Company to Restructure as Holding Company
CENTENNIAL, CO – (Uptick Newswire – February 13, 2017) – AlumiFuel Power Corporation (OTC Pink: AFPW) (“AlumiFuel” or the “Company”) today provided an update on the Company’s strategic priorities and highlights from its turnaround plan under new CEO, Ryan Schadel.
The Company’s four point turnaround plan calls for focus on:
1. Revenue growth from wholly owned subsidiary Energy Staffing Solutions, Inc.
2. Expanding opportunities in the staffing sector
3. Launch or acquire businesses that complement the Company’s portfolio
4. Review of the intellectual property and its potential within NovoFuel
Energy Staffing Solutions, Inc.
The Company has 2 staffing units operated by wholly owned subsidiary, Energy Staffing Solutions. These units are revenue generating and are expected to produce at least two million dollars in top line sales in 2017.
The Company has identified immediate growth opportunities in the staffing industry. The Company believes there are scalable opportunities in this growing sector. During the first quarter of 2017, the Company will seek to launch two new staffing divisions. One will focus on the broader, skilled and semi-skilled light industrial staffing segment. The other will focus on a niche specialization.
The Company is reviewing its patented renewable energy technologies and lithium-ion batteries offered by NovoFuel. After a thorough review of the intellectual property and its potential, the Company will seek to capitalize on the value proposition from this subsidiary.
Some identified markets that offer potential for this technology are fuel cells for home and backup power and power generation for marijuana grow facilities. As more states legalize marijuana, more growers are coming to market and the wholesale cost per pound continues to drop. The Company believes marijuana growers may benefit from a low cost energy solution provided by NovoFuel’s patented technology.
Ryan Schadel, Chief Executive Officer of AlumiFuel commented, “The initiatives I’m putting in place are focused on producing short term results that will make a meaningful impact on the financial direction of the Company and the viability of its business interests. Execution of my 90 day plan and achievement of short term goals are necessary to position the Company for bigger, long term opportunities.”
Mr. Schadel continued, “One of the key pillars of the new strategy is to change the way we’ve been doing business and how we allocate capital investments in operating subsidiaries. To reflect this change I anticipate restructuring the Company into a holding company and effectuating a name change. I expect the timing of this to coincide with getting the financials current with the SEC, which I am pushing to have completed before mid-March 2017.”
As a holding Company, AlumiFuel will have two primary business purposes.
1. Strategically invest in expansion opportunities in the businesses we operate.
2. Launch and acquire companies that complement or supplement the businesses in our portfolio.
“I am excited about the opportunity to turn this Company around and deliver value to its co-owners. I believe we can build something substantial that will make everyone proud to be a co-owner. I look forward to delivering the results necessary and communicating our progress in an open and transparent manner,” added Mr. Schadel.
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: Uptick Newswire