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| 8-K - CURRENT REPORT ON FORM 8-K 02/09/2010 - AlumiFuel Power Corp | afpw8k2910.htm |
EXHIBIT
99.1
For Immediate
Release
ALUMIFUEL POWER ,
INC. RECEIVES FIRST PURCHASE ORDER FOR ITS
PORTABLE BALLOON INFLATION
SYSTEM
CENTENNIAL,
Colorado, February 9, 2010. (BUSINESS WIRE) — Early production stage
hydrogen generation company AlumiFuel Power, Inc. (“API”), the Philadelphia,
Pennsylvania-based wholly owned operating subsidiary of AlumiFuel Power
Corporation (OTCBB: AFPW), (the
“Company”), announced today that it has received a Purchase Order for three
units of its PBIS-1000 Portable Balloon Inflation System. The
Purchase Order was received from Kaymont Consolidated Industries, Inc. of Long
Island, New York – the world’s largest distributor of weather balloons and API’s
partner for lift-gas applications – on behalf of an unspecified military
customer. Following successful delivery of this initial order, the customer is
expected to place an additional Purchase Order in the Second
Quarter.
The
PBIS-1000 recently was displayed at the Annual Meeting of the American
Meteorological Society in Atlanta, where it generated considerable interest
among potential customers. The majority of the PBIS-1000 manufacturing will take
place at APEX Piping Systems, Inc., a large world class welding and
manufacturing facility in nearby Delaware. (See API news releases of
January 20, 2010, January 15, 2010, and December 30, 2009).
The
PBIS-1000 is API’s first commercially available
product. Incorporating feedback from the military customer, this
fourth generation PBIS-1000 unit is a significant upgrade over prototype systems
previously demonstrated to the customer over an 18 month period. The
production unit has a simpler design with fewer components, and is lighter, more
compact, more ruggedized for military applications, more user-friendly, and more
cost effective. Using a higher grade stainless steel construction
with better corrosion properties and durable fluorocarbon rubber for all seals,
the upgraded unit can better withstand required pressures and temperatures over
its long expected lifetime. The reactor and water tanks, as well as
all plumbing lines and connectors, have been optimized for weight, simplicity,
and cost, and are stamped and certified with the ASME code – a standard
requirement for commercial pressure vessels. The unit meets Mil Spec
requirements for vibration, environmental and drop tests, and is housed in a
molded polyethylene carrying case used regularly by the military.
In
addition, a more effective packaging configuration of the company’s proprietary
AlumiFuel cartridges increases the speed of the reaction and the hydrogen yield,
while reducing cartridge cost. The versatile PBIS-1000 unit can
produce 1,000 liters of hydrogen in 20 minutes at ambient temperature and
atmospheric pressure using only two 32oz AlumiFuel cartridges.
The
PBIS-1000 man-portable reactor and launching unit uses API’s proprietary
AlumiFuel technology to produce hydrogen through the powerful chemical reaction
of powdered aluminum, water and proprietary additives. The device requires only
a simple water hand pump and two small AlumiFuel cartridges to propagate the
reaction and generate sufficient lift gas to launch a 5-foot diameter weather
balloon.
This API
innovation, which enables on the spot generation of hydrogen without any
external energy or toxic chemicals, is easier to use and is cheaper than current
lift gas solutions. Traditionally, helium has been used as the
primary lift gas, but with the increasing scarcity and cost of helium, users are
rapidly switching to hydrogen. The API portable launching unit is far
more mobile and cost effective than other on-site hydrogen generation
systems. The global market for lift gas fuel is approximately $70
million and growing, with more than 1,000,000 weather balloons and special
purpose balloons launched annually for telecom relay, cloud height measurement
and military/national security applications.
API’s
Chief Technology Officer, Mr. John Boyle, one of the nation’s foremost hydrogen
experts, said, “We have devoted significant technical talent, expertise and
perseverance to develop this one-of-a-kind lift-gas system. The
production unit, which is not available anywhere else in the world, represents a
remarkable integration of mechanical, chemical, fluid and gas design
elements.”
API’s
President and Chief Executive Officer, Mr. David Cade, said, “This Purchase
Order is the most significant milestone in the history of API. This
first “sale” is important in its own right, but in addition, other potential
balloon lift gas customers, including military and environmental/weather service
users, are closely following the progress of these first operational units.
Along with Kaymont Consolidated, we will be scheduling near-term demonstrations
for this expanded customer base. The PBIS-1000 also enables us to demonstrate
the applicability of our technology to other mobile, back-up, auxiliary and
remote power applications in our target markets, feeding fuel cells and driving
turbine-based underwater propulsion systems and generators.”
About Kaymont Consolidated
Industries, Inc.
Kaymont
Consolidated Industries, Inc. (www.kaymont.com),
founded in 1978, has been a provider of the highest quality meteorological
balloons to the National Weather Service, U.S. military, and U.S. test ranges.
Kaymont's vast experience and knowledge in the worldwide meteorological market
make it ideally suited for marketing API’s technology to both military
and civilian lift gas customers around the world. Kaymont
Consolidated is also a leading global supplier of meteorological measuring
devices used in military applications, and of humidity calibration chambers for
use in various industries.
About Apex Piping Systems,
Inc.
Apex
Piping Systems, Inc. (www.apexpiping.com)
is a World Class fabricator of piping systems, skid modules, specialty
fabrications and reactor vessels serving the Petro-Chemical, Air Separation,
Nuclear, Hydrogen Fuel Cell, Gas Turbine, Bio-Fuel and other related
industries. Their headquarters is located in Newport, Delaware,
conveniently located off of Interstate 95, with close access to barge and rail
transport. Their main engineering and manufacturing facility spans
over 60,000 square feet, and features a world class 35,000 square foot ASME code
process pipe and pressure vessel fabrication shop. The company holds
ASME “U”, “PP”, “S”, and NBIC “R” code stamp authorizations, and is certified by
TUV SUD America to the European Pressure Equipment Directive (PED) and ISO ISO
9001:2000.
About AlumiFuel Power,
Inc.
API
(www.alumifuelpowerinc.com)
is an alternative energy company that generates hydrogen gas and superheated
steam for multiple niche applications requiring on-site, on-demand fuel sources,
serving National Security and commercial customers. API’s hydrogen
drives fuel cells for back-up and portable power, fills inflatable devices such
as weather balloons, and can replace costly, hard-to-handle and high pressure
K-Cylinders. Its hydrogen/steam output is also being designed and developed to
drive turbine-based underwater propulsion systems and auxiliary power
systems. API 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 AlumiFuel Power
Corporation
AlumiFuel
Power Corporation, formerly known as Inhibiton Therapeutics, Inc., recently
acquired is wholly-owned operating subsidiary AlumiFuel Power, Inc., a
Philadelphia-based early production stage alternative energy company that
generates hydrogen gas and steam for multiple niche applications requiring
on-site, on-demand fuel sources. The Company also has been conducting
biotechnology research, development and potential commercialization of
technologies and products for new cancer therapeutic agents and cancer fighting
drugs called targeted therapies.
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:
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Investor
Relations:
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Technical
Information & Marketing:
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AlumiFuel
Power Corporation
Thomas
B. Olson, Corporate Secretary
303-796-8940
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API
Laboratories
3711
Market Street, Suite 950
Philadelphia,
PA 19104
215-921-9203
info@alumifuelpowerinc.com
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Public
Relations:
The
Investor Relations Group (IRG)
Mike
Graff
212-825-3210
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