HOUSTON, TX / ACCESSWIRE / April 22, 2014 / American Security Resources Corporation (Pinksheets: ARSC) announced today that it has completed sale of its wholly owned subsidiary, Hydra Fuel Cell Corporation, to Hydrogen Future Corporation (OTCQB: HFCO). The sale was completed through an exchange of shares with HFCO receiving all of the issued stock of Hydra and ARSC receiving a Convertible Preferred share of HFCO. The Convertible Preferred converts at ARSC's option into an amount of HFCO common stock equal to 100.2% of the amount of outstanding HFCO common stock at the time of conversion.
That ratio will give ARSC 50.1% of HFCO's common stock at the time of conversion.
Frank Neukomm, Chairman of American Security Resources Corp., said, "We are pleased that Hydra is with a company that has the financing that will allow Hydra to recognize its potential, and to have concluded a deal that will capture a large chunk of that upside potential for our shareholders."
About American Security Resources Corporation
ARSC is a holding company of clean energy technologies. Its American Hydrogen Corporation subsidiary is developing several technologies to produce hydrogen inexpensively, which the company hopes to bring to market.
Safe Harbor Statement
The statements in this release that relate to the Company's expectations with regard to the future impact on the Company's results from new products in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The results anticipated by any or all of these forward-looking statements may not occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
Contact
Frank Neukomm or Bob Farr
[email protected]
713-465-1001
SOURCE: American Security Resources Corporation