U.S. Army's Night Vision and Electronic Sensors Directorate Awards EOIR Technologies Inc. $3.4 Million in New Contracts.
BOSTON -- Technest Holdings, Inc. (OTC OTC
See over-the-counter market (OTC). BB:TCNH TCNH Tender Care Nursing Home (Midland, Michigan) .OB), defense and homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security
Department of Homeland Security
executive department - a federal department in the executive branch of the government of the United States company transforming advanced laboratory technology into real-world products, announced today that the U.S. Army's Night Vision and Electronic Sensors Directorate (NVESD NVESD Night Vision and Electronic Sensors Director/Directorate (US Army) ) has awarded subsidiary EOIR EOIR Executive Office of Immigration Review
EOIR Electro-Optic Infrared
EOIR Enhanced Online Insertion and Removal Technologies Inc. new orders for technology products and services totaling $3.4 million. Dr. Joe Mackin, President of Technest Holdings, made the announcement.
The Army's NVESD research and development group is one of the U.S. military's most advanced technological leaders. EOIR Technologies Inc. is working on a range of next-generation technology solutions for the NVESD, including night vision and advanced sensor A device that measures or detects a real-world condition, such as motion, heat or light and converts the condition into an analog or digital representation. An optical sensor detects the intensity or brightness of light, or the intensity of red, green and blue for color systems. applications, disposable sensors and other threat-detection systems.
The $3.4 million in new orders come under an NVESD omnibus omnibus: see bus. contract. The omnibus contract Option Year Four was awarded on July 15, 2005. Since that date EOIR Technologies Inc. omnibus contract awards have totaled $29.0 million. As of October 31, 2005 EOIR Technologies Inc. had funded backlog of $55.1M.
The ongoing 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 An invisible band of radiation at the lower end of the visible light spectrum. With wavelengths from 750 nm to 1 mm, infrared starts at the end of the microwave spectrum and ends at the beginning of visible light. sensor technologies that are being used in direct support of U.S. military combat operations in Iraq, Afghanistan and elsewhere. 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.
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. (OTC BB:TCNH.OB) 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 Dual-use is a term often used in politics and diplomacy to refer to technology which can be used for both peaceful and military aims. It usually refers to the proliferation of nuclear weapons, but that of bioweapons is a growing concern. and products with applications in both the defense market and civilian homeland security and law enforcement fields.
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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 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 (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 Growth Rates
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Remember, historically high growth rates don't always mean a high rate of growth looking into the future. ), 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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