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Homeland Security Capital Corporation’s Subsidiary Safety And Ecology Corporation Announces That First ARRA-Funded Demolition Begins At Y-12 National Security Complex In Oak Ridge, TN

Homeland Security Capital Corporation (OTCBB: HOMS), an international provider of specialized technology-based radiological, nuclear, environmental, disaster relief and security solutions to government and commercial customers, announced today that its environmental remediation subsidiary, Safety and Ecology Corporation (SEC) has begun work at the Y-12 National Security Complex in Oak Ridge, TN., a demolition project award that was previously announced in December 2009, and is funded by the American Recovery and Reinvestment Act (ARRA).

“We’re pleased to start the Y-12 site project which will not only provide employment to workers in Tennessee but also is a good example of how stimulus funds are putting Americans back to work and helping our infrastructure,” said C. Thomas McMillen, Chairman and CEO of Homeland Security Capital Corporation.

As stated in a DOE issued press release:The Y-12 National Security Complex began its first demolition project funded by the American Recovery and Reinvestment Act (ARRA) on February 8, 2010. Building 9735 is the first of the ARRA deactivation and demolition projects at Y-12 to be torn down. Built in 1946 as an engineering laboratory, Building 9735 ceased operations in the mid-1990s. The demolition of Building 9735 is expected to take two to three days.

To complete this work, B&W Y-12 awarded a contract to SEC. The demolition of this 15,043-square-foot facility also completes the razing of an entire row of engineering buildings. The other six buildings on Engineering Row were demolished in 2008. Like other aging buildings on the Y-12 site, the deterioration of Building 9735 has been accelerating and making work in and around it more hazardous.

After the Building 9735 project is complete, the site will be converted into a 21-space parking lot for personnel on the east end of Y-12.

“By removing the contaminated footprint of buildings with radiological and hazardous material, and thus reducing risk to people and the environment, SEC is supporting Y-12’s goal toward eliminating buildings on the disposition list,” said Christopher Leichtweis, President of HOMS and CEO of SEC. “Performing this remediation allows Y-12 not only to reduce risks to workers and the environment but also to accelerate the site’s transformation plans.”

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