1ST Amendment Domain Revenue Recovery Services

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As previously disclosed in a Current Report filed with the Securities and Exchange Commission on September 9, 2011, on September 7, 2011, Homeland Security Capital Corporation entered into the First Amendment to the Forbearance Agreement entered into by and among YA Global Investments, L.P., as lender, the Company, Homeland Security Advisory Services, Inc., Celerity Systems, Inc. and Nexus Technologies Group, Inc., dated July 29, 2011 , pursuant to which the Lender agreed to extend the Forbearance Period by amending the definition of “Termination Date” to September 14, 2011. Pursuant to the terms and conditions of the Agreement and the Amendment, the Forbearance Period ended on September 14, 2011. Consequently, as of September 15, 2011, the Company became subject to foreclosure by the Lender without notice. As of September 15, 2011, the Company had outstanding indebtedness to the Lender in the aggregate principal amount of approximately $14,188,923 and, with accrued interest, approximately $18,363,780. The Lender may immediately commence enforcing its rights and remedies pursuant to the Agreement, the agreements relating to the Debt and under applicable law. However, the Lender has not notified the Company of its intention to foreclose on the assets of the Company, all of which are pledged as collateral for the Debt.

The Company and Lender are having discussions with respect to the extension of the Forbearance Period and/or renegotiation of revised terms to the agreements relating to the Debt.

The full text of the Agreement and the Amendment were filed in Current Reports on Form 8-K filed with the SEC on August 4, 2011 and September 9, 2011, respectively.

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