Ludlow Energy Ventures Alternative and Income Energy Investing Home Page	OTC: ARSC	Stock Report Launch Aug. 07, 2007 OTC Symbol: ARSC

Sector: Energy Sub-Industry: Hydrogen Fully Reporting: Yes
		Summary: Company is a holding company actively seeking to acquire and develop clean energy companies and technologies.

Price at Research Launch:	$0.06	|	52-Week Range:	$0.02-$0.08

Prepared by: Ludlow Capital Research

Business Summary  RSC is a holding company actively seeking to acquire and develop clean energy companies and technologies. ARSC's Hydra Fuel Cell subsidiary has developed a high volume, mass producible hydrogen fuel cell. Its American Hydrogen Corp. subsidiary is developing an inexpensive method to produce hydrogen from ammonia. ARSC's newly formed American Wind Power Corp. will be developing residential scale wind turbines based on the patented Noble Wind Turbine design. It also has an LOI to acquire additional wind power capabilities. For more information, please see: www.americansecurityresources.com Stock Performance In the past 30 trading days,		Quantitative Evaluations  Ludlow Capital Rating: B- D C B- B B+ A- A A+ Volatility: High Low Average High Technical Rating: NEUTRAL Relative Stock Strength: 58 58 1 Lowest Highest 99

Ludlow Energy Updates Research Opinion on American Security Resources, Maintains B- Rating
Last Updated: July 22nd, 2008 - 6:23pm EST

NEW YORK--March 15, 2008--Ludlow Energy updates research opinion on American Security Resources Corp. (OTC: ARSC), a holding company actively seeking to acquire and develop clean energy companies and technologies, maintains 'speculative' B- rating.

RESEARCH OPINION

On May 13. 2008, American Security Resources announced that Relion, a company that had filed suit against ARSC for patent infringement in 2006, has recently filed a petition to withdraw the infringement suit with the Federal Court in Portland, Oregon. Ludlow Energy Ventures commented, "The lifting of this patent infringement lawsuit, and the recently announced $2 million funding facility, may clear Hydra Fuel Cell Corporation in moving ahead with the production of their HydroStax fuel cell systems. Final ruling on the lawsuit may be forth coming in the next 30 days."

It is our understanding that once certification for their HydraStax systems is received the company could begin installation and revenue recognition for their product. The target market and industries for their fuel cell systems will initially be for providing backup power for telecommunication facilities, data centers and medical facilities, with an ultimate goal as a primary or backup power for the individual and residential market. In Jan. 2008, the company announced purchase orders amounting to $2.5 million for their HydraStax 5000 Fuel Cell system.

Ludlow Energy is maintaining its 'speculative' B- rating on the company, with no near-term price target offered.

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HYDRASTAX Fuel Cell System

Hydra Fuel Cell Corporation is committed to developing clean, quiet, alternative energy solutions to conserve the earth's natural resources, minimize pollution, and protect our wildlife. The Company's current production capacity is around 200 units per month, with plans to expand and ramp up production capacity as any new potential contracts are signed. www.hydrafuelcell.com/


AMMONIA-HYDROGEN PRODUCTION TECHNOLOGY

The Company announced it had acquired the exclusive rights to market a new and cost effective means of producing market grade Hydrogen from Ammonia, developed by Dr. Botte from the University of Ohio. Dr. Botte has developed a method for producing hydrogen from ammonia for a fraction of the current commercial cost. Hydrogen can be used as a fuel source in a wide range of applications, including transportation and energy production.

Benjamin Schafer, president of American Hydrogen and CTO of Hydra Fuel Cell, said, "Working with Ohio and Dr. Botte, we have advanced this technology to a stage where we are ready to move to commercial applications. Our research indicates that we should be able to produce hydrogen commercially for significantly less per kilogram than by current industrial hydrogen production methods. We expect our first application to be a hydrogen generator for the HydraStax(R) fuel cells, but ultimately, we want this technology for economical hydrogen production to be widely distributed so as to unlock the promise of "The Hydrogen Economy"."

This technology could have the effect of making ARSC a major player in the production of market grade Hydrogen, and potentially a take over target if the technology pans out, and receives a US patent.


RISK FACTORS

Some risk factors that may effect the valuation calculations in this report are the companies inability to meet fiscal 2008/2009 financial projections, an increase in shares issued and outstanding, decrease in interest or price/sales ratios of alternative energy stocks, industry competition, technological advances, decrease in energy prices, geopolitical events, accounting changes and restatements, and legal issues. 

As of Dec. 31, 2007, the company had 200,000 shares authorized, with 180,784,809 shares issued and outstanding. It is Ludlow Energy's opinion that the company is running near its limit of shares available to be offered and will either have to incorporate a reverse split, or an increase of the shares authorized. There is no indication of intent or need for a reverse split, and would mostly likely expect an increase in the shares authorized, which in turn could open the stock to further dilution.


ABOUT LUDLOW ENERGY VENTURES

Based in New York City, Ludlow Energy Ventures is a venture capital and research firm with a specific focus on the renewable and alternative energy market. Ludlow Energy Ventures owns and operates the Ludlow Energy Indices, which tracks a wide basket of US traded large and small cap alternative energy stocks. www.ludlowenergy.com 

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Contact:

Ludlow Energy Ventures, Inc.
Sarah Kapchinske, Managing Director
(212)-233-2864
sarah@ludlowenergy.com