AlumiFuel Acquires Logistics Company
CENTENNIAL, CO--(NewMediaWire) - June 16, 2017 - - 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.
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.
AlumiFuel Power Corporation
Source: UPTICK Newswire