BOSTON, March 10, 2006 (PRIMEZONE) -- Technest Holdings, Inc. (www.technestholdings.com) (OTCBB:TCNH), a defense and homeland security company transforming advanced laboratory technology into real-world products, announced today that its wholly owned subsidiary -- Genex Technologies Inc. (www.genextech.com) -- has successfully developed and demonstrated a working prototype for a missile detection and tracking system called the OmniSeeker.
Dr. Joe Mackin, President of Technest Holdings, Inc. stated, "We believe that the OmniSeeker has the potential to become a critical part of our Nation's internal defense system." The OmniSeeker development was sponsored through a Phase II SBIR program for the Missile Defense Agency and the Naval Air Warfare Center. The OmniSeeker, once installed on a missile defense system, will provide the intelligent thermal imaging capability to search and lock in on any incoming missile targets. The OmniSeeker will then relay the accurate data needed to destroy these targets.
The Company believes that OmniSeeker may be an important addition to the country's defense arsenal because it was designed to overcome a number of the limitations that conventional optical sensors have. In order to be truly effective, anti-missile systems need to be able to detect missiles from far away and from any direction. Conventional optical sensors have only a single field of view (FOV) setting which forces sensors to capture object images through a very small viewing angle. The traditional design limits a sensor's ability to search for targets in a wide area and track the missile target reliably. The OmniSeeker was created to surmount those difficulties. It has two different FOV settings. When utilizing the wide FOV setting, the OmniSeeker can search targets coming from a wide area. When utilizing the narrow FOV setting, the OmniSeeker can track and lock in on any detected missile targets. The OmniSeeker has been successful at detecting missiles more than ten miles away during test exercises.
Technest Holdings had fiscal six month sales revenues of $37.3M for the period July 1, 2005 through December 31, 2005 and corporate funded backlog as of January 31, 2006 of $48.45M.
About Technest Holdings, Inc.
Technest Holdings, Inc. (OTCBB:TCNH) 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.
"Forward-Looking Statements"
Investors are cautioned that certain statements contained in this press release as well as some statements in periodic press releases and some oral statements of Technest Holdings Inc. officers and directors during presentations about Technest Holdings , 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, 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: a reduction in order rates from the Army's Night Vision and Electronic Surveillance Directorate, insufficient cash flow to continue to fund the development and marketing of the Company's products and technology; 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/.
More information on Homeland Security issues, including news releases, events and experts available for comment, can be found on the Homeland Security Newsline at www.primezone.com/hs