HOUSTON, March 14, 2011 (GLOBE NEWSWIRE) -- American Security Resources Corporation (OTCBB:ARSC) announced today that it has completed the agreement with the iVoice, Inc. (OTCBB:IVOI) to merge Hydra and IVOI preliminary to spinning Hydra off to ARSC shareholders in a special dividend.
Frank Neukomm, CEO of ARSC, explained, "IVOI will be filing an information statement with the SEC and there are waiting periods for the agreement's terms to become effective after which we will have a closing. We will then send a proxy to our ARSC shareholders which will fix the dividend date and share ratio among other things."
Neukomm continued, "We hope to have the proxy out in April. ARSC has invested over $7,000,000 in Hydra to develop its advanced fuel cell technology which is covered by 2 patents. There are 3 more patents pending and additional IP to be patented. Preliminary calculations indicate an estimated value of a quarter to a half mill per share as the dividend value of Hydra stock to ARSC shareholders."
Hydra Fuel Cell Corporation
Hydra Fuel Cell Corporation has developed a highly efficient, mass producible hydrogen fuel cell, the HydraStax® 5000. Hydra has demonstrated its fuel cell technology in live demonstrations from which it received more than $20,000,000 in purchase orders. Currently Hydra is in the process of delivering its first commercial fuel to Liberty Towers.
Preliminary testing indicates that a HydraStax® fuel cell using natural gas as the source of hydrogen can produce a kilowatt of electricity for less than $0.10,
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American Security Resources Corporation
ARSC is a holding company developing and acquiring technologies that will advance the development of clean energy. ARSC, through its Hydra subsidiary, is developing high efficiency, mass producible hydrogen fuel cells. Its American Hydrogen subsidiary is commercializing several technologies to produce hydrogen inexpensively.
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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.
CONTACT: Frank Neukomm or Bob Farr American Security Resources Corporation 713-465-1001 firstname.lastname@example.org