AlumiFuel Gets Funding Commitment for Expansion
CENTENNIAL, CO--(Marketwired - Aug 8, 2017) - AlumiFuel Power Corporation (OTC PINK: AFPW) ("AlumiFuel" or the
"Company") today announced that it has received a funding commitment for expansion of its temporary staffing subsidiary.
On August 4, 2017, the Company entered into an agreement with a privately held, affiliated company, to provide startup capital
for new staffing centers. The financing will be secured by the operating assets of each staffing center launched and will not
require the Company to issue any shares of stock as part of the agreement. The Company will be required to repay each tranche
within six months. Interest will accrue at a rate of one half of one percent compounded monthly.
The Company expects additional financing will be needed as this segment of its business grows and is seeking strategic
financial partners to launch a nationwide expansion of its staffing business.
Separately, the Company announced it is in talks with potential investors for creation and launch of a real estate investment
division. AlumiFuel is transforming into a diversified holding company and believes multi-family real estate fits well with its
cash flow diversification strategy.
On July 28, 2017 the Company announced, via twitter, that it was relocating its headquarters to the Metro Atlanta Area.
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.