BOSTON, Jan. 8, 2007 (PRIME NEWSWIRE) -- Technest Holdings, Inc. (OTCBB:TCNH), a defense and homeland security company, announced today that its wholly-owned subsidiary, EOIR Technologies, received a new funding award from the U.S. Army's Night Vision and Electronic Sensors Directorate ("NVESD") to provide technical and field engineering support services to the U.S. Department of Defense's Joint Unexploded Ordnance Center of Excellence ("JUXOCO"). EOIR will provide research, development, testing and evaluation of equipment to enhance the detection and clearing of unexploded ordnance hazards around the world.
The goal of JUXOCO, the operational arm of the Unexploded Ordnance Center of Excellence, is to improve the overall effectiveness of, and costs associated with, detecting unexploded military munitions in five areas: The clearance on active ranges; the detection and breaching of minefields in combat; neutralization under emergency conditions; removal from areas of regional conflict; and the detection and removal on active and closing Department of Defense sites.
Under the terms of the agreement, the total value of the contract is $488,000, of which $190,000 was funded at the initial grant.
"The failure to clear unexploded munitions from war-torn countries in Asia, the Middle East, and Africa, as well as millions of acres in the United States previously used as military bases or test sites, poses an inherent risk to people currently residing in these areas," stated, Larry Bramlette, Division Director for EOIR Technologies. "We look forward to working with the Department of Defense's Joint Unexploded Ordnance Center in developing techniques that will enhance the detection of unexploded munitions throughout the world."
Additionally, EOIR Technologies received $3.9 million in additional incremental funding on nine existing delivery orders for engineering support under its NVESD omnibus contract. This increase in funds brings the total funding for the performance award year, which was awarded on July 19, 2006, to $22.3 million and the total funds for this contract to $272 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.
Technest Holdings, Inc. is a featured Company on http://www.HomelandDefenseStocks.com, a service for which Technest Holdings compensates the provider.
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," "estimate," 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 services, 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; our capabilities; 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