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AlumiFuel Power Corporation ("the Company") (OTCBB: AFPW) said today that its wholly owned operating subsidiary, AlumiFuel Power, Inc. ("API"), based in Philadelphia, Pennsylvania, an early production stage hydrogen generation company, has announced new breakthroughs in its AlumiFuel powdered aluminum mixes for specific applications as a result of nanotechnology materials analysis made possible by its membership in Drexel University's Nanotechnology Consortium and the resultant direct interaction with the Drexel Nanotechnology Institute (DNI).
As a member of the Drexel Nanotechnology Consortium, API has access to the world-class Central Research Facilities of Drexel University, including state-of-the-art analytical and imaging labs and a micro fabrication lab. The labs rely on a vast array of advanced equipment for electron microscopy, spectroscopy, x-ray diffraction, micro fabrication and other nanoscale functions.
The Drexel relationship has given API cutting edge capabilities to analyze, at the atomic level, pre- and post-reacted AlumiFuel powder mixtures and to observe small samples during the reaction. This technology allows for very precise observations of the fundamental chemical mechanisms that accelerate or decelerate the reaction, which will ultimately lead to more controllability and higher yields. API has processed dozens of images and spectrographs capturing the variety of crystal growth occurring during the reaction and also the shape, size and surface characteristics of the aluminum before the reaction.
API's Chief Technology Officer, Mr. John Boyle, a nationally renowned hydrogen expert, said, "These observations already have helped API tailor the size, shape and dispersion of AlumiFuel mixtures for various applications -- ranging from a rapid low temperature release of hydrogen for inflating weather balloons, to a slower steady release of hydrogen for fuel cells to generate electricity or a high temperature reaction to power steam turbines for underwater propulsion."
As a result of this synergy, API and DNI are also collaborating in the pursuit of various Department of Defense R&D program opportunities, with DNI serving as a subcontractor to API on selected Small Business Technology Transfer and Small Business Innovative Research proposals.
API's President & CEO, Mr. David Cade, said, "We are extremely fortunate to have such a close working relationship with Drexel Engineering. This has enabled API to more aggressively pursue our business plan as we commercialize our technology and penetrate our target markets."
About the Drexel Nanotechnology Institute
The Drexel Nanotechnology Institute (DNI) coordinates the University's activities in the broad and interdisciplinary area of nanoscale science and engineering. The Director of the DNI, Dr. Yury Gogotsi, is an internationally acclaimed scientist. Dr. Gogotsi is Trustee Chair Professor of Materials Science and Engineering at Drexel University. He also holds a courtesy appointment in the Department of Mechanical Engineering and Mechanics at Drexel University. His research group (http://nano.materials.drexel.edu) works on hydrogen storage, nanomaterials for energy-related applications, material characterization, nanostructured carbons and nanofluidics.
About AlumiFuel Power Corporation
AlumiFuel Power Corporation, formerly known as Inhibiton Therapeutics, Inc., recently acquired its 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.
About AlumiFuel Power, Inc.
API 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.
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.
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AlumiFuel Power Corporation
Thomas B. Olson
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