AlumiFuel Power Corp. (OTCMKTS: AFPW) appointed Ryan Schadel as president and CEO, effective in February. He succeeds Henry Fong, who passed away in December. The company also approved a resolution to rename the company to Phoenix Equity Holdings Corp. and launched two new staffing brands.

Schadel founded industrial staffing provider Labor Smart (OTCMKTS: LTNC) in 2011 and has 17 years’ experience in the staffing industry. He will remain in his role as president and CEO of Labor Smart.

Centennial, Colo.-based AlumiFuel Power entered the temporary staffing industry last fall when it formed Energy Staffing Solutions Inc. and acquired two staffing business units from Labor Smart.

AlumiFuel on Feb. 23 created a new wholly owned subsidiary, American Workforce Solutions Inc., which provides skilled personnel and workforce management solutions to large and medium sized businesses primarily in the light industrial and professional market segments. The company believes President Trump’s administration’s initiatives to build new roads, bridges, tunnels, airports and railways will accelerate demand for workforce management and recruiting services.

“This is an exciting time at AlumiFuel as we work to build this company into something shareholders will be proud to own,” said Schadel. “Creating and launching this new brand is just one of many steps we are taking to build a revenue base that will further my initiative to restructure the balance sheet and clean up the capital structure.”

The move follows the company’s February launch of new wholly owned subsidiary Grind Staffing Solutions Inc., a cannabis industry staffing provider. Based in Denver, Colo., Grind Staffing Solutions will target markets including marijuana growers, dispensaries and cannabis eateries. Nikki Mantoot will serve as president.