American Security Resources Corp. (AMSR, Houston, TX), a company specializing in products or services for homeland security and national defense, announced that it has acquired 100-percent ownership in eGO Design. AMSR had previously reported it planned to acquire only a 49-percent ownership position in eGO Design, along with the worldwide rights to manufacture, license, and market the company's technology for silicon-based, hydrogen fuel cells. The company is currently in discussions with two companies for field testing locations.
"Our due diligence confirmed 100-percent ownership of eGO Design offered our shareholders an even greater opportunity than we had previously envisioned," said AMSR President Joe Grace. "In addition to the eGO Design acquisition, AMSR is also in negotiations with a privately held telecommunications company that owns a subsidiary that provides 24/7 corporate network security monitoring. They currently have annual revenues of $10 million with positive cash flow. We hope to have a letter of intent to acquire this company within the next two to three weeks."
