PHILADELPHIA, Pennsylvania, February 20, 2013. — Early production stage hydrogen generation company AlumiFuel Power Corporation (OTCBB: AFPW) (the “Company”), announced today that the prospective merger of its Philadelphia-based operating subsidiary, AlumiFuel Power Technologies, Inc., (APTI) and Genport, srl into a new U.S. corporate entity, NovoFuel, Inc., is proceeding according to plan (see AFPW news release of February 5, 2013). The parties are finalizing a definitive merger agreement through which each would own 50% of NovoFuel before any future financings.
The merger would combine and integrate the synergistic technologies, Intellectual Property, products, revenues, engineering staffs, manufacturing operations, marketing, sales and services activities of both companies, including a new lab facility in the Philadelphia area. The focus of NovoFuel would be to pursue and capture backup and portable power applications and business opportunities in the U.S., Europe, and other market areas – multi-billion dollar markets
Meanwhile, pre-merger business development efforts of both companies are proceeding at a fast pace. In 2013 Genport already has booked over $1 million in revenues associated with its hybrid power products, including lightweight solar cell modules and lithium-ion battery pack modules for off-grid energy generation, and the GEN300 Hybrid Fuel Cell, which under NovoFuel will be integrated with the AlumiFuel Power hydrogen generation system. Genport has established a customer relationship with Arrow Europe, Autostrade Spa and ENEL Group, Italy’s largest power company, and a leading player in power and gas markets in 40 companies on four continents. ENEL is strongly committed to renewable energy sources, and ENEL Labs is sponsoring a $1 million competition, for which Genport has been selected as a finalist. At the same time, APTI continues to receive requests from many customers around the world for quotations regarding its PBIS (Portable Balloon Inflation System) products.
Capital raising efforts related to the prospective merger are continuing, and the parties are exploring options for conversion of NovoFuel into a new U.S. public entity at the appropriate time. Completion of this transaction is subject to further due diligence by the parties, negotiation and execution of definitive agreements, and any board of director and/or stockholder approvals that may be necessary.
AlumiFuel Power Technologies’ President & CEO, Mr. David Cade, and Genport’s CEO, Mr. Paolo Fracas, issued a joint statement: “We are more bullish than ever about the renewable energy technologies which will be embodied in NovoFuel, and the expansion of our target markets into other continents.”
About AlumiFuel Power Corporation (www.alumifuelpowercorp.com)
AlumiFuel Power Corporation, operating through its wholly owned subsidiary, AlumiFuel Power Technologies, Inc., is an early production stage alternative energy company that generates hydrogen gas and steam/heat through the chemical reaction of aluminum powder, 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 feeds fuel cells for portable and back-up power; fills inflatable devices such as weather balloons; can replace costly, hard-to-handle and high pressure K-Cylinders; and provides fuel for flameless heater applications. Its hydrogen/heat output is also being designed and developed to drive fuel cell-based and turbine-based undersea propulsion systems 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
About Genport,srl (www.genport.it)
Genport srl is an advanced power solutions company based near Milan, Italy.. Genport is focused on providing clean, safe, reliable and high performance portable power sources for medical, defense, emergency, telecommunications, and industrial applications. Genport’s solutions are designed to store and generate electrical energy anytime, anywhere. Genport combines solid hydrogen PEM fuel cell, lithium ion battery and solar cell technologies to: provide a constant, reliable source of power; maximize power and energy density; eliminate noise, emissions and operate in extreme environmental conditions. Genport/GNA’s technology partners include Milan Polytechnic, Texas Instruments, Arbin Instruments, four European companies, and Purdue University.