CENTENNIAL, CO--(Marketwired - Mar 23, 2017) - AlumiFuel Power Corporation (OTC PINK: AFPW) ("AlumiFuel" or the "Company") today announced preliminary revenue results for the fourth quarter of 2016.
For the fourth quarter of fiscal 2016, ended December 31, 2016, AlumiFuel expects total topline revenue to be in the range of $400,000 to $450,000. The Company also expects to report that revenue for the third quarter of fiscal 2016, ended September 30, 2016, will exceed $160,000.
Ryan Schadel, CEO of AlumiFuel, stated, "This marks a major turning point for AlumiFuel. Revenue in 2016 exceeds revenue from the prior five years combined. The Company is focused on generating revenues and cash flows that will allow us to restructure the balance sheet, replace and retire convertible debt, and build value for shareholders."
AlumiFuel has not finalized its financial review process for fiscal 2016. As a result, the information in this release is preliminary and based upon the information available to the Company as of the date of this release. The information above is forward-looking information and subject to revision or adjustment. However, the Company does not expect material revisions to these preliminary results.
The Company has submitted its 10Q for the third quarter of 2016 for final auditor review.
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.