BOSTON, March 29, 2007 (PRIME NEWSWIRE) -- Technest Holdings, Inc. (OTCBB:TCNH), a defense and homeland security company, announced today that its wholly-owned subsidiary, EOIR Technologies, received delivery orders totaling approximately $58 million to fund two new projects. The first is for a Near Term IED Detection System and the second is for a Wide Area Surveillance and Improvised Explosive Device Detection System. Both were awarded on behalf of the U.S. Army's Night Vision and Electronic Sensors Directorate ("NVESD"). The details regarding the delivery orders are sensitive and cannot be disclosed by the Company.
The Near Term IED Detection System delivery order has an eighteen-month performance period and a value of $26.4 million, of which $310,000 was funded upon award. The delivery order provides funds for EOIR labor and materials, as well as support from its subcontractor, Science Applications International Corporation (although the parties have yet to execute a definitive delivery order) (NYSE: SAI).
The second award for a Wide Area Surveillance and Improvised Explosive Device Detection System has an eighteen-month performance period and a negotiated value of approximately $31.8 million of which $50,000 was funded upon award. This delivery order provides funds for EOIR labor and materials, as well as support from Northrop Grumman and other subcontractors on EOIR's NVESD omnibus contract.
"These are two exciting contracts for us to be a part of and further establishes our position as a leading contractor for the U.S. military," stated Larry Bramlette, Division Director for EOIR Technologies. "We are pleased to be able to continue the advancement of our sensor technologies used in threat detection. These technologies will help provide U.S. soldiers and peacekeepers the most advanced and efficient equipment available to safely carry out their missions."
Additionally, EOIR Technologies received $497,000 in incremental funding on existing delivery orders for remote sensor technology products and engineering services under EOIR's NVESD omnibus contract. This increase in funds brings the total funding for the current performance award year, which was awarded on July 19, 2006, to $41.0 million and the total funds for this contract to approximately $291 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.
About SAIC
SAIC is a leading provider of scientific, engineering, systems integration and technical services and solutions to all branches of the U.S. military, agencies of the Department of Defense, the intelligence community, the U.S. Department of Homeland Security and other U.S. Government civil agencies, as well as to customers in selected commercial markets. With more than 44,000 employees in over 150 cities worldwide, SAIC engineers and scientists solve complex technical challenges requiring innovative solutions for customers' mission-critical functions. SAIC had annual revenues of $7.8 billion for its fiscal year ended January 31, 2006. SAIC: FROM SCIENCE TO SOLUTIONS(tm)
About Northrop Grumman
Northrop Grumman Corporation is a $30 billion global defense and technology company whose 122,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.
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