Alumifuel Power Corp (OTCMKTS:AFPW) reported that its staffing subsidiaries added 30 new clients in the Q2 2017. This marks the first full quarter with Chief Executive Ryan Schadel with the company. Mr. Schadel reported that while they are thrilled by some of their second quarter numbers, especially average billing per customer and the number of new customers, this is just the start of what the company can scale into.
Presently, the company has an extremely small service area in their staffing operations. With a minor investment of talent and time, the management consider they can organically improve topline revenues above the preliminary target of $10 million annually, with the staffing division alone.
Schadel added that as a whole, he would like to see their staffing division constitute for up to 50% of total revenues as they work on other business prospects, so they have some works to do in other segments to achieve that balance.
Alumifuel Power previously posted topline revenue of around $425,000 for the second quarter closed June 30, 2017. The company with the help of its 100% owned subsidiaries is working to transform into a diversified holding firm. All the efforts are being taken under new direction and is anticipated to get a new name – Phoenix Equity Holdings Corporation.
In addition, the firm is looking other revenue producing acquisition prospects for new cash flow streams. As of now, the company currently operates three units in the growing provisional staffing market and has exclusive technology for hydrogen generation through NovoFuel.
In the last trading session, the stock price of Alumifuel traded in a narrow range and closed absolutely flat at $0.00010. The traded share volume was 7.16 million compared to average share volume of 52.64 million. As per the last close, the market cap of firm stands at 222,850.