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ARSC Enters LOI to Acquire iVoice for Spinoff of Hydra Fuel Cell to Shareholders

^{Published on 2010-12-07 12:00:27 - Market Wire}
 

HOUSTON--([ BUSINESS WIRE ])--American Security Resources Corp.(Pinksheets: ARSC) has signed a Letter of Intent to acquire iVoice (OTCBB:IVOI) as a merger vehicle to spinoff its wholly owned subsidiary, Hydra Fuel Cell Corporation ([ www.hydrafuelcell.com ] ), in a special dividend to the shareholders.

The merger of IVOI and Hydra is subject to due diligence and the conclusion of a definitive agreement between the companies and is expected to close on or before the middle of January, 2011.

A previous plan approved by ARSCa™s Board calls for a significant investment directly into Hydra before the spinoff. The spinoff 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 in a proxy shortly after the closing with IVOI. After the spinoff Hydraa™s stock will trade independently.

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 Statement

This news release contains certain aforward looking statementsa 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.