Alumifuel Power Corp. (AFPW)

[capo]

HUGE AFPW NEWS OUT 7-20-2017

AlumiFuel Staffing Subsidiaries Add Thirty New Clients in Q2 2017

CENTENNIAL, CO -- (Marketwired) -- 07/20/17 -- AlumiFuel Power Corporation (OTC PINK: AFPW) ("AlumiFuel" or the "Company") today announced that its staffing subsidiaries added a combined thirty new customers in the second quarter of 2017.

The second quarter of 2017 marks the first full quarter with CEO Ryan Schadel at the helm of AlumiFuel Power Corporation. Mr. Schadel commented, "While I'm encouraged by some of our second quarter numbers, particularly average billing per client and the number of new clients, this is really just the surface of what we can scale into. Currently, we have a very small service area in our staffing businesses. With a minor investment of time and talent, I believe we can organically increase topline revenues well beyond my initial target of $10 million per year, with our staffing segment alone."

Mr. Schadel added, "As a whole, I'd like to see our staffing segment account for no more than 50% of total revenues as we build out other business opportunities, so we have some growing to do in other areas to get to that balance."

The Company previously reported topline revenue of approximately $425,000 for the second quarter ended June 30, 2017.

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.