| [March 29, 2006] |
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Asgard Holdings, Inc. Executes Contract with SuperCritical Thermal Systems, Inc.
ESCONDIDO, Calif. --(Business Wire)-- March 29, 2006 -- Asgard Holdings, Inc. (Pink Sheets:AGHG) announced today that it has executed a Binding Contract to invest in the technology known as the SuperCritical Air Mobility Pack (SCAMP) which specializes in high tech cryogenic systems and insulation projects.
SCAMP provides breathing air and full body cooling for hazardous materials workers, firefighters, and industry. SCAMP solves the major, recognized problem of heat stress in workers who need impermeable suits for dangerous or hot environments.
Using cryogenic technology, SCAMP has reduced the weight of the breathing air supply while providing cooling at the same time. The conventional compressed air one hour duration SCBA system weighs 35 pounds. To obtain cooling, the worker must carry a portable cooling device weighing an additional 15-25 pounds for a total of 50-60 pounds. The SCAMP supplies a one hour breathing and cooling apparatus in a backpack package weighing less than 30 pounds.
Virgil Williams, CEO of Asgard Holdings, Inc. states, "It is very exciting to find a company with these credentials and experience. Dr. Don Gier, CEO, holds a Ph.D from Iowa State University. Dr. Hal Gier, Technical Director, is a graduate engineer from CalTech and holds a Ph.D in Aerospace Engineering. They have been active in this technology for over 10 years and are ready to move forward to final certification and production.
"AGHG shall provide funding to STS of $1,500,000 beginning April 15, 2006. The initial funds received from AGHG will be used to complete: 1) the approval process with the National Institute of Occupational Safety and Health (NIOSH), 2) the US Navy SCUBA project, and 3) certification with the NFPA, as in accordance with the plan established and agreed upon by the Board of Directors of STS. As these projects are consummated, funds will be used to further develop the product, to increase the market for the product and supplement the operating expenses."
Mr. Williams stated in closing, "Asgard (SYMBOL:AGHG) is equally impressed not only with the product but also with the commitment and dedication of the management of STS. Because of our confidence in the project the management and employees have agreed to accept reduced salaries as the company becomes viable. In exchange, they will receive stock options or allocations with terms and conditions to be determined."
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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