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This stock is run by a man who will not accept failure, Jim took over a week ago and already, has a new player...
HMSC News:
Feb. 8 - Homeland Security Capital Corp. Acquires Nexus Technologies Group
Nexus Expected to Generate More Than $10M in 2006 Revenue
Homeland Security Capital Corp. (HMSC), a company focused on acquiring, developing and consolidating homeland security-related businesses, announced today that it has acquired Nexus Technologies Group, Inc. (http://www.nexusna.com) in a merger transaction with a subsidiary of Homeland Security Capital.
Nexus is a mid-Atlantic security integrator for the corporate and governmental security markets with estimated revenue in excess of $5.4 million and normalized EBITDA of $450,000 for the fiscal year ending December 31, 2005. Based in Hawthorne, N.Y., Nexus was established in 2004 and has 22 employees. The company specializes in non-proprietary integrated security solutions, including access control, alarm, video, communication, perimeter protection and bomb and metal detection security systems.
C. Thomas McMillen, Homeland Security Capital chairman and CEO, said, "Nexus is a highly respected security integrator with experienced management. We believe Nexus is an excellent platform company to drive consolidation in the fast-growing and extremely fragmented security integration sector with more than 13,000 industry participants. Nexus is expected to generate more than $10 million in revenue in 2006. We look forward to working with Steve Robinson and his seasoned team to grow Nexus organically and through acquisitions."
Steve Robinson, CEO of Nexus, said, "I and the rest of our management team will be working with Tom to build shareholder value over the next few years. We believe that combining our operational experience with Homeland Security Capital's capital and business development support should position us for success as we execute our consolidation strategy for this industry."
In connection with the acquisition, additional funding of $4 million for working capital has been provided by Cornell Capital Partners to Homeland Security Capital in the form of a convertible debenture. The debenture is convertible into Homeland Security Capital's common stock at the lower of $0.01 per share or a 10% discount to the volume weighted average price of the company's common stock during the 30 days prior to conversion. Cornell Capital is limited in such conversion to owning not more than 4.99%.
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