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.