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 oth...