American Security Resources Corporation (OTCBB:ARSC) announced today that it has closed a $2,000,000 funding facility which will fund its Hydra Fuel Cell subsidiary to production of its proprietary HydraStax™ hydrogen fuel cells.
Jim Twedt, President of Hydra, said, “With this funding we hope to begin responding to the $2.5 million of purchase orders that we currently have.”
Bob Farr, President of ARSC, explained, “This funding is from a private, Chicago-based firm, St. George Funding, which provided us with a series of convertible debentures that can be converted into our stock under Rule 144 restrictions. We felt strongly enough that this was the right funding deal for ARSC that, we, the officers of the Company have personally guaranteed it.”
Farr continued, “To complete this funding required an increase in our authorized share capital which we have accomplished through the issuance of a “Super Voting Preferred” that provides an indemnification for the guarantors of the funding and assures that the covenants of the debentures will be met. We now have 500,000,000 authorized shares which gives us a lot of flexibility moving forward,” Farr concluded.
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 an inexpensive method to produce hydrogen from ammonia using a patented catalyst licensed from Ohio University (www.ohio.edu).
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.
American Security Resources Corporation
Frank Neukomm or Bob Farr,
713-465-1001
info@amsrcorp.com