BOSTON, Aug. 2, 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 $7.1 million from the U.S. Army's Night Vision and Electronic Sensors Directorate (NVESD).
EOIR will provide labor and materials as well as support from major subcontractors for "Manned Vehicle Sensors Engineering and Management Support." This initial delivery order totals approximately $6.5 million, with $1.2 million funded upon award, and has a 13-month performance period.
Incremental funds totaling $648,000 were also provided for EOIR labor and equipment under EOIR Technologies' NVESD omnibus contract. The additional funds increase the total funding for "Option Year Four" to $62.6 million, a record high for the company during any one-year period.
Larry Bramlette, Division Director for EOIR Technologies, stated, "Our outstanding level of performance on behalf of the NVESD has provided sustainable growth for our company over the past five years. We are proud of our one-year funding record under 'Option Year Four' totaling $62.6 million and look forward to capitalizing on future opportunities. We believe our expertise in remote sensor technology and engineering services create a solid platform for the development of next-generation products throughout the burgeoning security marketplace."
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.