AlumiFuel Staffing Subsidiaries Add Thirty New Clients in Q2 2017

CENTENNIAL, CO--(Marketwired - Jul 20, 2017) - AlumiFuel Power Corporation (OTC PINK: AFPW) ("AlumiFuel" or the "Company") today announced that its staffing subsidiaries added a combined thirty new customers in the second quarter of 2017.

The second quarter of 2017 marks the first full quarter with CEO Ryan Schadel at the helm of AlumiFuel Power Corporation. Mr. Schadel commented, "While I'm encouraged by some of our second quarter numbers, particularly average billing per client and the number of new clients, this is really just the surface of what we can scale into. Currently, we have a very small service area in our staffing businesses. With a minor investment of time and talent, I believe we can organically increase topline revenues well beyond my initial target of $10 million per year, with our staffing segment alone."

Mr. Schadel added, "As a whole, I'd like to see our staffing segment account for no more than 50% of total revenues as we build out other business opportunities, so we have some growing to do in other areas to get to that balance."

The Company previously reported topline revenue of approximately $425,000 for the second quarter ended June 30, 2017.

About AlumiFuel Power Corporation

AlumiFuel, operating through its wholly owned subsidiaries, is transforming into a diversified holding company under new leadership and is expected to be renamed Phoenix Equity Holdings Corporation. The Company is exploring several revenue producing acquisition opportunities as it works to build a robust cash flow stream. AlumiFuel currently operates three divisions in the multi-billion dollar temporary staffing industry and holds patented technology for hydrogen generation through its wholly owned subsidiary, NovoFuel.

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.