ARSC Board Authorizes Spin-Off of Hydra Fuel Cell to Shareholders.HOUSTON -- The Board of Directors of American Security Resources Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ARSC ARSC Arctic Region Supercomputing Center ARSC Association for Recorded Sound Collections ARSC Accounting and Review Services Committee ARSC Aircraft Repair and Supply Center (USCG) ARSC Arizona Remote Sensing Center ) has voted to spin off its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , 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 situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. . 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. 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[R] 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 Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This news release contains certain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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. |
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