*** AFPW NEW OUT 6-16-2017 ***
AlumiFuel Acquires Logistics Company
CENTENNIAL, CO -- (Marketwired) -- 06/16/17 -- AlumiFuel Power Corporation (OTC PINK: AFPW) ("AlumiFuel" or the "Company") today announced that it has acquired Owen Logistics, LLC ("Owen"), an asset based carrier specializing in blanket wrap and final mile white glove delivery to its clients.
Owen Logistics serves as an asset based carrier for one of the largest third party logistics providers in the country, who in turn serve some of America's largest businesses. Through relationships in the retail industry, Owen has enjoyed working on large scale projects with large organizations like Macy's and Bloomingdale's. For instance, Owen Logistics has previously generated over $25 million revenue from Macy's related projects.
As retailers are adjusting their business models in a rapidly changing environment, the Company believes substantial assets will need to be either repurposed or liquidated. The Company believes the Owen Logistics acquisition gives it entry into an industry already in high demand and a low risk opportunity to generate a steady cash flow stream.
Pursuant to the Purchase Agreement, the Company will issue 125,000,000 restricted common shares as consideration for the acquisition, and will issue an additional 125,000,000 restricted common shares in 180 days if certain performance milestones are achieved. Management of Owen has agreed to a two year employment agreement.
The Company expects to provide updates in the near future on several other acquisitions in its pipeline, some of which have been previously disclosed.
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