AlumiFuel Secures Commitment From Private Investor for Retirement of Toxic Debt
CENTENNIAL, CO--(Marketwired - May 8, 2017) - AlumiFuel Power Corporation (OTC PINK: AFPW) ("AlumiFuel" or the
"Company") today announced that it is in final stages of negotiation with its majority debt holder and a private investor for the
acquisition and subsequent retirement of substantially all of the company's outstanding convertible debt.
The Company's majority note holder has agreed in principle, to sell its debt to an accredited investor (the "Investor"). The
Company expects the Investor to finalize a structured purchase plan of the Company's outstanding convertible debt by May 12,
2017. The Company anticipates the Investor will infuse new capital into the business through purchase of a combination of
preferred stock and long-term debt.
Ryan Schadel, CEO of AlumiFuel, commented, "This is a huge development for the Company. The work that has been done over the
last 90 days is starting to pay off. Getting all parties together on this deal will create a huge positive impact on the
Company's cost of capital and its ability to execute on the many acquisition opportunities we have sourced. I look forward to
getting this deal completed as we start a new chapter for AlumiFuel and its shareholders."
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.