CENTENNIAL, CO--(Marketwired - Feb 21, 2017) - AlumiFuel Power Corporation (
The Company has reached agreements with three of its convertible noteholders whereby the Company may redeem the notes for cash. The agreements call for a freeze on conversions of debt to shares of common stock by these noteholders. Additionally, the Company is targeting a reduction of approximately $1.2 million in liabilities on its balance sheet that are related to various legacy ventures.
AlumiFuel CEO, Ryan Schadel, commented, "I have completed a review of each liability on the Company's balance sheet. The majority of these liabilities are payables and debt related to various failed ventures from prior management over the years. The Company is embarking on a path toward the future and liabilities from the past must be drastically reduced. New management and new shareholders should not foot the bill for prior failures."
The Company intends to use short term financings to refinance so called "toxic debt" while its scales up its operation as a diversified holding company and pursues less dilutive means to finance growth.
"We need a lender that we can rely on short term to help fund refinancing and restructuring, but that will also be shareholder friendly. I believe we have that, as evidenced by recent trading in our common stock at 52 week highs," added Mr. Schadel.
About AlumiFuel Power Corporation:
AlumiFuel Power Corporation, operating through its wholly owned subsidiary, NovoFuel, Inc., is an early production stage alternative energy company that is pursuing hybrid renewable energy systems for a number of backup power applications. The NovoFuel brand includes a new line of high capacity lithium-ion batteries as well as patented and proprietary technology that generates hydrogen gas through the chemical reaction of aluminum powder, water, and proprietary additives. The Company recently formed a new subsidiary, Energy Staffing Solutions, Inc., and has entered the temporary staffing industry.
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.
AlumiFuel Power Corporation 641-715-3900 x385402
