Technest Holdings Announces $900,000 Contract From Office of Naval Research


BOSTON, July 26, 2006 (PRIMEZONE) -- Technest Holdings, Inc. (OTCBB:TCNH), a defense and homeland security company, announced today that its wholly owned subsidiary, Genex Technologies, Inc., was awarded a $900,000 contract from the Office of Naval Research (ONR) for the development of an enhanced version of its miniature remote processing unit called the Smart Optical Sensor (SOS).

Genex's new SOS, scheduled for delivery by May 2007, will provide a real-time processing platform, collocated with the actual sensor, to provide on-board processing. The unit is intended to support a wide variety of complex algorithms that can address a number of the Navy's needs for improving fleet protection. In addition, the enhanced sensor version will be used to strengthen the capabilities of Technest's existing Cerberus System and Small Tactical Ubiquitous Detection Sensor (STUDS) products, which currently incorporate the SOS.

"Our contract with the Office of Naval Research provides the opportunity to enhance the Navy's intelligence gathering capabilities, as well as protect its fleets and forces," stated Clark Lynn, Vice President at Genex Technologies. "Among the specific issues that we expect to address by our new SOS unit will be the processing of large amounts of data gathered by a series of high-resolution sensors that can be deployed, for example, around a Navy vessel or fleet of vessels, and the subsequent transmission of filtered data to command and control centers within bandwidth limitations. We are pleased to have been awarded this contract and further our relationship with the Office of Naval Research."

For more information, please visit the Genex website at www.genextech.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.

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.


            

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