Press Release.
Inhibiton Therapeutics Inc. stockholders have approved a name change to AlumiFuel Power Corp., the company announced Thursday.
The renaming follows Centennial-based Inhibiton's acquisition of HPI Partners LLC and its subsidiary, AlumiFuel Power Inc.
"We believe given the immediate impact API will have on the company it makes sense to identify the public entity with that operating subsidiary to provide continuity for our shareholders, interested investors and the alternative energy community," Henry Fong, president of Inhibiton (OTCBB: IHBT), said last month when the proposed name change was announced.
"We are continuing to pursue our biotechnology research project; however, the board also intends to investigate strategic alternatives available to the company with respect to the two separate business divisions," Fong said then.
The company's symbol will change on the OTC Bulletin Board.
The purchase signaled that Inhibiton is branching out from its prior focus on biotechnology research on fighting cancer.
Inhibiton's all-stock deal for HPI Partners and AlumiFuel Power was worth $12 million, Inhibiton said when it was announced in December.
HPI and AlumiFuel are based in Philadelphia. AlumiFuel is an alternative-energy company seeking to commercialize a process for generating hydrogen gas and steam, to be used where onsite, on-demand fuel sources are needed.
The deal calls for members of HPI to receive up to $12 million of Inhibiton’s stock in exchange for all interest in HPI, including ownership of AlumiFuel, its intellectual property and business operations.
AlumiFuel processes generate hydrogen gas and steam, which drive fuel cells for backup and portable power, filling inflatable devices such as weather balloons.
Inhibiton Therapeutics Inc. stockholders have approved a name change to AlumiFuel Power Corp., the company announced Thursday.
The renaming follows Centennial-based Inhibiton's acquisition of HPI Partners LLC and its subsidiary, AlumiFuel Power Inc.
"We believe given the immediate impact API will have on the company it makes sense to identify the public entity with that operating subsidiary to provide continuity for our shareholders, interested investors and the alternative energy community," Henry Fong, president of Inhibiton (OTCBB: IHBT), said last month when the proposed name change was announced.
"We are continuing to pursue our biotechnology research project; however, the board also intends to investigate strategic alternatives available to the company with respect to the two separate business divisions," Fong said then.
The company's symbol will change on the OTC Bulletin Board.
The purchase signaled that Inhibiton is branching out from its prior focus on biotechnology research on fighting cancer.
Inhibiton's all-stock deal for HPI Partners and AlumiFuel Power was worth $12 million, Inhibiton said when it was announced in December.
HPI and AlumiFuel are based in Philadelphia. AlumiFuel is an alternative-energy company seeking to commercialize a process for generating hydrogen gas and steam, to be used where onsite, on-demand fuel sources are needed.
The deal calls for members of HPI to receive up to $12 million of Inhibiton’s stock in exchange for all interest in HPI, including ownership of AlumiFuel, its intellectual property and business operations.
AlumiFuel processes generate hydrogen gas and steam, which drive fuel cells for backup and portable power, filling inflatable devices such as weather balloons.
