AlumiFuel Power Corp. (OTC Pink: AFPW) is engaged as a renewable energy and medical marijuana company. The multi-sector business is climbing 40% through early trading on Thursday, March 9, 2017. Over the past month, AlumiFuel Power Corp. has seen average daily volume of 83.25 million shares. However, volume of 194.98 million shares or dollar volume of $136,486, has already exchanged hands on Thursday.
Shares of AlumiFuel Power Corp. are climbing Thursday, after the company announced that it has entered into a letter of intent to acquire Meds R Us (SDNCMMC, Inc.), which is a medical marijuana dispensary based in Vista, California. Under the terms of the deal, current staff at Meds R Us will be retained and enter 5-yr employment contracts. Here is the full press release detailing of the acquisition:
AlumiFuel Power Corp. Press Release:
CENTENNIAL, CO–(Marketwired – Mar 9, 2017) – AlumiFuel Power Corp. ( OTC PINK : AFPW ) (“AlumiFuel” or the “Company”) today announced that it has issued a Letter of Intent to acquire SDNCMMC, Inc d/b/a Meds R Us, a medical marijuana dispensary in Vista, CA.
SDNCMMC, Inc. has been an alternative medicine practitioner since 2012 and distributes medical marijuana to customers in a comfortable, relaxed environment. As a first-rate cannabis dispensary in San Diego County, they specialize in offering high-grade medical marijuana. SDNCMMC, Inc., doing business as Meds R Us, has received over 106,000 hits on the popular marijuana directory, weedmaps.com. Meds R Us is rated 4.7 stars and has received 171 reviews on the site.
Under the terms of the LOI, current management of Meds R Us would be retained and enter into a five year employment contract with the goal of expanding Meds R Us to additional locations in states that have legalized medicinal uses of cannabis. Closing of the acquisition is subject to final due diligence, required regulatory and compliance approval, and completion of debt and equity financing.
About AlumiFuel Power Corp.
AlumiFuel Power Corp., 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.