BOSTON, Feb. 24, 2006 (PRIMEZONE) -- Technest Holdings, Inc. (www.technestholdings.com) (OTCBB:TCNH), a defense and homeland security company transforming advanced laboratory technology into real-world products, announced today that as of January 31, 2006, it had corporate funded backlog of $48.45 million.
The funded backlog is comprised of over 140 active delivery orders and contracts being worked on by wholly-owned operating subsidiaries EOIR Technologies Inc and Genex Technologies Inc. These delivery orders and contracts are for; remote sensor technology products and engineering services, chemical detection, intelligent surveillance and advanced 3D imaging technology solutions for the defense and homeland security marketplaces.
Customers of Technest Holdings, Inc. presently include the following: U.S. military services, U.S. intelligence agencies, major defense contractors and research institutions. A significant source of revenues for Technest and its subsidiary EOIR Technologies, Inc. is an Omnibus contract with the U.S. Army's Night Vision and Electronic Sensors Directorate (NVESD). This Omnibus contract may provide a maximum ceiling amount of up to $80 million in fiscal year revenues. Many of the products and services being delivered on this contract utilize next-generation electro-optic and infrared sensor technologies that are being used in direct support of U.S. military.
The Army's NVESD has been responsible for numerous key innovations in the fields of optical electronics and thermal imaging for weapons targeting, electronic surveillance and other mission-critical military applications. Technest subsidiary EOIR Technologies, Inc. has been providing innovative sensor engineering products and services to customers within the Department of Defense for nearly twenty five years.
About Technest Holdings, Inc.
Technest Holdings, Inc. (OTCBB:TCNH) 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.
Forward-Looking Statements
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, 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; 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/).
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