BIG NEWS!!!ARSC Hydra Fuel Cell Spin-Off
With a backlog of $21,000,000 in orders!!!
April 7, 2009 - 9:34 AM EDT
ARSC Board Authorizes Spin-Off of Hydra Fuel Cell to Shareholders
ARSC Board Authorizes Spin-Off of Hydra Fuel Cell to Shareholders
The Board of Directors of American Security Resources Corp. (OTCBB:ARSC) has voted to spin off its wholly owned subsidiary, Hydra Fuel Cell Corporation (www.hydrafuelcell.com), in a special dividend to the shareholders.
The plan approved by the Board calls for a significant investment directly into Hydra before the spin-off. The spin-off 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 completed within 60 days. After the spin-off Hydra’s stock will trade independently
Frank Neukomm, Chairman and CEO of ARSC, explained, “A spin-off is the quickest and most effective way we could find to get the remaining investment that Hydra needs to complete certification and begin commercial production. We have had discussions with European investors who have expressed an interest in participating in this with us. Considering Hydra’s $21,000,000 order backlog and its technologically advanced HydraStax® fuel cells, we believe that this is the best method for our shareholders to receive the benefit of the significant value that Hydra has created which is clearly not reflected in the price of ARSC’s stock today.”
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
