American Security Resources Corporation (OTCBB:ARSC), has signed a Letter of Intent to acquire an interest in EGO Design Inc., a privately-held company that holds patents for silicon-based, hydrogen fuel cells. With the acquisition, ARSC will gain the exclusive right to license and market the technology.
According to Joe Grace, President of ARSC, “This proprietary technology will be the first commercially mass producible hydrogen fuel cell. We are eager to begin developing the markets for the many commercial and military applications for this break-through technology.”
EGO Design is a privately held company founded by the developers of unique hydrogen fuel cells. The principals of EGO believe the 5KW to 40KW fixed power market they have targeted could generate sales of $1 billion to the company within 8 years.
American Security Resources Corp. is a holding company actively seeking to acquire profitable, well-managed companies that provide products or services for homeland security or national defense. The company is currently in discussions to acquire several companies.