ATLANTA, GA , Aug. 28, 2017 (GLOBE NEWSWIRE) -- AlumiFuel Power Corporation (AFPW) ("AlumiFuel" or the "Company") today announced that it has completed an acquisition of staffing operations in Indiana.
The Company, through its wholly owned staffing subsidiary, acquired staffing operations in Northern Indiana from a large provider of skilled staffing and workforce management services. The acquired operations boast high profile clients, including the trading and logistics arm of Toyota Group.
The purchase price of the acquired operations is based entirely on earn out as a percentage of revenue. The Company will not issue any shares of stock in conjunction with the acquisition. Due to the potential for more deal flow from the seller, agreed upon Non-Disclosure clauses, and the sheer size of the selling company, AlumiFuel is not releasing any further details of the operation or the selling company at this time.
AlumiFuel has been aggressively seeking acquisitions as it transitions into diversified holding company and continues to seek unique opportunities to further expansion of its revenue base.
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.
SOURCE: AlumiFuel Power Corporation