SOURCE: Asgard Holdings, Inc.

February 20, 2007 09:30 ET

Asgard Holdings Announces Subsidiary Fund Focus/Mission Statement and Timeline

SAN DIEGO, CA -- (MARKET WIRE) -- February 20, 2007 -- Asgard Holdings' (PINKSHEETS: AGHG) announced today that its in-formation subsidiary, "The Asgard Growth and Income Fund I, Inc." which the Board of Directors has resolved to conduct business as a closed-end fund and will elect to be treated as a Business Development Company (a "BDC") under the Investment Company Act of 1940, has defined the funds focus, mission statement and timelines.

FOCUS/MISSION STATEMENT

The Asgard Growth and Income Fund I, Inc is a closed-end management investment company that generally makes 70% or more of its investments in "Eligible Portfolio Companies" and "cash items" pending other investment.

The essence of The Asgard Growth and Income Fund I, Inc. is to foster a more efficient way to get public money into start-up ventures (can also be turn-around situations) where such money might not typically be available.

The Asgard Growth and Income Fund I, Inc. shall function as an incubator of privately held eligible portfolio companies. The fund will typically divest themselves of operational activity from the portfolio companies in exchange for stock in these holdings; the fund does not have to own 100% of the outstanding stock; it can own debt or equity and/or all parts of the investment. The fund's primary objectives are to invest in growth and turn around opportunities that can be passed along to the fund's shareholders on a quarterly, bi-annual or annualized basis.

TIMELINE

The fund has begun interviewing Registered Investment Advisors to act as Independent Fund Managers which will be completed and announced before March 1, 2007. The fund has hired Mellon Investor Services to act as its Transfer Agent of record for all dividends, shareholder distributions and dividend investment programs. All necessary audits, documents, Securities and Exchange Commission filings have begun and have a proposed completion date of March '07. Upon completion of these items, it is still the fund's intent to make an application to list its common stock on the American Stock Exchange to trade under the AMEX Closed End fund rules. (http://www.amex.com/closedEnd/ClosedMain.htm)

"We have been working diligently on our first investment partnership in Super Thermal Systems Management Group, Inc. (STSM). Upon completion of The Asgard Growth and Income Fund I, Inc. we will recalculate this holding as a portfolio company of the fund. While we are working on engaging a suitable investment manager, we are also accepting potential portfolio investment candidates for the fund and are currently reviewing several turn around investments that given the right synergy, have the potential to rapidly advance our 2007 shareholder dividend goals," stated Virgil Williams, CEO of Asgard Holdings, Inc.

About Asgard Holdings, Inc.:

Asgard Holdings retains fifty percent interest in Super Thermal Systems Management Group, Inc. (STSM). STS co-founder, Dr. Don Gier, CEO, holds a PhD from Iowa State University and co-founder Dr. Hal Gier, technical director, is a graduate engineer from CalTech and holds a PhD in aerospace engineering. Under a NASA Kennedy Space Center Small Business Innovation Research contract, SCAMP (Super Critical Air Mobility Pack) was born as a self-contained breathing apparatus and cooling system suit with applications designed for Fire Fighting, EMT, Homeland Security, Dept. of Defense, HAZMAT and NASA.

Asgard Holdings Inc. is more than just an early stage venture capital firm: the Company provides the infrastructure and guidance required by development stage companies. Asgard makes possible the achievement of your company's goals and facilitates your business to find its common ground. Asgard focuses on companies that are beyond incubator startups, giving our portfolio companies a strong resource of business intelligence from which to utilize.

Safe Harbor

Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission.

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