ARSC Enters LOI to Acquire iVoice for Spinoff of Hydra Fuel Cell to Shareholders
December 07 2010 - 10:54AM
Business Wire
American Security Resources Corp.(Pinksheets: ARSC) has signed a
Letter of Intent to acquire iVoice (OTCBB:IVOI) as a merger vehicle
to spinoff its wholly owned subsidiary, Hydra Fuel Cell Corporation
(www.hydrafuelcell.com ), in a special dividend to the
shareholders.
The merger of IVOI and Hydra is subject to due diligence and the
conclusion of a definitive agreement between the companies and is
expected to close on or before the middle of January, 2011.
A previous plan approved by ARSC’s Board calls for a significant
investment directly into Hydra before the spinoff. The spinoff will
be submitted to the shareholders in a proxy which will describe the
transaction and contain the ratio of Hydra shares to ARSC shares
for the dividend. The company expects to have the details of the
spin-off in a proxy shortly after the closing with IVOI. After the
spinoff Hydra’s stock will trade independently.
American Security Resources Corporation
ARSC is a holding company developing clean energy technologies.
Its Hydra Fuel Cell Corp. subsidiary is developing high volume,
mass producible hydrogen fuel cells. Its American Hydrogen Corp.
subsidiary is developing methods to inexpensively formulate
hydrogen. The Company also has created a financing arm, American
Security Capital, to provide financing options to buyers of the
subsidiaries products. 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.
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