Financial Intranet Announces Completion of Technest Acquisition.Business Editors MOUNT KISCO, N.Y.--(BUSINESS WIRE)--April 10, 2001 Financial Intranet, Inc. ("FNIT-OTCBB," hereafter In the future. The term hereafter is always used to indicate a future time—to the exclusion of both the past and present—in legal documents, statutes, and other similar papers. referred to as "FNIT FNIT Fast Neutron Imaging Telescope ") an Internet content provider See content provider. today announced the completion of it's acquisition of Technest. Technest, located in Atlanta, Ga. invests in development stage companies with potential high rates of growth. These companies develop innovative products and services with a wide range of commercial applications. FNIT expects to assist both in the rapid growth of these companies and in providing strategies for the realization of returns from its investments through a variety of methods. FNIT also expects to focus on short-term investment procedures in order to enhance earnings. Michael Sheppard, President of FNIT said, " I am thrilled at the completion of this acquisition. I view this as an unprecedented opportunity for FNIT. Technest is different from other companies that invest in development stage companies. We expect to take full advantage of the current marketplace to make investments that should provide value, both in the near term and long term. We believe that there is a great opportunity here." John Canouse, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Technest stated, "The completion of the acquisition should enable us to further fund portfolio companies within our investment framework, and current market conditions should allow us to do so at advantageous terms. We are very excited about the possibilities we have within the venture capital community." SAFE HARBOR Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. STATEMENT Statements in this press release that are not historical may be deemed forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Although FNIT believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from FNIT's expectations include completion of pending investments, continued availability of funds to originate new investment, the availability and cost of capital for future investments, competition within the industry, economic conditions, and other risks detailed from time to time in FNIT's SEC reports. The financial information with respect to Technest has been provided to FNIT by Technest and has not been audited or verified independently at this time. |
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