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Homeland Security Capital Corporation Announces Third Quarter Results

Homeland Security Capital Corporation (“HSCC”) (OTCBB:HOMS), an international provider of specialized technology-based radiological, nuclear, environmental, disaster relief, and security solutions to government and commercial customers, filed its quarterly report on Form 10Q for the quarter ended March 31, 2009.

The Company reported revenue for the third quarter ended March 31, 2009 of $19.1 million and a net operating loss of ($1.8) million. Adjusted EBITDAS for the third quarter was a loss of approximately ($.3) million. The Company defines adjusted EBITDAS as income before interest, taxes, depreciation, amortization and non-cash compensation. This is a measurement of how the Company views its operational effectiveness and the overall performance to its annual plan.

For the nine months ended March 31, 2009, the Company recorded revenue of $58.9 million and a consolidated net operating loss of ($4.1) million. For the nine months, the Company’s EBITDA was approximately $1.1 million.

The Company consolidates the results of subsidiaries Safety and Ecology Corporation, Nexus Technologies Group, Inc., Polimatrix, Inc. and Homeland Security Capital Corporation, the holding company. At March 31, 2009, there were 46.4 million shares of common stock outstanding.

HSCC Chairman and CEO C. Thomas McMillen said, “We continue to meet our revenue projections and have continued to keep our expense levels in check. Unfortunately our margins eroded a bit this quarter, mostly attributable to weather and slower than expected start up on some projects.” McMillen continued, “We remain very optimistic concerning our efforts in contracting new business based on government stimulus funding over the next several months.”

HSCC President and Safety and Ecology Corporation CEO Christopher Leichtweis commented, “We are aggressively promoting our contracting vehicles to our government customers. We are in an excellent position with these contracts to start shovel ready projects in the near term.”

Investor Conference Call:

The Company will host an investor conference call on Tuesday, May 19, 2009 at 9:00 AM EST. We ask that all participants pre-register by sending an e-mail to: [email protected].

Dial-in number (Toll Free): (877) 407-0778; (International): 1-201-689-8565
Conference ID #: 323698
Replay Number (Toll Free): 1-877-660-6853; (International): 1-201-612-7415

About Homeland Security Capital Corporation

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. Former Maryland Congressman C. Thomas McMillen, who served three consecutive terms in the U.S. House of Representatives from the 4th Congressional District of Maryland, heads the company.

Homeland Security Capital Corporation 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. Homeland Security Capital Corporation’s portfolio of companies include:

Safety and Ecology Corporation (SEC), 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. For more information on SEC, visit www.sec-tn.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.

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.

For more information about Homeland Security Capital Corporation, or to be added to our e-mail distribution list, please 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 Homeland Security Capital Corporation 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.

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