BOSTON, Sept. 18, 2006 (PRIMEZONE) -- Technest Holdings, Inc. (OTCBB:TCNH), a defense and homeland security company, announced today that its wholly owned subsidiary, EOIR Technologies, was chosen to develop new sensor technologies and provide upgrades for existing sensor technologies for the U.S. Army's Night Vision and Electronic Sensors Directorate (NVESD). The Company was awarded four contracts totaling $7.8 million by the NVESD, with approximately $1.0 million in upfront payments.
As part of the new agreements, EOIR Technologies will conduct research and foster maturation of countermine and EO/IR sensor components, develop ATR-signal processing schemes and new electronic sensor technologies, manage the procurement of materials and supplement operational management services. Through its efforts, EOIR Technologies has established an expanding role in supporting the NVESD in their mission to be the leader in advanced night-vision technologies and to provide U.S. soldiers with the tools necessary to successfully dominate the future of night warfare.
Larry Bramlette, Division Director for EOIR Technologies, stated, "We continue to improve our unique capabilities in managing our advanced sensor technologies through our relationship with the U.S. Army's NVESD. The additional funding for the pre-existing omnibus contract will help us increase our research and development efforts in our support of NVESD's mission to create leading edge sensor technologies. We are still just moving into the current performance year for this contract, which started less than two months ago, and look forward to expanding this initiative."
For the physical security support and resource management and administration support divisions, EOIR Technologies will provide program planning, financial services, facilities maintenance and upgrades, security, as well as personnel and property administration.
In addition to the $3.5 million in additional contracts, EOIR Technologies received $4.3 million in additional incremental funding under its NVESD omnibus contract. This increase in funds brings the total funding for the performance award year, which was awarded on July 19, 2006, to $7.0 million and the total funds for this contract to $257 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.
Technest Holdings, Inc. is a featured Company on http://www.HomelandDefenseStocks.com, a service for which Technest Holdings compensates the provider.
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