. public entity at the appropriate time.
Completion of this transaction is subject to further due diligence
by the parties, negotiation and execution of definitive agreements,
and any board of director and/or stockholder approvals that may be
necessary.
AlumiFuel Power Technologies' President & CEO, Mr. David
Cade, and Genport's CEO, Mr. Paolo Fracas, issued a joint
statement: "We are more bullish than ever about the renewable
energy technologies which will be embodied in NovoFuel, and the
expansion of our target markets into other continents."
About AlumiFuel Power Corporation (www.alumifuelpowercorp.com)
AlumiFuel Power Corporation, operating through its wholly owned
subsidiary, AlumiFuel Power Technologies, Inc., is an early
production stage alternative energy company that generates hydrogen
gas and steam/heat through the chemical reaction of aluminum
powder, 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 feeds fuel cells for portable and
back-up power; fills inflatable devices such as weather balloons;
can replace costly, hard-to-handle and high pressure K-Cylinders;
and provides fuel for flameless heater applications. Its
hydrogen/heat output is also being designed and developed to drive
fuel cell-based and turbine-based undersea propulsion systems 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.
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.
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 Genport srl Via Lecco, 61 20871
Vimercate (MB) - Italy Email Contact +39 039 639 6500 Genport
North America Corp. 1281 Win Hentschel Blvd. West Lafayette, IN
47906 Email Contact 765-237-3393
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