SOURCE: AlumiFuel

August 08, 2017 11:14 ET

AlumiFuel Gets Funding Commitment for Expansion

CENTENNIAL, CO--(Marketwired - Aug 8, 2017) -  AlumiFuel Power Corporation (OTC PINK: AFPW) ("AlumiFuel" or the "Company") today announced that it has received a funding commitment for expansion of its temporary staffing subsidiary.

On August 4, 2017, the Company entered into an agreement with a privately held, affiliated company, to provide startup capital for new staffing centers. The financing will be secured by the operating assets of each staffing center launched and will not require the Company to issue any shares of stock as part of the agreement. The Company will be required to repay each tranche within six months. Interest will accrue at a rate of one half of one percent compounded monthly.

The Company expects additional financing will be needed as this segment of its business grows and is seeking strategic financial partners to launch a nationwide expansion of its staffing business.

Separately, the Company announced it is in talks with potential investors for creation and launch of a real estate investment division. AlumiFuel is transforming into a diversified holding company and believes multi-family real estate fits well with its cash flow diversification strategy.

On July 28, 2017 the Company announced, via twitter, that it was relocating its headquarters to the Metro Atlanta Area.

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.

Contact Information

  • AlumiFuel Power Corporation
    641-715-3900 x385402