SOURCE: AlumiFuel

July 12, 2017 11:43 ET

AlumiFuel Revenue Jumps 40.7%

CENTENNIAL, CO--(Marketwired - Jul 12, 2017) - AlumiFuel Power Corporation (OTC PINK: AFPW) ("AlumiFuel" or the "Company") today announced preliminary revenue results for the first and second quarters of 2017.

For the first quarter ended March 31, 2017, AlumiFuel recorded total topline revenue of approximately $302,000. For the second quarter ended June 30, 2017, AlumiFuel recorded total topline revenue of approximately $425,000, representing a quarter to quarter revenue increase of approximately 40.7%.

The Company also confirmed it has obtained the necessary shareholder votes to amend to its Articles of Incorporation, reducing its authorized shares as previously disclosed. Said amendment was submitted to the State of Wyoming on June 10, 2017.

Lastly, the Company confirmed its intention of becoming current with otcmarkets.com. The Company expects to submit its financial results for all unreleased quarters within the next 90 days and will subsequently file for an official name change with FINRA to become Phoenix Equity Holdings Corporation. AlumiFuel Power Corporation is a voluntary SEC filer and intends to adopt the Alternative Reporting Standard with the OTC Markets Group.

The information in this release is preliminary and based upon the information available to the Company as of the date of this release. The information above is forward-looking information and subject to revision or adjustment. However, the Company does not expect material revisions to these preliminary results.

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

  • CONTACT:

    AlumiFuel Power Corporation
    641-715-3900 x385402