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TheStreet Open House

HOMELAND SECURITY CAPITAL CORPORATION’s Subsidiary Awarded DOE Hot Cells Stimulus Project At ORNL

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) was awarded the U.S. Department of Energy’s (DOE) Oak Ridge Office (ORO) Task Order OR22 for complex environmental cleanup operations at the Oak Ridge National Laboratory (ORNL) as a part of the American Recovery and Reinvestment Act, with a contract ceiling price of $50.2M, including options.

Under this initial task order valued at $16.6M, the SEC team will characterize and remove contaminants and equipment, preparing Building 3038 for deactivation and decommissioning (D&D). SEC will also demolish the hot cells, or shielded nuclear radiation containment chambers, located at ORNL’s Building 3026. Awarded on March 30, 2010, the 18-month project is scheduled to be completed by the end of August, 2011. The contract also includes options to remove and disposition legacy contaminants from ORNL Building 3517 and the D&D of ORNL Buildings 3038 and 2026. Should the contract option be exercised, the total value of the contract increases to $50.2M.

“We are proud that SEC has been awarded another stimulus contract. Adding this $16.6M, we have aggregated $54M in ARRA funded projects for our company,” said C. Thomas McMillen, Chairman and CEO of HOMS. “We are pleased to support accelerated cleanup for DOE which is vital to our national security.”

Headquartered in Knoxville, TN, SEC brings more than 18 years of successful, hands-on experience and lessons learned from similar work at ORNL, Y-12, ETTP and various sites across the DOE Complex. SEC’s team, organization and technical approach was developed to reduce safety and performance risk, associated with this complex project. SEC strategically compiled an experienced and technically qualified team, capable of providing the best value to the government.

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