here's what i know:
PHILADELPHIA, PA, Jul 16, 2013 (Menafn - Marketwired via COMTEX) --Early production stage hydrogen generation company AlumiFuel PowerCorporation (otcqb:AFPW) (the "Company"), announced today that thepreviously announced prospective transaction with Genport, srl ofItaly is in the final stages of extensive due diligence. Under theterms of the transaction, AlumiFuel Power's and Genport's assets,Intellectual Property (patents and proprietary know-how),technologies, operations, and products would be combined andintegrated into a new U.S. alternative energy corporate entity,NovoFuel, Inc. Upon successful completion of the due diligence, theparties expect to sign a definitive merger agreement through whicheach would own 50% of NovoFuel before any future financings. Capitalraising options related to the prospective merger are underconsideration by the parties. Following the merger, NovoFuel wouldhave operations in The U.S. and Italy, and be in a position to pursueand capture backup and portable power applications and businessopportunities in the U.S., Europe, and other regions -- multi-billiondollar markets. The parties believe that the synergistic combinationof Genport's hybrid fuel cells, solar power systems, and lithium-ionbattery packs, along with AlumiFuel Power's hydrogen generationsystems, can bring powerful "green" capabilities to the globalmarketplace.
The Company also announced that a Settlement Agreement had beenfinalized with Wexford-UCSC II, L.P., the former landlord of itssubsidiary AlumiFuel Power, Inc., and the matter has been settled.
On November 30, 2011, the Company's subsidiary, AlumiFuel Power,Inc., was notified that a Judgment by Confession had been enteredagainst it in the Court of Common Pleas Philadelphia County inPhiladelphia, Pennsylvania by Wexford-UCSC II, L.P., its formerlandlord, assessing total damages of 428,232. Pursuant to the termsof the Settlement Agreement, the Company has paid a cash payment of2,000 and issued a Convertible Promissory Note in the amount of75,000. Also pursuant to the terms of the Settlement Agreement,AlumiFuel Power, Inc., AlumiFuel Power Corporation and all affiliatedentities and persons have been fully released. The dismissal of theaction will follow shortly pursuant to the terms of the Agreement.
About Genport, srl (www.genport.it) Genport srl is an advanced powersolutions company based near Milan, Italy. Genport is focused onproviding clean, safe, reliable and high performance portable powersources for medical, defense, emergency, telecommunications, andindustrial applications. Genport's solutions are designed to storeand generate electrical energy anytime, anywhere. Genport combinessolid hydrogen PEM fuel cell, lithium ion battery and solar celltechnologies to: provide a constant, reliable source of power;maximize power and energy density; eliminate noise, emissions andoperate in extreme environmental conditions. Genport/GNA's technologypartners include Milan Polytechnic, Texas Instruments, ArbinInstruments, four European companies, and Purdue University.
About AlumiFuel Power Corporation AlumiFuel Power Corporation,through its U.S. operating subsidiary, AlumiFuel Power Technologies,Inc., is an early production stage alternative energy company thatgenerates hydrogen gas and heat through the chemical reaction ofaluminum, water, and proprietary additives. This technology isideally suited for multiple applications requiring on-site, on-demandfuel sources, serving National Security and commercial customers. TheCompany's hydrogen generation feeds fuel cells for backup andportable power, provides lift gas for weather balloons, and canreplace costly, hard-to-handle and high pressure K-Cylinders. Itshydrogen/heat output is also being designed and developed to powerfuel cell-based and turbine-based undersea propulsion and auxiliarypower systems. The Company has significant differentiators inperformance, adaptability, safety and cost-effectiveness in itstarget market applications, with no external power required and notoxic chemicals or by-products
