SOURCE: AlumiFuel

June 14, 2017 12:23 ET

AlumiFuel to Reduce Authorized Shares

CENTENNIAL, CO--(Marketwired - Jun 14, 2017) -  AlumiFuel Power Corporation (OTC PINK: AFPW) ("AlumiFuel" or the "Company") is pleased to announce that the Board of Directors has determined that it is in the best interest of the Company and its shareholders to reduce the number of authorized shares of common stock.

On June 14, 2017, the Board of Directors is expected to adopt a Board Resolution requiring an immediate change to the Company's authorized shares of common stock, from "Unlimited" to 5,000,000,000.

AlumiFuel CEO Ryan Schadel commented, "This is an important step in continuing my plan to deliver value and transparency to shareholders. Having unlimited authorized common shares is just unacceptable to me as a shareholder. I believe the reduced number of authorized shares will still provide adequate flexibility to the Company in engaging in future capital raising and acquisitions, while also reducing a tremendous amount of ambiguity as it relates to the Company's capital structure."

Mr. Schadel continued, "We've accomplished much in my short time as CEO. With the completion of last week's announcement, I feel we have given ourselves the runway necessary to execute a proper turnaround. We are now focused on closing the acquisitions we have in the pipeline, growing our existing lines of business, and getting our financials posted to OTC Markets as soon as possible."

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