BOSTON, Aug. 16, 2006 (PRIMEZONE) -- Technest Holdings, Inc. (OTCBB:TCNH), a defense and homeland security company, announced today that its wholly owned subsidiary, EOIR Technologies, has been awarded three new delivery orders from the U.S. Army's Night Vision and Electronic Sensors Directorate (NVESD) totaling approximately $7.9 million.
EOIR will provide labor and materials in addition to support from additional subcontractors for three separate projects entitled "Soldier Sensors and Systems Engineering and Management Support," "Robotic Urban and Ground Sensors (RUGS) Engineering and Management Support" and "Operations of Fabrication and Prototype Facility." The delivery orders have a combined value of approximately $7.9 million. Each delivery order has a performance period of 13-14 months.
In addition, the company announced it has received initial funds under the additional Award Year extension of its omnibus contract with the NVESD. Effective July 19, 2006, the additional Award Year currently totals more than $1.1 million in incremental funds for additional remote sensor technology products and engineering services. Total funding awarded since contract inception July 2001 is more than $251.7 million.
Larry Bramlette, Division Director for EOIR Technologies, stated, "We are pleased by the strong start to the additional Award Year of our omnibus contract with the NVESD. Combined with the three new delivery orders, our recently awarded funds provide a continuous stream of steady cash flows. Our plan is to leverage our base business and develop next-generation security products that will drive future growth. We believe our unique technical skill set and growing intellectual property portfolio enables Technest to produce a wide range of high-margin products with broad applications, and commercialize them through strategic licensing or joint venture agreements."
EOIR Technologies, Inc. has been providing innovative sensor engineering products and services to customers within the Department of Defense for nearly 25 years.
About Technest Holdings, Inc.
Technest Holdings, Inc. is a provider of advanced remote sensor systems, chemical detectors, intelligent surveillance and advanced 3D imaging technology solutions to the defense and homeland security marketplaces. Technest is committed to setting next-generation standards in defense and security through the provision of innovative emerging technologies and expert services. Technest's solutions support military, law enforcement and homeland security personnel. Through strategic development, Technest focuses on the creation of dual-use technology and products with applications in both the defense market and civilian homeland security and law enforcement fields. For more information, please visit the company's website at http://www.technestholdings.com.
Investors are cautioned that certain statements contained in this press release are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, applicability, benefit and use of our product and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act. Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: the functionality of our product; a rejection of the Company's products and technologies by the marketplace; and disputes as to the Company's intellectual property rights. Forward-looking statements are based upon current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about Technest Holdings, its products, economic and market factors and the industries in which Technest Holdings does business, among other things. These statements are not guarantees of future performance and Technest Holdings has no specific intention to update these statements. More detailed information about those factors is contained in Technest Holdings' filings with the Securities and Exchange Commission. http://www.sec.gov Technest Holdings, Inc. is a featured Company on http://www.HomelandDefenseStocks.com, a service for which Technest Holdings compensates the provider.
Technest Holdings, Inc. is a featured Company on http://www.HomelandDefenseStocks.com, a service for which Technest Holdings compensates the provider.