CENTENNIAL, CO--(Marketwired - Apr 20, 2017) - AlumiFuel Power Corporation (OTC PINK: AFPW) ("AlumiFuel" or the "Company") today announced that it has entered into negotiations, via an unaffiliated third party, for the launch and operation of a cannabis grow facility.
The Company, through an intermediary, is in talks to establish a cannabis grow facility in California. The Company is seeking to lease a 20 light, indoor cultivation operation. Based on information the Company has received, the turn key facility is capable of producing 250 pounds of high quality medicinal grade marijuana annually.
Signing of the lease agreement for the grow facility is expected to coincide with the closing of the previously announced proposed acquisition of Meds R US, a first-rate cannabis dispensary in San Diego County, CA. The Company believes that operating a dispensary in conjunction with a grow facility will enhance cash flow and provide other benefits that come with being vertically integrated.
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.