AlumiFuel to Launch American Workforce Solutions

CENTENNIAL, CO--(Marketwired - Mar 1, 2017) - AlumiFuel Power Corporation (OTC PINK: AFPW) ("AlumiFuel" or the "Company") today announced that it is launching a new subsidiary, American Workforce Solutions.

On February 23, 2017, the Company created a new wholly owned subsidiary, American Workforce Solutions, Inc. This new subsidiary expands the Company's offering in the staffing industry, adding a potentially very powerful brand with a focus on providing skilled personnel and workforce management solutions to large and medium sized businesses primarily in the light industrial and professional market segments.

In his first speech to a joint session of Congress, U.S. President Trump on Tuesday called for "a new program of national rebuilding," with a $1 trillion price tag and guided with a "buy American and hire American" philosophy.

The Company believes that initiatives of the current administration to build new roads, bridges, tunnels, airports and railways will accelerate demand for high quality workforce management and recruiting services. Site selection for the first of two Regional Staffing Centers has been completed and the Company has identified key personnel to bring this new exciting brand to market.

AlumiFuel CEO, Ryan Schadel, stated, "This is an exciting time at AlumiFuel as we work to build this Company into something shareholders will be proud to own. Creating and launching this new brand is just one of many steps we are taking to build a revenue base that will further my initiative to restructure the balance sheet and clean up the capital structure. Last week, a resolution was approved to rename the Company to Phoenix Equity Holdings Corporation. I believe this is fitting and representative of my vision for the future."

Mr. Schadel will hold an open livestream Q & A and discuss recent developments at the Company via periscope.tv on Friday, March 3, 2017 at approximately 4:00PM ET. Search and follow @CRyanSchadel to receive instant notification of the livestream broadcast.

About AlumiFuel Power Corp.

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.