NEWWWWWSSSS!!!
ARSC Subsidiary American Security Capital Corporation to Form JV to Fund Fuel Cell Purchases
HOUSTON--(BUSINESS WIRE)--American Security Resources Corporation (Pink Sheets:ARSC) announced today that its financing subsidiary, American Security Capital Corporation (ASCC), has entered into an LOI with Comentum Capital Opportunities Corp. to form a Joint Venture to provide financing for fuel cells and related products manufactured by Hydra Fuel Cell Corp. and American Hydrogen Corp. In addition, Jon Elayda, one of the principals of Comentum, will become CEO of ASCC as part of the JV deal.
Bob Farr, President and COO of ARSC, stated, “Hydra has a $21,000,000 purchase order backlog which ASCC will now begin funding against to get Hydra into production and product into the market. We have been trying to finance these PO’s since Hydra received them, but because we were not yet in commercial production we were unsuccessful. That is why we formed our own finance subsidiary, ASCC. With Comentum’s expertise and funding sources we should be in production in the first quarter. Comentum expects to begin funding the JV with ASCC in January.”
Comentum Capital Opportunities Corp.
Comentum specializes in non-traditional financial transactions centered on receivables financing (factoring), purchase order financing and trade finance among others. The Company maintains offices in Houston and New York. For more information please see: www.comentumcapital.com.
American Security Resources Corporation
ARSC is a holding company actively seeking to acquire companies and technologies that will advance the development of alternative energies. ARSC, through its Hydra 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.
