TORONTO, April 9, 2007 (PRIME NEWSWIRE) -- American Associates Group, Inc. (Pink Sheets:AASG) today announced the execution of a definitive Letter of Intent to acquire all of the outstanding shares of Clean Hydrogen Producers Ltd. and a consolidation of the corporation common shares on a six for one basis. The company will also change its name to Clean Hydrogen Producers Inc.
Clean Hydrogen's (CHP) working principle is simple and consists of cracking the molecule of water and using the hydrogen as a source of power. This principle is called "thermal dissociation." The thermal dissociation of water is not a new idea. Significant research was performed only as late as in the 1970s, following the first oil crisis, but was later abandoned due to the restored availability of cheap oil and natural gas. Moreover, the material and technologies then available did not allow for either energetically efficient or economically attractive solutions. Today, materials with melting points well above 3,000 degrees Celsius have long been known, but compounds that can be used to build a high-temperature thermal reactor, and the necessary filters for gas separation, are relatively recent developments. Efficiently working hydrogen filters is what CHP is developing.
This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Such forward-looking statements by definition involve risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. In particular, there is no assurance that production, pricing levels or other factors pertaining to the manufacturing and retail operations will be sustained at the expected rates or levels over time. Discussions of factors, which may affect future results, are contained in the Company's most recent SEC filings.