By: Matt Rego
AlumiFuel Power Corporation (OTC Pink: AFPW) is renewable energy company that is in the early production of hydrogen gas through chemical reactions of aluminum, water, and additives. The renewable energy company is seeing shares dive 50%, on very heavy volume during early trading on Monday, August 22, 2016. Over the past three months, AlumiFuel Power Corporation has seen average daily volume of around 91.32 million shares. However, nearly 543.40 million shares or dollar volume of around $54,400 has already exchanged hands early Monday.
AlumiFuel Power Corporation is seeing shares fall on heavy volume after management released a corporate update. The update detailed of the company’s plans to consolidate toxic, convertible debt. The company has been able to consolidate $200,000 in convertible loans to date and the company announced no new shares were released as a result. The company is also working on energy staffing solutions and potential acquisitions within the space to bolster business. In addition, the company continues to pursue backup power solutions and high-tech batteries to use with its hydrogen gas fuel. Here is press release detailing of corporate update:
AlumiFuel Power Corporation Press Release:
Convertible Debt Consolidation:
The Company is making progress in an initiative to consolidate its outstanding convertible debt. To date, approximately $200,000 of the issued convertible notes have been consolidated with two existing lenders thereby reducing the number of lenders by five. No new shares were issued as a result of these debt consolidations. In the Company’s view, this consolidation significantly enhances the ability for future financings and provides better market stability while reducing toxicity. AlumiFuel will provide further updates on this initiative as future events occur.
Energy Staffing Solutions:
AlumiFuel is performing due diligence on several acquisition opportunities presented in the staffing industry and will provide further updates as warranted. The candidates being vetted are limited to those that are both revenue producing and have positive cash flow.
AFPW’s alternative energy operating company, NovoFuel, Inc., continues to pursue hybrid renewable energy solutions for backup power applications as a complement to its patented hydrogen generation technology. NovoFuel’s new branded high capacity lithium-ion battery product line can serve a wide range of markets. The 5kWh unit, which can be stacked to provide 20kWh and beyond, is the standard battery building block for NovoFuel’s proposed hybrid Renewable Energy Systems (RES) solutions in combination with solar panels and wind turbines. The 2.5kWh product is ideal as a standalone battery that can serve numerous jobsite power requirements. The hybrid RES solutions are of interest to a variety of markets including medical cannabis grow operations, agricultural applications, and oilfield/mining operations. NovoFuel is now presenting its RES solutions to cannabis grower contacts in Colorado, Washington state and Michigan. In response to inquiries from prospective customers, NovoFuel is also sizing and pricing proposed hybrid RES solutions involving several outdoor applications including agricultural irrigation and oil field operations; where the required power and energy can be provided totally or partially off-grid. The Company believes the addition of Energy Staffing Solutions provides synergies for potential support to NovoFuel’s future operations.
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.