ARSC Accepts Hydra Spin-Off Proposal from European Investors Group
June 23 2010 - 9:30AM
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.
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