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 a contract valued at $16.8M under the American Recovery and Reinvestment Act (ARRA) from the Department of Energy (DOE). The contract calls for the demolition of facilities and cleanup of legacy materials at the Oak Ridge National Laboratory (ORNL) in Tennessee.

“SEC has proven it is prepared and qualified to perform environmentally challenging cleanup work. So far, we have aggregated $37M in ARRA funded projects for our company,” said C. Thomas McMillen, Chairman and CEO of HOMS. “We are pleased to assist DOE in ensuring safe and efficient project completion.”

Under this contract, SEC will perform Demolition, Deactivation and Decommissioning (D&D) services at 34 facilities in the ORNL central campus area. When operating, these facilities were used to support reactor operations and for various laboratory support activities. In addition to the D&D work, SEC will also remove materials from other buildings in the lab’s historic central campus, dating back to the World War II Manhattan Project.

This $16.8 million contract is part of $755 million received by DOE’s Environmental Management program for projects in Oak Ridge. In total, 49 buildings across the Oak Ridge Reservation are being demolished using ARRA funds. Additionally, other work includes tank and soils remediation, capping of old burial grounds, and expansion of the on-site waste disposal facility. The ARRA provides Oak Ridge the opportunity to begin much needed cleanup projects at ORNL, Y-12, the East Tennessee Technology Park, and the Transuranic Waste Processing Center.

As stated in the DOE press release issued 3/31/2010, "This funding is helping to accelerate the cleanup and demolition of unneeded facilities at the Oak Ridge National Laboratory – an important step for the continued environmental cleanup at the site," said Gerald Boyd, manager of the Oak Ridge Office.

SEC brings more than 18 years of successful, hands-on experience with remediation projects at DOE facilities and those regulated by the Nuclear Regulatory Commission. Christopher Leichtweis, President of HOMS and CEO of SEC, said, “SEC’s local experience, resources and knowledge provide strength in maximizing project efficiencies, while minimizing costs to the government.”

ARRA’s purpose is to stimulate the economy and to create and retain jobs. SEC estimates that throughout the project lifecycle, approximately 15 months, more than 30 technical positions will have been created or retained. Mr. Leichtweis added, “SEC is fortunate to have an avenue to put Americans back to work through the stimulus funds.”

Last week, US Secretary of Energy Steven Chu toured ORNL to inspect a range of Recovery Act projects and to see firsthand the progress that has been made as a result of the investments. SEC was showcased by DOE in a press release issued 3/23/2010, as an example of companies that are spurring job growth and economic recovery while cleaning up the environment through the use of ARRA funds. As stated in the DOE release: SEC has been awarded four Recovery Act projects in Oak Ridge totaling $21 million for the demolition of facilities and cleanup of hazardous materials at ORNL and the Y-12 National Security Complex. Secretary Chu was quoted: “Because of the Recovery Act, programs around the country have been able to expand, hire and continue our important cleanup work. These investments have played a key role in helping local economies recover, creating jobs and supporting small businesses in dozens of communities.” The Department of Energy also said, "With the Recovery Act funding, the Department of Energy will be able to reduce the legacy footprint of Cold War-era sites across the country by 40 percent by 2011."

“Secretary Chu’s visit to Oak Ridge and his commitment to making sure stimulus funds are being used effectively is a great example of how government policy is aligned with SEC’s strategic goals and capabilities,” said Leichtweis.

DOE issued press releases can be found: www.oakridge.doe.gov and www.energy.gov/news/releases.htm

About Safety and Ecology Corporation

Safety and Ecology Corporation (SEC) is a rapidly growing environmental services company in the U.S., providing services nationally, in Europe and the Caribbean. The Company specializes in the removal and remediation of hazardous nuclear materials for the U.S. Department of Energy, U.S. Department of Defense, and other federal agencies. SEC also provides advanced environmental services for private industry across the country and internationally. Since its founding in 1991, SEC has grown approximately 30 percent per year, and has emerged as a technology innovator with more than 450 personnel worldwide and with annual revenues of more than U.S. $70 million. For more information on SEC, visit www.sec-tn.com.

About Homeland Security Capital Corporation (HOMS)

Homeland Security Capital Corporation is a company engaged in the strategic acquisition, development, and consolidation of homeland security-related businesses, within the fragmented homeland security industry. The company is focused on creating long-term value by taking controlling interest and developing its subsidiary companies through superior operations and management. The company is headed by former Congressman C. Thomas McMillen, who served three consecutive terms in the U.S. House of Representatives from the 4 th Congressional District of Maryland. HOMS operates businesses that provide homeland security products and services solutions, growing organically and by acquisitions. The company is targeting emerging companies that are generating revenues but face challenges in scaling their businesses to capitalize on homeland security opportunities.

HOMS’s portfolio of companies, in addition to SEC, includes:

Nexus Technologies Group, a mid-Atlantic security integrator for the corporate and governmental security markets that specializes in non-proprietary integrated security solutions including access control, alarm, video, communication, perimeter protection and bomb and metal detection security systems. Utilizing cutting-edge technologies, Nexus provides innovative, engineered and scalable solutions to effectively protect people, property and assets. For more information about Nexus, visit www.nexusna.com.

Polimatrix, Inc., a system integrator and total solutions provider delivering advanced radiation and nuclear protection and detection services. The company has been operating since September 2006 as a joint venture between Homeland Security Capital Corporation and Polimaster, Inc. For more information about Polimatrix, visit www.polimatrix.com.

For more information about Homeland Security Capital Corporation, visit www.hscapcorp.com.

Forward-Looking Statement

This release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future activities, performance, events or developments, are forward-looking statements. Although HOMS believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements.

Copyright Business Wire 2010

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