HOUSTON--(BUSINESS WIRE)--American Security Resources Corporation (Pink Sheets: ARSC) announced today that it has accepted a proposal from a European Investors Group to fund and spin-off Hydra Fuel Cell to ARSC shareholders.
Bob Farr, President and COO of ARSC, stated “This group calls for providing a public vehicle to merge with Hydra. The group would then organize the funding so as to complete Hydra’s business plan. We will prepare a proxy for ARSC shareholders when the proposed transaction is complete that will fix the dividend ratio and date. The Group has indicated they could have the transaction finished by late summer or early fall 2010. We have been working to achieve this since last spring and it looks like we finally have the right plan for our shareholders and Hydra,” concluded Farr.
American Security Resources Corporation
ARSC is a holding company developing technologies that will advance the development of alternative energies. ARSC, through its Hydra Fuel Cell subsidiary, has developed high volume, mass producible hydrogen fuel cells. Its American Hydrogen Corp. subsidiary is developing methods to inexpensively formulate hydrogen. For more information, please see: www.americansecurityresources.com.
Safe Harbor Statement
This news release contains certain “forward looking statements” within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934. Although the Company believes the expectations reflected in such forward looking statements are reasonable, it can provide no assurance that actual results will meet or exceed such expectations.