AlumiFuel Power, Inc.
Jan 16, 2009.
Inhibition Theraputic Inc
announced today that it is moving forward under its previously announced Agreement in Principle to acquire HPI Partners, LLC (“HPIP”) and its operating subsidiary AlumiFuel Power, Inc. (“APl”) of Philadelphia, Pennsylvania.
HPIP, through API, is an alternative energy company that is working to commercialize a process for generating hydrogen gas and steam on-site and on-demand for multiple niche applications. The parties are targeting to complete the definitive agreement in late January.
Terms of the Agreement call for the members of HPIP to receive up to $12 million of Inhibiton common stock in exchange for all of the outstanding membership interests in HPIP including ownership of API and its intellectual property and business operations. Completion of this transaction is subject to further due diligence, the negotiation and execution of a definitive acquisition agreement, any necessary board of director, stockholder or member approvals, and other customary closing conditions.
Inhibition Theraputic Inc
announced today that it is moving forward under its previously announced Agreement in Principle to acquire HPI Partners, LLC (“HPIP”) and its operating subsidiary AlumiFuel Power, Inc. (“APl”) of Philadelphia, Pennsylvania.
HPIP, through API, is an alternative energy company that is working to commercialize a process for generating hydrogen gas and steam on-site and on-demand for multiple niche applications. The parties are targeting to complete the definitive agreement in late January.
Terms of the Agreement call for the members of HPIP to receive up to $12 million of Inhibiton common stock in exchange for all of the outstanding membership interests in HPIP including ownership of API and its intellectual property and business operations. Completion of this transaction is subject to further due diligence, the negotiation and execution of a definitive acquisition agreement, any necessary board of director, stockholder or member approvals, and other customary closing conditions.
- The Company also announced that API recently completed a fuel mixture optimization study for a major defense contractor.
- The study was commissioned to analyze the effect of the chemical composition and morphology of its “AlumiFuel” powder mixtures and particles on temperature and pressure ranges for generation of superheated steam and hydrogen gas related to development of turbine-based power systems for underwater propulsion applications.
- While this contract will produce a small amount of revenue, API believes this to be a precursor to more substantial future contracts related to underwater propulsion systems and auxiliary power systems under the auspices of the major defense contractor.
- In addition, API and a major fuel cell manufacturer/systems integrator are jointly exploring the use of AlumiFuel-generated hydrogen as a fuel source for the integrator’s fuel cell power unit that serves a variety of back-up, auxiliary, remote and mobile applications.
About AlumiFuel Power, Inc.
- API is a an early production stage alternative energy company that generates hydrogen gas and steam for multiple niche applications requiring on-site, on-demand fuel sources.
- AlumiFuel-generated 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 steam/hydrogen combination is also being designed to drive turbine-based underwater 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.
- API’s technology is based on the exothermic reaction of aluminum powder and water, combined with proprietary additives which act as catalysts, initiators and reactants.
- Novel packaging of the aluminum powder and additives into cartridges enables them to be inserted into a generator/reactor, where an infusion of water results in the rapid generation of highly pure hydrogen and steam.
- The company has an outstanding IP portfolio, including new patent filings embodying its unique and independent technology, and significant proprietary know-how regarding the practical ability to engineer desired reactions at required scales and rates.
- API’s lab and offices are located in the Philadelphia Science Center in downtown Philadelphia, where it has access to world class testing instruments and technical talent.
- The company has a seasoned management team and an experienced and dedicated technical team, as well as close working relationships with major industry players as path-to-market partners including major defense contractors and commercial fabricators of the company’s reactors and cartridge products on an outsourcing basis.
About Inhibiton Therapeutics, Inc.
- Inhibiton Therapeutics, Inc. is a nominally capitalized development stage company focused on biotechnology research, development and potential commercialization of technologies and products for new cancer therapeutic agents and cancer fighting drugs called targeted therapies.
- The focus of the Company’s research is a protocol to investigate the effect of PKC isozymes on the regulation of various cancer cells including brain and breast cancer, which Inhibiton began funding in September 2004.
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