BOSTON, Aug. 7, 2006 (PRIMEZONE) -- Technest Holdings, Inc. (OTCBB:TCNH), a defense and homeland security company, announced today that its wholly owned subsidiary, EOIR Technologies, has extended its omnibus contract with the U.S. Army's Night Vision and Electronic Sensors Directorate (NVESD) with an Award Year for outstanding performance that extends through July 19, 2007.
Under the agreement, EOIR will continue to provide remote sensor technology and engineering services on-site and at the company's Fredericksburg, VA facilities. Option Year Four of EOIR Technologies' NVESD omnibus contract, which expired July 17, 2006, totaled $62.6 million, a company record for any one-year period. Total funding awarded since contract inception July 2001 is approximately $252 million.
Larry Bramlette, Division Director for EOIR Technologies, stated, "We are proud to extend our relationship with the NVESD to a sixth year by receiving an Award Year for outstanding performance. Over the past several years, we have steadily grown our relationship with the NVESD and look forward to capitalizing on the potential funding of $154 million available in the current year. Our record performance in Option Year Four is testimony to our high level of service and unique ability to work on sensitive initiatives due to our top security clearance. We will continue to apply our expertise in engineering services and product development to create a world-class portfolio of advanced technology products that effectively address the multi-billion-dollar national security market."
EOIR Technologies, Inc. has been providing innovative sensor engineering products and services to customers within the Department of Defense for nearly 25 years.
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 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; 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 Technest Holdings, Inc. is a featured Company on http://www.HomelandDefenseStocks.com, a service for which Technest Holdings compensates the provider.
Technest Holdings, Inc. is a featured Company on http://www.HomelandDefenseStocks.com, a service for which Technest Holdings compensates the provider.