HOUSTON, March 16, 2011 (GLOBE NEWSWIRE) -- American Security Resources Corporation (OTCBB:ARSC) today provided preliminary calculations of the ratio of the Hydra spinoff to ARSC shareholders in a special dividend.
Frank Neukomm, CEO of ARSC, stated, "After a number of calls from shareholders requesting additional details, we have done some preliminary calculations of the value of the spinoff to our shareholders of the stock of Hydra Fuel Cell Corporation."
Neukomm continued, "After a recapitalization of iVoice (Pink Sheets:IVOI) and a name change to Hydra Fuel Cell Corp., we expect that the dividend will be approximately one (1) share of new Hydra stock for each 150 current shares of ARSC. We expect that the value of Hydra is such that its initial trading range will be between $0.08 and $0.16 per share."
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