Homeland Security Capital Corporation (OTCBB: HSCC) through its wholly-owned subsidiary, Nexus Technologies Group, has received more than $650,000 in purchase orders resulting from a lucrative contract with a large East coast bank. Nexus Technologies, a New York-based provider of integrated security solutions, has entered into a Master Purchase Agreement to install new and upgrade existing security solutions for the bank’s branches.
Nexus President, Robert Biscardi commented, “We are pleased that our existing customer relationships continue to provide new opportunities for Nexus. A key component of our business plan is maintaining and expanding these relationships.”
Traditionally, new bank branch security installations have always been a strong driver of revenue growth for Nexus. This new agreement is in addition to the ongoing service and maintenance work that Nexus provides to the bank’s existing branch network on a daily basis. The Master Purchase Agreement provides a framework of significant expansion for Nexus’ business relationship with the bank.
In addition to new branches under construction, this set of purchase orders will also include multiple branch security upgrades for existing branches of the bank. It is a significant indicator that re-affirms the bank’s relationship with Nexus, as it indicates that the bank is adopting a uniform security platform that Nexus has helped the bank to standardize.
Nexus’ Chief Executive Officer, Michael T. Brigante noted, “Our customer outreach effort has provided many interesting opportunities for Nexus. Using advanced technologies and processes; we are expanding our geographic footprint as well as booking projects in new segments of security design and installation.” Brigante continued, “as a result of the efforts by our entire team our FY 2010 backlog remains very strong.”
The Company anticipates finishing the branch security upgrades by second quarter of fiscal 2010.
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