AlumiFuel Power and Italian Power Solutions Company, Genport, Announce Merger Plans

AlumiFuel Power and Italian Power Solutions Company, Genport, Announce Merger 
Plans 
Begins Process of Integrating All Assets of Both Companies Into New
Public Entity 
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 t
he 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. 
CONTACTS: 
AlumiFuel Power Investor Relations:
AlumiFuel Power Corporation
Thomas B. Olson
Corporate Secretary
303-796-8940 
Technical Information & Marketing:
info@alumifuelpowertech.com
610-660-7775 
Genport srl 
Via Lecco, 61 
20871 Vimercate (MB) - Italy
info@genport.it 
+39 039 639 6500 
Genport North America Corp.
1281 Win Hentschel Blvd.
West Lafayette, IN 47906
info@genportna.com
765-237-3393