BOSTON, April 27, 2006 (PRIMEZONE) -- Technest Holdings, Inc. (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 received incremental funding totaling $7.7 million from the U.S. Army's Night Vision and Electronic Sensors Directorate (NVESD) for additional remote sensor technology products and engineering services.
Option Year Four of EOIR Technologies' NVESD omnibus contract extends through July 17, 2006. This incremental funding brings the current total for Option Year Four to over $50 million. Total funding awarded since contract inception July 2001 is more than $237 million.
Larry Bramlette, Division Director for EOIR Technologies, stated, "We are pleased that our innovative technical capabilities are available to assist NVESD in their continued efforts to provide leading edge equipment to the various services and agencies. These incremental funds will provide our engineers and scientists with support for on-going projects as we continue to focus on assisting in the development of next-generation technology solutions, including night vision devices, advanced sensor applications and threat detection systems. This strong partnership with our customer has enabled EOIR to build strong client relationships and achieve sustainable growth over the long term."
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, visit the company's website at 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 at www.sec.gov
Technest Holdings, Inc. is a featured Company on www.HomelandDefenseStocks.com, a service for which Technest Holdings compensates the provider.
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