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Homeland Security Capital Corp. Announces Plans for Share Repurchase Program
Last Update: 9:07 AM ET May 22, 2007
ARLINGTON, Va., May 22, 2007 /PRNewswire-FirstCall via COMTEX/ -- Homeland Security Capital Corp. (HMSC : homeland sec cap corp com News , chart , profile , more Last: 0.000.00-6.67%
9:16am 05/22/2007
Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: HMSC0.00, 0.00, -6.7%) announced today that its board of directors has authorized a stock repurchase program authorizing the company to repurchase up to $250,000 of its common stock in the open market from time to time over the next 12 months. The company currently has a total of 4,175,525,035 shares of common stock outstanding. C. Thomas McMillen, chairman and CEO of Homeland Security Capital Corp., said, "At current price levels, we have determined that a stock repurchase program is an effective use of the company's available cash to enhance stockholder value and to mitigate dilution from further issuance of equity securities." About Homeland Security Capital Corporation Homeland Security Capital is a consolidator in 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 4th Congressional District of Maryland. Homeland Security Capital intends to operate 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. The company will enhance the operations of these companies by helping them generate new business, grow revenues and improve cash flows. For more information, visit http://www.hscapcorp.com. An investment profile of Homeland Security Capital may be found at http://www.hawkassociates.com/hmscprofile.aspx. For investor relations information regarding Homeland Security Capital, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info*hawkassociates.com. An online investor kit including press releases, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.com. To receive free notification of future releases via e-mail alerts, sign up at http://www.hawkassociates.com/email.aspx. 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 Corp. 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. Company Contact: Homeland Security Capital Corp. C. Thomas McMillen (703) 528-7073 tmcmillen*hscapcorp.com
SOURCE Homeland Security Capital Corp. C. Thomas McMillen of Homeland Security Capital Corp., +1-703-528-7073, tmcmillen*hscapcorp.com http://www.hscapcorp.com Copyright (C) 2007 PR Newswire. All rights reserved
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okay, so the company was "worth" $5.8 million as if yesterday (4.175 billion shares x .0014 PPS).
After announcing that they MAY buy back as many as 175million shares, they are now "worth" 6.8million (4billion shares x .0017 PPS).
Seems to me like some people are slightly overvaluing the potential buyback. I would be shocked if this doesn't fall back to .0014 in the next day or so.
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ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT. On July 3, 2007, Homeland Security Capital Corporation (the "Company") entered into an agreement to sell its majority-owned subsidiary, Security Holding Corp.("SHC") to Vuance Ltd. ("Vuance"). Pursuant to the terms of the Purchase Agreement, dated July 3, 2007, by and among the Company, as majority shareholder of SHC, the other shareholders of SHC (the "Minority Shareholders") and SuperCom, Inc., a Delaware corporation and wholly owned subsidiary of Vuance ("SuperCom"), SuperCom will acquire all of the issued and outstanding capital stock of SHC for a purchase price of $5.1 million, payable in Vuance ordinary (common) shares. The closing of the sale is scheduled to take place in mid-August 2007 and is subject to certain conditions, including the approval of the purchase agreement by the shareholders of Vuance.
On the closing of the transaction, the number of Vuance shares issued will be calculated based on the volume-weighted average closing price of Vuance's ordinary shares for the 15 trading days prior to the closing date; however, the Purchase Agreement provides that the shares cannot be priced lower than $5.170 or higher than $5.714. At the closing, Vuance will also assume all obligations of SHC under a certain note currently in the amount of $467,582. Alternatively, Vuance, at its discretion, may issue Vuance ordinary shares in exchange for the note, in which event all of SHC's obligations under the note shall terminate. The Company and the other shareholders of SHC have agreed to certain lock-up periods during which they will not sell or otherwise dispose of the Vuance shares.
The Purchase Agreement contains representations and warranties the parties made to each other as of specific dates. The assertions embodied in those representations and warranties were made solely for purposes of the contract between the parties to the Purchase Agreement and may be subject to important qualifications and limitations agreed by the parties in connection with negotiating its terms. Moreover, certain representations and warranties may not be accurate or complete as of any specified date because they are subject to a contractual standard of materiality different from those generally applicable to shareholders or were used for the purpose of allocating risk between the parties rather than establishing matters as facts. For the foregoing reasons, you should not rely on the representations and warranties as statements of factual information.
The foregoing description of the Purchase Agreement is qualified in its entirety by reference to the actual terms of the Purchase Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein in its entirety
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Not good, man I've gotten killed by the RS this year.
Homeland Security Capital Corporation Announces Reverse Stock Split Thursday July 12, 11:45 am ET
ARLINGTON, Va., July 12 /PRNewswire-FirstCall/ -- Homeland Security Capital Corporation (OTC Bulletin Board: HMSC - News), a company focused on acquiring, developing and consolidating homeland security-related businesses, announced today that it will effect a 1-for-100 reverse split of its common stock. After the reverse split, every 100 shares of common stock will be combined into one share. The split becomes effective after the market closes on July 31, 2007. Following the split, the company will have approximately 41,755,000 million shares outstanding. ADVERTISEMENT
Chairman and CEO of Homeland Security Capital Corporation, C. Thomas McMillen, said, "Homeland Security Capital took this action as an important step in our efforts to reposition the company and to enhance stockholder value. Along with our continued commitment to grow the company, we believe that this will have the effect of increasing both the visibility and awareness of the company's shares with potential investors. This action will also substantially widen the pool of those who would consider investing in the company."
Homeland Security Capital approved the reverse split via an amendment to the company's certificate of incorporation approved by its stockholders at the annual stockholder meeting held July 10, 2007.
Homeland Security Capital will not issue any fractional shares of its new common stock as a result of the reverse split. Stockholders who otherwise would be entitled to receive a fractional share will be entitled, upon surrender of certificate(s) representing those shares, to a cash payment in lieu of any fraction. The reverse split will affect all shares of the company's common stock, including those shares underlying stock options, warrants and convertible debentures outstanding immediately prior to the effective date of the reverse split.
Stockholders who hold their shares in brokerage accounts or "street name" will not be required to take any action to effect the exchange of their shares. Stockholders of record who hold stock certificates will receive a letter of transmittal requesting that they surrender their old certificates for new certificates reflecting the adjusted number of shares as a result of the reverse split. Worldwide Stock Transfer will serve as the company's transfer agent, implementing the exchange of stock certificates in connection with the reverse split.
About Homeland Security Capital Corp.
Homeland Security Capital is a consolidator in 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 4th Congressional District of Maryland. Homeland Security Capital intends to operate 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. The company will enhance the operations of these companies by helping them generate new business, grow revenues and improve cash flows.
For investor relations information regarding Homeland Security Capital, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info*hawkassociates.com. An online investor kit including press releases, current price quotes, stock charts and other valuable information for investors may be found at http://www.hawkassociates.com and http://www.americanmicrocaps.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 Corp. 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.
Company Contact: Homeland Security Capital Corp. C. Thomas McMillen (703) 528-7073 tmcmillen*hscapcorp.com
Investor Relations: Hawk Associates Inc. Frank Hawkins or Julie Marshall (305) 451-1888 info*hawkassociates.com
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Hate to tell you I told you so, but read it and weep. NEVER trust a politician. Watch how quick it sinks back to .0001 after the R/S.
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