CENTENNIAL, CO – (Uptick Newswire – June 9, 2017) – AlumiFuel Power Corporation (OTC Pink: AFPW) (“AlumiFuel” or the “Company”) today announced that an accredited private investor (“the Investor”) and the Company’s largest convertible noteholder have entered into a definitive agreement for the acquisition of the majority of the Company’s outstanding convertible debt.
On May 8, 2017, the Company announced that it was 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.
On June 8, 2017, the Company was notified that the Investor and the debtholder had agreed to terms for a structured purchase plan and executed a securities purchase and escrow agreement for the acquisition of certain convertible notes held by the Company’s primary debt holder.
Ryan Schadel, CEO of AlumiFuel, commented, “Getting all parties on the same page with this deal took a little longer than I initially thought. I’m ecstatic that it is now completed. Having an investor in the Company with a longer term investment horizon come in and purchase the Company’s convertible debt is an extremely positive development for all stakeholders. I expect to get a funding commitment from the Investor to also put new capital into the Company on more traditional terms. Doing so will give us the flexibility to execute on acquisition opportunities without toxic debt as our funding source. This will also speed our planned acquisition of Meds R Us, a first rate cannabis dispensary in San Diego County, California.”
The Company also disclosed it is working on yet another acquisition that is expected to close within the next 10 days. More information will be provided as it becomes available.
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.
AlumiFuel Power Corporation
SOURCE: AlumiFuel Power Corporation
SOURCE: Uptick Newswire