|By Marketwire .||
|October 26, 2012 07:00 AM EDT|
PHILADELPHIA, PA -- (Marketwire) -- 10/26/12 -- Early production stage hydrogen generation company AlumiFuel Power Corporation (OTCBB: AFPW) (the "Company"), announced today that it has entered into a corporate development agreement with a New York City advisory investment firm that specializes in developing strategic partnerships and capital options for emerging growth companies with dynamic technology and growth prospects. This initiative is specifically aimed at leveraging the unique hydrogen generation technology and existing contractual opportunities of AlumiFuel Power Technologies, Inc. (the wholly owned operating subsidiary of AFPW), by securing a partner or partners with necessary resources and relationships that will advance execution of its current plans.
AlumiFuel Power Technologies, Inc. President & Chief Executive Officer, Mr. David Cade, said: "We are very enthusiastic about the possible strategic relationship options that have already been identified and are being explored, and believe this activity will give us the critical mass needed to push our novel technology and innovative products into our target markets, including backup power."
About AlumiFuel Power Corporation
AlumiFuel Power Corporation, operating through its wholly owned subsidiary, AlumiFuel Power Technologies, Inc., is an early production stage alternative energy company that generates hydrogen gas and steam/heat through the chemical reaction of aluminum powder, water, and proprietary additives. This technology is ideally suited for multiple applications requiring on-site, on-demand fuel sources, serving National Security and commercial customers. The Company's hydrogen feeds fuel cells for backup and portable power; provides lift gas for weather balloons; and can replace costly, hard-to-handle and high pressure K-Cylinders. Its hydrogen/heat output is also being designed and developed to drive fuel cell-based and turbine-based undersea propulsion systems and auxiliary power systems. The Company has significant differentiators in performance, adaptability, safety and cost-effectiveness in its target market applications, with no external power required and no toxic chemicals or by-products.
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
Thomas B. Olson
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