|By Marketwired .||
|February 6, 2013 07:00 AM EST||
PHILADELPHIA, PA -- (Marketwire) -- 02/06/13 -- Early production stage hydrogen generation company AlumiFuel Power Corporation (OTCBB: AFPW) (the "Company"), announced today that it has signed a Term Sheet with Genport, srl of Italy, which would merge its wholly-owned Philadelphia-based operating subsidiary, AlumiFuel Power Technologies, Inc., (APTI) and Genport into a new U.S. corporate entity, NovoFuel, Inc. This initiative is the result of continuing Joint Venture discussions between the parties, as reported in the AFPW news release of November 28, 2012. This term sheet will be the basis for, and the parties are moving forward toward completion of, a definitive agreement through which both parties would own 50% of NovoFuel before any future financings.
The merger would combine and integrate the synergistic technologies, Intellectual Property, products, revenues, engineering staffs, manufacturing operations, marketing, sales and services activities of both companies, including a new lab facility in the Philadelphia area. The focus of NovoFuel would be to pursue and capture backup and portable power applications and business opportunities in the U.S., Europe, and other market areas -- multi-billion dollar markets. The new entity would pursue the engineering development of an integrated 5kW backup power system for telecom facilities.
NovoFuel would encompass the following capabilities of both companies: (1) APTI's AlumiFuel powder and cartridge-based hydrogen generation for fuel cell power, weather balloon lift gas and Unmanned Undersea Vehicle power; and (2) Genport/GNA's fuel cell power systems, hydrogen generation and storage systems, solar cells and lithium-ion battery packs. Genport's current flagship product is the G300 Hybrid Fuel Cell, a European certified 400 Watt system that can take energy inputs from hydrogen, solar panels and lithium-ion battery packs and deliver electricity for a variety of applications including military, emergency telecommunications, PCs, battery charging, electro-medical devices, and auxiliary power.
The next steps in the merger process include executing the definitive Merger Agreement, completing the capital raising effort already underway by Colebrooke Capital Ventures of New York City, and converting NovoFuel into a public entity at the appropriate time.
AlumiFuel Power Technologies' President & CEO, Mr. David Cade, said: "NovoFuel would be a true alternative energy company with global reach, and we are excited about introducing customers around the world to the advanced energy capabilities of this new company."
Genport's Chief Executive Officer, Mr. Paolo Fracas, said: "NovoFuel will offer significant new power solutions for portable electronics, backup power, and micro-grid users. The introduction of our new multi-technology, extended run-time fuel cells for various critical mission applications will offer tremendous new market opportunities for us."
Completion of this transaction is subject to, among other things, further due diligence by the parties, negotiation and execution of definitive agreements, and any board of director and/or stockholder approvals that may be necessary.
About AlumiFuel Power Corporation (www.alumifuelpowercorp.com)
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 portable and back-up power; fills inflatable devices such as weather balloons; can replace costly, hard-to-handle and high pressure K-Cylinders; and provides fuel for flameless heater applications. 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
About Genport,srl (www.genport.it)
Genport srl is an advanced power solutions company based near Milan, Italy. Genport is focused on providing clean, safe, reliable and high performance portable power sources for medical, defense, emergency, telecommunications, and industrial applications. Genport's solutions are designed to store and generate electrical energy anytime, anywhere. Genport combines solid hydrogen PEM fuel cell, lithium ion battery and solar cell technologies to: provide a constant, reliable source of power; maximize power and energy density; eliminate noise, emissions and operate in extreme environmental conditions. Genport/GNA's technology partners include Milan Polytechnic, Texas Instruments, Arbin Instruments, four European companies, and Purdue University.
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 Investor Relations:
AlumiFuel Power Corporation
Thomas B. Olson
Technical Information & Marketing:
Via Lecco, 61
20871 Vimercate (MB) - Italy
+39 039 639 6500
Genport North America Corp.
1281 Win Hentschel Blvd.
West Lafayette, IN 47906
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jun. 30, 2016 11:45 AM EDT Reads: 536
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Jun. 30, 2016 11:30 AM EDT Reads: 596
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jun. 30, 2016 11:15 AM EDT Reads: 699
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
Jun. 30, 2016 11:00 AM EDT Reads: 430
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Jun. 30, 2016 11:00 AM EDT Reads: 457
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jun. 30, 2016 11:00 AM EDT Reads: 1,070
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
Jun. 30, 2016 10:45 AM EDT Reads: 645
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Jun. 30, 2016 10:30 AM EDT Reads: 551
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
Jun. 30, 2016 10:15 AM EDT Reads: 971
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Jun. 30, 2016 10:00 AM EDT Reads: 526
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, provided an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profession...
Jun. 30, 2016 09:33 AM EDT Reads: 184
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Jun. 30, 2016 09:02 AM EDT Reads: 187
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Jun. 30, 2016 09:00 AM EDT Reads: 425
Cloud Expo, Inc. has announced today that Andi Mann returns to 'DevOps at Cloud Expo 2016' as Conference Chair The @DevOpsSummit at Cloud Expo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is set to be one of the most profound disruptions to hit IT in decades," said Andi Mann. "It is a natural extension of cloud computing, and I have seen both firsthand and in independent research the fantastic results DevOps delivers. So I am excited t...
Jun. 30, 2016 09:00 AM EDT Reads: 365
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
Jun. 30, 2016 08:45 AM EDT Reads: 577
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
Jun. 30, 2016 08:00 AM EDT Reads: 551
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 30, 2016 07:00 AM EDT Reads: 439
"We work in the area of Big Data analytics and Big Data analytics is a very crowded space - you have Hadoop, ETL, warehousing, visualization and there's a lot of effort trying to get these tools to talk to each other," explained Mukund Deshpande, head of the Analytics practice at Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jun. 29, 2016 04:15 PM EDT Reads: 483
UAS, drones or unmanned aircraft, no matter what you call them — this was their week. Our news stream was flooded with updates on the newly announced rules and regulations for commercial UAS from the FAA. So, naturally we have dedicated this week’s top news round up to highlight some of our favorite UAS stories.
Jun. 29, 2016 03:02 PM EDT Reads: 336
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Jun. 29, 2016 12:30 PM EDT Reads: 590