BOSTON, April 24, 2006 (PRIMEZONE) -- Technest Holdings, Inc. (OTCBB:TCNH), a defense and homeland security company, announced today that it has been awarded a Phase I Small Business Innovative Research (SBIR) grant by the U.S. Navy for the development of a real-time, omni-directional and zoom capable hyperspectral recording and process imaging device, the Omni-Guard. This is the first SBIR grant awarded to Technest, and will be based on technologies developed by the company's wholly owned subsidiary, Genex Technologies, Inc. (www.genextech.com).
Designed for the Navy's Intelligence, Surveillance, and Reconnaissance (ISR) operations, the Omni-Guard will, among other applications, be used on Navy platforms for target detection purposes. The Omni-Guard can quickly search for a specific target within global view and provide a detailed image of the target through its advanced zoom and scanning mechanism. The proposed hyperspectral camera system combines uniquely configured optical structure and system components into a payload package that is both lightweight (less than 2 pounds) and small in size (a cylinder less than 6 inches in diameter by 7 inches in height). The system's design will include a number of major innovations to achieve its compact, highly reliable and dual field of vision (FOV) capabilities.
Dr. Joe Mackin, CEO of Technest Holdings stated, "We are pleased to receive this initial SBIR grant from the U.S. Navy for the development of our exciting Omni-Guard camera system. We believe our state-of-the-art technology offers a major advancement in lightweight reconnaissance camera equipment. Our sophisticated design moves beyond the traditional complex and expensive zoom and scanning structure and provides for an effective and compact hyperspectral camera system unlike any other currently available."
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, visit the company's website at http://www.technestholdings.com.
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, product capabilities 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; product malfunction; 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 www.HomelandDefenseStocks.com, a service for which Technest Holdings compensates the provider.