Genport North America Corp acquired a 50% stake in AlumiFuel Power Technologies, Inc. from AlumiFuel Power Corporation.

Genport North America Corp signed a term sheet to acquire a 50% stake in AlumiFuel Power Technologies, Inc. from AlumiFuel Power Corporation (OTCPK:AFPW) on February 6, 2013. Post acquisition, AlumiFuel Power Technologies, Inc. will be renamed to NovoFuel Inc. The technologies, intellectual properties, products, revenues, engineering staffs, operations, marketing, sales and services of Genport Srl and AlumiFuel Power Technologies, Inc. will be integrated into NovoFuel Inc. As per the terms of transaction, both Genport and AlumiFuel Power Corporation would each own 50% of NovoFuel, before any future financings. The deal is subject to signing of a definitive merger agreement, Board of Director and shareholder approvals, due diligence by Genport Srl and AlumiFuel Power Technologies, Inc. and completion of capital raising by Colebroke Capital Ventures.

As of July 16, 2013, Genport Srl is in the final stages of extensive due diligence after which it expects to sign a definitive merger agreement. As of September 16, 2013, the due diligence process for the transaction is completed.