ARSC#1 on the BREAKOUT-BOARD/to begin FUEL CELL PRODUCTION!!!PR;
ARSC Subsidiary American Security Capital Corporation to Form JV to Fund Fuel Cell Purchases
Dec. 14, 2009 (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.”
