ARSC Subsidiary American Security Capital Corporation to Form JV to Fund Fuel Cell Purchases Business Wire "US Press Releases " 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.
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Do your own DD Production News August 30-10 Hydra First Production Fuel Cells Due in October 9:30a ET August 30, 2010 (Business Wire) Hydra Fuel Cell Corporation, a wholly owned subsidiary of American Security Resources Corporation (OTCQB:ARSC), announced today that its initial production of 5 kilowatt fuel cells will be ready to ship in October. August 17-10 ARSC Receives Second Tranche of Production Funding from St. George 10:15a ET August 17, 2010 (Business Wire) American Security Resources Corporation (Pinksheets: ARSC) announced today that St. George Fund has sent the second tranche of funding for initial fuel cell production at its Hydra Fuel Cell Corporation subsidiary.
Bob Farr, President and COO of ARSC, stated, "The St. George funding has kicked off our initial production run. We are preparing a 5kW and a smaller unit as our starting units while our staff is working on a 30kW design which has been requested by some of our original customers who sent us Purchase Orders."
St. George Investments LLC
The St. George Investments LLC is a Chicago based investment company managed by John M. Fife, specializing in buyouts, late stage growth equity investments and PIPES. They strive to find and create circumstances that combine three factors that are critical to investment success. These are: great business opportunities, uncommon managerial talent, and financial capital.
American Security Resources Corporation
ARSC is a holding company developing technologies that will advance the development of alternative energies. ARSC, through its Hydra Fuel Cell 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.
SOURCE: American Security Resources Corporation
American Security Resources Corporation Frank Neukomm or Bob Farr, 713-465-1001 info@amsrcorp.com
Jim Twedt, CEO of Hydra, stated "The majority of our purchase orders are for 5 kW fuel cells, so that is what we're producing first. We know, however, that there is demand for fuel cells from 500 Watts to larger units in the 20kW range so we are planning to make those as part of our product offering going forward."
Twedt continued, "These units will be shipped with either a methanol or natural gas reformer as the hydrogen source depending on the customers' applications and preferences."
Hydra Fuel Cell Corporation
Hydra Fuel Cell Corp. is developing high volume, mass producible hydrogen fuel cells. Hydra is a wholly owned subsidiary of American Security Resources Corporation. 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.
SOURCE: American Security Resources Corporation
American Security Resources Corporation Frank Neukomm or Bob Farr, 713-465-1001 info@amsrcorp.com
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