BOSTON, Feb. 26, 2007 (PRIME NEWSWIRE) -- Technest Holdings, Inc. (OTCBB:TCNH), a defense and homeland security company, announced today that its wholly owned subsidiary, EOIR Technologies, received two new funding awards totaling approximately $4.4 million from the U.S. Army's Night Vision and Electronic Sensors Directorate ("NVESD") related to developing sensors used in global demining efforts.
EOIR received a funding award totaling approximately $1.45 million, of which $1.0 million was funded at the time of award, to provide operational support to the U.S. Department of Defense's Humanitarian Demining Research and Development Program ("HD R&D") for in-house prototype development. The contract has a 12-month performance review.
The HD R&D began in 1994 and focuses on the research and development of workable prototypes that reduce the time and cost associated for mine and minefield detection and neutralization while enhancing operator safety. The primary goal of the program is to enhance existing sensor technology to be more adaptive to varying terrains and random environmental conditions. The HD R&D deploys equipment to more than 25 countries worldwide, including Afghanistan, Angola, Mozambique, Rwanda, Thailand, Cambodia and Honduras, which are heavily affected by this humanitarian problem.
Concurrently, EOIR also received $2.9 million in new funds, of which $500,000 was funded initially, to assist in the development of Ground Penetrating Radar ("GPR") Countermine On The Move and has a performance period of 18 months. The GPR Countermine On The Move is a faster, wideband multi-sensor system used to detect anti-tank mines with a high probability of mine detection and low false alarm rates. EOIR will assist the U.S. Army in conducting modeling and simulation activities that will assess the effectiveness based on the performance of the improved system on rough terrain.
"We are extremely excited to team with the U.S. Army in order to further the development of remote sensors that significantly enhance the overall safety and efficiency of existing mine detection and mine clearing technology," stated Larry Bramlette, Division Director for EOIR Technologies. "We believe that our ability to continually secure new awards through the Night Vision Directorate is indicative of our ability to successfully develop advanced remote sensor technologies."
Additionally, EOIR Technologies received $2.4 million in incremental funding on five existing delivery orders for remote sensor technology products and engineering services under the U.S. Army'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 $31.4 million and the total funds for this contract to $281 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.
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