$AFPW Alumifuel Power Corporation Subsidiary Ener
Post# of 318
Posted On: 08/18/2016 10:20:25 AM
$AFPW Alumifuel Power Corporation Subsidiary Energy Staffing Solutions Closes Acquisition of Revenue Producing Staffing Operations
CENTENNIAL, CO / ACCESSWIRE / August 18, 2016 / AlumiFuel Power Corporation (OTCPink: AFPW) ("AlumiFuel" or the "Company"
, announced today that its newly formed wholly owned subsidiary, Energy Staffing Solutions, Inc. ("ESS" has closed an Asset Purchase Agreement to acquire a staffing business unit from Labor SMART, Inc. (OTCPink: LTNC). The asset purchase consists of the business operations including customer lists, contracts, fixed assets, leases and certain other intangibles for operation of the ongoing business. No liabilities were assumed. The assets acquired produced more than $1 million in revenue in the last full year of operation with positive cash flow, on an unaudited basis.
As previously announced, ESS signed earlier this week a license agreement through which Labor SMART will provide consulting services to ESS for assistance with establishing and expanding its business. In addition, it is anticipated Labor SMART will provide consulting support to include long-term growth strategy, corporate and capital structure planning, recruiting and operational support.
"With this acquisition and the license agreement with Labor SMART we now have a solid foundation to implement our business plan," said AlumiFuel Chief Executive Officer, Henry Fong. "By acquiring the assets of an operating business, ESS will have immediate revenue and cash flow with the goal of both organic and transactional growth; and we will provide further details on these plans as activities warrant," concluded Mr. Fong.
About Labor SMART
CENTENNIAL, CO / ACCESSWIRE / August 18, 2016 / AlumiFuel Power Corporation (OTCPink: AFPW) ("AlumiFuel" or the "Company"
, announced today that its newly formed wholly owned subsidiary, Energy Staffing Solutions, Inc. ("ESS" has closed an Asset Purchase Agreement to acquire a staffing business unit from Labor SMART, Inc. (OTCPink: LTNC). The asset purchase consists of the business operations including customer lists, contracts, fixed assets, leases and certain other intangibles for operation of the ongoing business. No liabilities were assumed. The assets acquired produced more than $1 million in revenue in the last full year of operation with positive cash flow, on an unaudited basis. As previously announced, ESS signed earlier this week a license agreement through which Labor SMART will provide consulting services to ESS for assistance with establishing and expanding its business. In addition, it is anticipated Labor SMART will provide consulting support to include long-term growth strategy, corporate and capital structure planning, recruiting and operational support.
"With this acquisition and the license agreement with Labor SMART we now have a solid foundation to implement our business plan," said AlumiFuel Chief Executive Officer, Henry Fong. "By acquiring the assets of an operating business, ESS will have immediate revenue and cash flow with the goal of both organic and transactional growth; and we will provide further details on these plans as activities warrant," concluded Mr. Fong.
About Labor SMART
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