BOSTON, March 1, 2007 (PRIME NEWSWIRE) -- Technest Holdings, Inc. (OTCBB:TCNH), a defense and homeland security company, announced today that its wholly owned subsidiary, EOIR Technologies, received new funding awards totaling approximately $9.0 million in additional funding for labor, materials and the purchase of equipment on 15 existing delivery orders under the U.S. Army's Night Vision and Electronic Sensors Directorate ("NVESD") omnibus contract.
Additionally, EOIR received a funding award for a new project totaling approximately $3.0 million, of which $217,000 was funded at the time of award, to provide support developing network sensor models and simulations and perform systems performances analysis. The contract has an 18-month performance review. Additional detail regarding the funding award is considered classified and cannot be disclosed by the Company.
"These latest funding awards are further evidence in the continued confidence shown by the U.S. Army in our capability to deliver strong results," stated Larry Bramlette, Division Director for EOIR Technologies. "We have developed a strong track record of results over our six year relationship with the NVESD. Further, the technologies we have helped develop alongside the Department of Defense allows the U.S. Armed Forces to better equip themselves with technology in the area of ground combat systems, air systems, countermining and enemy surveillance."
This increase in funds brings the total funding for the current performance award year under our NVESD omnibus contract, which was awarded on July 19, 2006, to $40.2 million and the total funds for this contract to $290 million.
About EOIR Technologies, Inc.
EOIR Technologies, Inc. has been providing innovative sensor engineering products and services to customers within the Department of Defense for nearly 25 years. For more information, please visit the company's website at http://www.eoir.com.
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 services, 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; our capabilities; 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
This document is available on the KCSA Worldwide Website at www.kcsa.com.