AlumiFuel Power Corporation Updates Genport Transaction and Litigation Settlement
(firmenpresse) - PHILADELPHIA, PA -- (Marketwired) -- 07/16/13 -- Early production stage hydrogen generation company AlumiFuel Power Corporation (OTCQB: AFPW) (the "Company"), announced today that the previously announced prospective transaction with Genport, srl of Italy is in the final stages of extensive due diligence. Under the terms of the transaction, AlumiFuel Power's and Genport's assets, Intellectual Property (patents and proprietary know-how), technologies, operations, and products would be combined and integrated into a new U.S. alternative energy corporate entity, NovoFuel, Inc. Upon successful completion of the due diligence, the parties expect to sign a definitive merger agreement through which each would own 50% of NovoFuel before any future financings. Capital raising options related to the prospective merger are under consideration by the parties. Following the merger, NovoFuel would have operations in The U.S. and Italy, and be in a position to pursue and capture backup and portable power applications and business opportunities in the U.S., Europe, and other regions -- multi-billion dollar markets. The parties believe that the synergistic combination of Genport's hybrid fuel cells, solar power systems, and lithium-ion battery packs, along with AlumiFuel Power's hydrogen generation systems, can bring powerful "green" capabilities to the global marketplace.
The Company also announced that a Settlement Agreement had been finalized with Wexford-UCSC II, L.P., the former landlord of its subsidiary AlumiFuel Power, Inc., and the matter has been settled.
On November 30, 2011, the Company's subsidiary, AlumiFuel Power, Inc., was notified that a Judgment by Confession had been entered against it in the Court of Common Pleas Philadelphia County in Philadelphia, Pennsylvania by Wexford-UCSC II, L.P., its former landlord, assessing total damages of $428,232. Pursuant to the terms of the Settlement Agreement, the Company has paid a cash payment of $2,000 and issued a Convertible Promissory Note in the amount of $75,000. Also pursuant to the terms of the Settlement Agreement, AlumiFuel Power, Inc., AlumiFuel Power Corporation and all affiliated entities and persons have been fully released. The dismissal of the action will follow shortly pursuant to the terms of the Agreement.
About Genport, srl ()
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.
About AlumiFuel Power Corporation
AlumiFuel Power Corporation, through its U.S. operating subsidiary, AlumiFuel Power Technologies, 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
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.
AlumiFuel Power Corporation
Thomas B. Olson
Corporate Secretary
303-796-8940
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Datum: 16.07.2013 - 05:00 Uhr
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