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<TITLE>Converted by EDGARwiz</TITLE>
<META NAME="author" CONTENT="Jeff &nbsp;Conrad">
<META NAME="date" CONTENT="06/01/2007">
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<DIV style="width:576px"><P style="margin:0px" align=center>&nbsp;</P>
<P style="line-height:26.667px; margin:0px; font-size:24px" align=center><B>UNITED STATES</B></P>
<P style="line-height:26.667px; margin:0px; font-size:24px" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="line-height:26.667px; margin:0px; font-size:24px" align=center><B>FORM 8-K</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>CURRENT REPORT</B></P>
<P style="line-height:18.667px; margin:0px; font-size:16px" align=center><B>Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px">Date of Report (Date of earliest event reported)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>June 1, 2007</B></P>
<P style="margin:0px">&nbsp;</P>
<P style="line-height:26.667px; margin:0px; font-size:24px" align=center><B>HOMELAND SECURITY NETWORK, INC.</B></P>
<P style="margin:0px" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0px" align=center>&nbsp;</P>
<TABLE style="font-size:13.333px" cellspacing=0 align=center><TR><TD width=184.267></TD><TD width=11.533></TD><TD width=184.333></TD><TD width=11.533></TD><TD width=184.333></TD></TR>
<TR><TD valign=top width=184.267><P style="margin:0px" align=center><B>Nevada</B></P>
</TD><TD valign=bottom width=11.533><P style="margin:0px; font-size:1.333px"><B>&nbsp;</B></P>
</TD><TD valign=top width=184.333><P style="margin:0px" align=center><B>000-15216</B></P>
</TD><TD valign=bottom width=11.533><P style="margin:0px; font-size:1.333px"><B>&nbsp;</B></P>
</TD><TD valign=top width=184.333><P style="margin:0px" align=center><B>86-0892913</B></P>
</TD></TR>
<TR><TD valign=top width=184.267><P style="margin:0px" align=center>(State or other jurisdiction</P>
</TD><TD valign=bottom width=11.533><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD><TD valign=top width=184.333><P style="margin:0px" align=center>(Commission</P>
</TD><TD valign=bottom width=11.533><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD><TD valign=top width=184.333><P style="margin:0px" align=center>(IRS Employer</P>
</TD></TR>
<TR><TD valign=top width=184.267><P style="margin:0px" align=center>of incorporation)</P>
</TD><TD valign=bottom width=11.533><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD><TD valign=top width=184.333><P style="margin:0px" align=center>File Number)</P>
</TD><TD valign=bottom width=11.533><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD><TD valign=top width=184.333><P style="margin:0px" align=center>Identification No.)</P>
</TD></TR>
<TR><TD valign=top width=184.267><P style="margin:0px" align=center>&nbsp;</P>
</TD><TD valign=bottom width=11.533><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=184.333><P style="margin:0px" align=center>&nbsp;</P>
</TD><TD valign=bottom width=11.533><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=184.333><P style="margin:0px" align=center>&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=380.133 colspan=3><P style="margin:0px" align=center><B>300 N. Coit Road, Suite 1200, Richardson, Texas</B></P>
</TD><TD valign=bottom width=11.533><P style="margin:0px; font-size:1.333px"><B>&nbsp;</B></P>
</TD><TD valign=top width=184.333><P style="margin:0px" align=center><B>75080</B></P>
</TD></TR>
<TR><TD valign=top width=380.133 colspan=3><P style="margin:0px" align=center>(Address of principal executive offices)</P>
</TD><TD valign=bottom width=11.533><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD><TD valign=top width=184.333><P style="margin:0px" align=center>(Zip Code)</P>
</TD></TR>
</TABLE>
<P style="margin:0px; padding-left:144px; text-indent:48px">&nbsp;</P>
<P style="margin:0px">Registrant&#146;s telephone number, including area code&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(214) 618-6400</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center>(Former name or former address, if changed since last report.)</P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px; font-family:Wingdings"><FONT FACE="Wingdings">o</FONT><FONT FACE="Times New Roman">&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></P>
<P style="margin:0px"><FONT FACE="Times New Roman">&nbsp;</FONT></P>
<P style="margin:0px; font-family:Wingdings"><FONT FACE="Wingdings">o</FONT><FONT FACE="Times New Roman">&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></P>
<P style="margin:0px"><FONT FACE="Times New Roman">&nbsp;</FONT></P>
<P style="margin:0px; font-family:Wingdings"><FONT FACE="Wingdings">o</FONT><FONT FACE="Times New Roman">&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</FONT></P>
<P style="margin:0px"><FONT FACE="Times New Roman">&nbsp;</FONT></P>
<P style="margin:0px; font-family:Wingdings"><FONT FACE="Wingdings">o</FONT><FONT FACE="Times New Roman">&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</FONT></P>
<P style="margin:0px" align=center><FONT FACE="Times New Roman">&nbsp;</FONT></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; page-break-before:always" align=center>&nbsp;</P>
<P style="margin:0px">ITEM 2.01 Completion of Acquisition or Disposition of Assets.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">On June 1, 2007 Homeland Security Network, Inc. divested three of its non-operating subsidiaries: American Finance Company (&#147;AFCO&#148;), Autocorp Financial Services, Inc. (&#147;ACFS&#148;) and AFCO Receivables Funding Corp. (&#147;AFCORF&#148;). &nbsp;In consideration for the acquisition by Monet Acquisition, LLC, a Dallas based private equity firm, the Company received $95,000.00 in the form of a note which must be paid back to Monet Acquisition, LLC on or before April 30, 2008. &nbsp;Monet Acquisition, LLC plans to re-commence operations of the subsidiaries. &nbsp;The Company will maintain a 10% equity stake in the newly divested company which it will dividend out to its existing shareholders in amount proportionate to their existing ownership in the Company.</P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">ITEM&nbsp; 9.01&nbsp; FINANCIAL STATEMENTS AND EXHIBITS.</P>
<P style="margin:0px">&nbsp;</P>
<A NAME="TableHead"></A><TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=74.4></TD><TD width=13.6></TD><TD width=488></TD></TR>
<TR><TD style="border-bottom:1.333px solid #000000" valign=bottom width=74.4><P style="line-height:13.333px; margin:0px; font-size:10.667px"><B>Exhibit&nbsp;Number</B></P>
</TD><TD valign=bottom width=13.6><P style="margin:0px; font-size:1.333px" align=center><B>&nbsp;</B></P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=bottom width=488><P style="line-height:13.333px; margin:0px; font-size:10.667px" align=center><B>Description</B></P>
</TD></TR>
<TR><TD valign=top width=74.4><P style="font-size:2pt">&nbsp;</P></TD><TD valign=bottom width=13.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=488><P style="font-size:2pt">&nbsp;</P></TD></TR>
<TR><TD valign=top width=74.4><P style="margin:0px" align=center>10.1</P>
</TD><TD valign=bottom width=13.6><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=488><P style="margin:0px">Stock Purchase Agreement between Homeland Security Network, Inc. and Monet Acquisition, LLC and AFCO Receivables Funding Corporation dated May 25, 2007.</P>
</TD></TR>
<TR><TD valign=top width=74.4><P style="margin:0px" align=center>10.2</P>
</TD><TD valign=bottom width=13.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=488><P style="margin:0px">Assignment and Assumption Agreement between Homeland Security Network, Inc. and American Finance Company (&#147;AFCO&#148;), Autocorp Financial Services, Inc. (&#147;ACFS&#148;) and AFCO Receivables Funding Corp. (&#147;AFCORF&#148;) dated May 25, 2007. </P>
</TD></TR>
<TR><TD valign=top width=74.4><P style="margin:0px" align=center>10.3</P>
</TD><TD valign=bottom width=13.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=488><P style="margin:0px">Promissory Note between Homeland Security Network, Inc and Monet Acquisition, LLC dated May 25, 2007.</P>
</TD></TR>
<TR><TD valign=top width=74.4><P style="margin:0px" align=center>10.4</P>
</TD><TD valign=bottom width=13.6><P style="font-size:2pt">&nbsp;</P></TD><TD valign=top width=488><P style="margin:0px">Guaranty between Peter Ubaldi and Monet Acquisition, LLC dated May 25, 2007.</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center><B>SIGNATURE</B></P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px; text-indent:48px">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P style="margin:0px" align=center>&nbsp;</P>
<P style="margin:0px" align=center>&nbsp;</P>
<TABLE style="font-size:13.333px" cellspacing=0><TR><TD width=28.867></TD><TD width=225.533></TD><TD width=37.067></TD><TD width=284.533></TD></TR>
<TR><TD valign=top width=291.467 colspan=3><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=top width=284.533><P style="margin:0px" align=center>Homeland Security Network, Inc.</P>
</TD></TR>
<TR><TD valign=top width=291.467 colspan=3><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD><TD valign=top width=284.533><P style="margin:0px" align=center>(Registrant)</P>
</TD></TR>
<TR><TD valign=top width=291.467 colspan=3><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=284.533><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=28.867><P style="margin:0px">Date</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=top width=225.533><P style="margin:0px">&nbsp;&nbsp;June 1, 2007</P>
</TD><TD valign=top width=37.067><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD><TD valign=top width=284.533><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=291.467 colspan=3><P style="margin:0px">&nbsp;</P>
</TD><TD valign=top width=284.533><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD valign=top width=291.467 colspan=3><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD><TD style="border-bottom:1.333px solid #000000" valign=top width=284.533><P style="margin:0px" align=center>/s/ Peter Ubaldi</P>
</TD></TR>
<TR><TD valign=top width=291.467 colspan=3><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD><TD valign=top width=284.533><P style="margin:0px" align=center>(Signature)</P>
</TD></TR>
<TR><TD valign=top width=291.467 colspan=3><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD><TD valign=top width=284.533><P style="margin:0px">Print Name: Peter Ubaldi</P>
</TD></TR>
<TR><TD valign=top width=291.467 colspan=3><P style="margin:0px; font-size:1.333px">&nbsp;</P>
</TD><TD valign=top width=284.533><P style="margin:0px">Title: Chief Executive Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
</DIV></BODY>
</HTML>
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{"company-data": {"conformed-name": "Homeland Security Network, Inc.", "cik": "0000790066", "assigned-sic": "3812", "irs-number": "860892913", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-15216", "film-number": "07895367"}, "business-address": {"street1": "2500 LEGACY DRIVE", "street2": "SUITE 226", "city": "FRISCO", "state": "TX", "zip": "75034", "phone": "214-618-6400"}, "mail-address": {"street1": "300 N. COIT ROAD", "street2": "SUITE 1200", "city": "RICHARDSON", "state": "TX", "zip": "75080"}, "former-company": [{"former-conformed-name": "AUTOCORP EQUITIES INC", "date-changed": "19970128"}, {"former-conformed-name": "EAGLE AUTOMOTIVE ENTERPRISES INC", "date-changed": "19931206"}, {"former-conformed-name": "EAGLE HOLDINGS INC", "date-changed": "19920703"}]}
Converted by EDGARwiz
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
June 1, 2007
HOMELAND SECURITY NETWORK, INC.
(Exact name of registrant as specified in its charter)
Nevada
000-15216
86-0892913
(State or other jurisdiction
(Commission
(IRS Employer
of incorporation)
File Number)
Identification No.)
300 N. Coit Road, Suite 1200, Richardson, Texas
75080
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code
(214) 618-6400
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.01 Completion of Acquisition or Disposition of Assets.
On June 1, 2007 Homeland Security Network, Inc. divested three of its non-operating subsidiaries: American Finance Company ("AFCO"), Autocorp Financial Services, Inc. ("ACFS") and AFCO Receivables Funding Corp. ("AFCORF").  In consideration for the acquisition by Monet Acquisition, LLC, a Dallas based private equity firm, the Company received $95,000.00 in the form of a note which must be paid back to Monet Acquisition, LLC on or before April 30, 2008.  Monet Acquisition, LLC plans to re-commence operations of the subsidiaries.  The Company will maintain a 10% equity stake in the newly divested company which it will dividend out to its existing shareholders in amount proportionate to their existing ownership in the Company.
ITEM  9.01  FINANCIAL STATEMENTS AND EXHIBITS.
Exhibit Number
Description
10.1
Stock Purchase Agreement between Homeland Security Network, Inc. and Monet Acquisition, LLC and AFCO Receivables Funding Corporation dated May 25, 2007.
10.2
Assignment and Assumption Agreement between Homeland Security Network, Inc. and American Finance Company ("AFCO"), Autocorp Financial Services, Inc. ("ACFS") and AFCO Receivables Funding Corp. ("AFCORF") dated May 25, 2007.
10.3
Promissory Note between Homeland Security Network, Inc and Monet Acquisition, LLC dated May 25, 2007.
10.4
Guaranty between Peter Ubaldi and Monet Acquisition, LLC dated May 25, 2007.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Homeland Security Network, Inc.
(Registrant)
Date
June 1, 2007
/s/ Peter Ubaldi
(Signature)
Print Name: Peter Ubaldi
Title: Chief Executive Officer