AlumiFuel Power and Italian Power Solutions Company, Genport, Provide Update on Merger Plans

AlumiFuel Power and Italian Power Solutions Company, Genport, Provide Update on 
Merger Plans 
Genport 2013 Revenues off to Fast Start 
PHILADELPHIA, PA -- (Marketwire) -- 02/20/13 --  Early production
stage hydrogen generation company AlumiFuel Power Corporation (OTCBB:
AFPW) (the "Company") announced today that the prospective merger of
its Philadelphia-based operating subsidiary, AlumiFuel Power
Technologies, Inc. (APTI), and Genport srl into a new U.S. corporate
entity, NovoFuel, Inc., is proceeding according to plan (see AFPW
news release of February 5, 2013). The parties are finalizing a
definitive merger agreement through which each 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. 
Meanwhile, pre-merger business development efforts of both companies
are proceeding at a fast pace. In 2013 Genport already has booked
over $1 million in revenues associated with its hybrid power
products, including lightweight solar cell modules and lithium-ion
battery pack modules for off-grid energy generation, and the GEN300
Hybrid Fuel Cell, which under NovoFuel will be integrated with the
AlumiFuel Power hydrogen generation system. Genport has established a
customer relationship with Arrow Europe, Autostrade Spa and ENEL
Group, Italy's largest power company, and a leading player in power
and gas markets in 40 companies on four continents. ENEL is strongly
committed to renewable energy sources, and ENEL Labs is sponsoring a
$1 million competition, for which Genport has been selected as a
finalist. At the same time, APTI continues to receive requests from
many customers around the world for quotations regarding its PBIS
(Portable Balloon Inflation System) products.  
Capital raising efforts related to the prospective merger are
continuing, and the parties are exploring options for conversion of
NovoFuel i
nto a new U.S. public entity at the appropriate time.
Completion of this transaction is subject to 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. 
AlumiFuel Power Technologies' President & CEO, Mr. David Cade, and
Genport's CEO, Mr. Paolo Fracas, issued a joint statement: "We are
more bullish than ever about the renewable energy technologies which
will be embodied in NovoFuel, and the expansion of our target markets
into other continents." 
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 
 
 
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