BOSTON, July 24, 2006 (PRIMEZONE) -- Technest Holdings, Inc. (OTCBB:TCNH), a defense and homeland security company, announced today that its wholly owned subsidiary, EOIR Technologies, has been awarded new Delivery Orders totaling approximately $10 million.
The first, "Digital Enhanced Vision Goggle (DENVG) Technology Demonstration and Risk Reduction Effort" has a one-year performance period with a value of $8.73 million, of which $2.87 million was funded upon award. The second, "FTIR Spectrometer" also has a one-year performance period with a value of $0.97 million, of which $0.9 million was funded upon award. Both Delivery Orders provide funds for EOIR labor and materials.
In addition, EOIR announced it has received incremental funds totaling approximately $1.96 million from the U.S. Army's Night Vision and Electronic Sensors Directorate (NVESD) for additional remote sensor technology products and engineering services. The incremental funding brings the total for Option Year Four of EOIR Technologies' NVESD omnibus contract to approximately $60.75 million. Total funding awarded since contract inception in July 2001 is more than $245 million.
Larry Bramlette, Division Director for EOIR Technologies, stated, "We are pleased to continue our strong momentum with these latest delivery orders. Our unique technical skill set combined with top security clearance has enabled our company to build strong customer relationships with the Department of Defense and Homeland Security. Going forward, we plan to strengthen our role in delivering next-generation technology solutions by leveraging our core competencies in engineering services and product development."
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.
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