SOURCE: iVoice

December 07, 2010 08:15 ET

iVoice Enters Into Letter of Intent to Merge With Hydra Fuel Cell Corporation

Hydra Fuel Cell Corporation Is a Subsidiary of American Security Resources Corporation

MATAWAN, NJ--(Marketwire - December 7, 2010) -  iVoice, Inc (OTCBB: IVOI) announced today that it signed a non-binding Letter of Intent to merge with Hydra Fuel Cell Corporation, a subsidiary of American Security Resources Corporation. The transaction, which is subject to due diligence, the usual and customary conditions, and entering into a definitive agreement, is expected to close in early 2011.

Hydra Fuel Cell Corporation has developed highly scalable, mass producible proton exchange membrane (PEM) hydrogen fuel cell systems. It is in the process of delivering the first HydraStax® systems this month. Hydra, located in Beaverton, Oregon, is set to advance hydrogen fuel cell electric generation as grid replacement for residences and small commercial establishments.

Jerry Mahoney, CEO of iVoice, remarked, "We are excited about the merger and to be working together with Hydra Fuel Cell Corporation."

Frank Neukomm, CEO of ARSC, stated, "We have been working to find the right company to merge with Hydra since 2009. We've found it in iVoice."

Certain information included in this press release, may contain forward-looking statements about our current and expected performance trends, growth plans, business goals and other matters. These statements may be contained in our filings with the Securities and Exchange Commission, in our press releases, in other written communications, and in oral statements made by or with the approval of one of our authorized officers. Information set forth in this press release contains various "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. The Private Securities Litigation Reform Act of 1995 (the "Act") provides certain "safe harbor" provisions for forward-looking statements. The reader is cautioned that such forward-looking statements are based on information available at the time and/or management's good faith belief with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. Forward-looking statements speak only as of the date the statement was made. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.

Contact Information

  • Contact:
    Dolores Serafin
    732 441 7700

    For more information about American Security Resources Corporation or Hydra Fuel Cell Corporation, please contact:

    Frank Neukomm or Bob Farr