BOSTON, March 27, 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, EOIR Technologies Inc., has developed a new innovative remote sensing device named the Automated Adaptive Chemical Examination System (AACES). The AACES is expected to be able to provide highly advanced capabilities to detect and classify a very broad range of chemicals which could be released into the air during a terrorist attack against any one of the 15,000 chemical facilities located in the United States. The AACES is being designed and tested under a Phase 2 SBIR funded by the U.S. Army. Originally intended for use in military applications it can provide a powerful perimeter security capability for the protection of chemical facilities against terrorist attacks.
With government concerns mounting DHS Secretary Chertoff last week stated at a forum hosted by the chemical industry that the U.S. Congress needs to quickly give his department regulatory authority to bolster security at chemical facilities that are attractive targets for terrorists. Chertoff said he envisioned performance standards, set by the Department of Homeland Security, for chemical companies to follow. Congress is considering legislation for federal regulation of the nation's 15,000 privately operated chemical facilities, which counter-terror experts have warned are at the top of the list of likely terror targets. Congressional investigators have revealed spotty results in how well the chemical industry is prepared to respond in the event of an attack. The leading bill, by Sens. Susan Collins, R-Maine, and Joseph Lieberman, D-Conn., would give Homeland Security authority to shut down plants that fail to submit acceptable security plans.
The AACES can provide breakthrough security capabilities. The AACES chemical detection sensor and controls can be left unattended in an area to monitor general air quality, or used to detect dangerous chemicals spread intentionally to harm citizens. This unique standoff chemical detection and identification system does not need to come in contact with chemicals to detect and identify them. It can make assessments from a remote location, allowing the EOIR-developed sensor to scan a much larger area than alternative systems that operate by taking a sample of the contaminated air. This helps to avoid system contamination, and also enables the system to monitor continuously to achieve persistent surveillance. The AACES system consists of a Fourier Transform Infrared (FTIR) sensor and digital signal processing/computing electronics. It is designed to operate independently, the system has a pan and tilt operation, allowing it to automatically scan a region or concentrate on a specific area without the need for manual intervention. When in scan mode, the sensor pans a predetermined area until it detects a chemical signal that requires further investigation. At that point, it hones in on that area and focuses the sensor to identify the chemical signal. The system utilizing proprietary algorithms then sorts through a preexisting chemical library to identify the specific chemical detected, and sends a warning message to remote devices via wireless data links.
Field testing of the device has produced very good results to date and the company believes that the potential market for this device to protect chemical facilities is significant.
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.
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