Another day, another acquisition. HMSC signs another letter of intent to acquire a security systems integrator.
Homeland Security Capital Corp. Signs Letter of Intent to Acquire Viscom Systems
Thursday March 9, 9:13 am ET
Deal Expected to Generate More Than $9M in 2006 Revenue
ARLINGTON, Va., March 9 /PRNewswire-FirstCall/ -- Homeland Security Capital Corp. (OTC Bulletin Board: HMSC - News), a company focused on acquiring, developing and consolidating homeland security-related businesses, announced today that its subsidiary, Nexus Technologies Group, Inc. (http://www.nexusna.com) has signed a letter of intent to acquire Viscom Systems, Inc. (http://viscomsystems.com), a security integrator based in Cambridge, Massachusetts.
The acquisition, which is subject to negotiation and execution of binding definitive documents, satisfaction of certain material conditions precedent and other ordinary and customary closing conditions for a transaction of this type, is anticipated to close before the end of Homeland Security Capital Corp.'s second quarter.
Viscom is a New England systems integrator for the corporate and government security markets with revenues in excess of $8.0 million for the fiscal year ending May 31, 2005.
Viscom was established in 1986 and has grown to over 35 employees. The company provides turnkey security systems integration in the greater New England area, with prestigious customer names including Prudential Center, Fidelity Investments, MetLife and General Electric.
C. Thomas McMillen, Homeland Security Capital chairman and CEO said, "This is an important step in our growth strategy. The combination of Viscom, a very successful New England security integrator, with our mid-Atlantic platform company Nexus Technologies, would provide greater geographic reach while enhancing shareholder value. We expect this acquisition will generate more than $9 million in 2006 revenue."
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