May 14, 2007 (M2 PRESSWIRE via COMTEX News Network) --
Market Gainer is quickly emerging as the one stop shop for international small-cap investors looking to stay a step ahead of the markets. Activity on the OTC BB market has brought this company to the attention of our research team. Technest Holdings, Inc. (OTC BB:TCNH.OB), is responding to the attention of investors. Our goal is to create a community of international investors who consistently and effectively capitalize on the enormous gains the small-cap Canadian and American exchanges offer.
Technest Holdings, Inc. (OTC BB:TCNH.OB) a defense and homeland security company, issues the following announcement after extraordinary trading volume on Friday, May 11, 2007.
On Friday, May 11, 2007 at approximately 3:30 pm, an extraordinarily high volume of shares of Technest common stock were sold on the OTCBB. The volume during the last 30 minutes of trading was approximately 900,000 shares in contrast to a daily volume of less than 50,000 shares a day since the dividend payment of Technest shares to Markland Technologies shareholders on May 4, 2007. As a result, shares of Technest closed at $0.31 at the end of the day, a decline of over 66% on the previous days close. The management of Technest believes that the value of Technest is not reflected in Friday's closing price and would refer investors to our 10QSB which was filed with the SEC at 4:34 pm on Friday, May 11, 2007. For the third quarter ending March 31, revenues were $17.95 million in 2007 compared to $17.86 million in the same period in 2006. Gross profit for the third quarter was $3.93 million vs. $3.24 million in the third quarter of 2006. The operating loss for the quarter narrowed to $268,926 compared with $795,772 for the same quarter a year ago. The net loss attributable to common shareholders was $0.92 million or $0.05 per share in the quarter ended March 31, 2007 compared to a net loss of $1.52 million or $0.10 per share in the comparative quarter in 2006.
On March 29th, 2007 the Company also announced that its wholly owned subsidiary, EOIR Technologies, received delivery orders totaling approximately $58 million to fund two new projects. The first is for a Near Term IED Detection System and the second is for a Wide Area Surveillance and Improvised Explosive Device Detection System. Both were awarded on behalf of the U.S. Army's Night Vision and Electronic Sensors Directorate ("NVESD").
Technest also continues to evaluate strategic alternatives for the Company and/or its subsidiaries.
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.
During morning trading shares are up 9% to $0.34 with over 700,000 in volume. The Market Gainer Research Team will continue to gauge the short and long term affects that this announcement will have on the company
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May 14, 2007-- Technest Holdings, Inc. (OTCBB: TCNH), a defense and homeland security company, announced today its operating results for the Company's third quarter and nine months ended March 31, 2007. The complete filing is available at www.sec.gov.
For the third quarter ending March 31, revenues were $17.95 million in 2007 compared to $17.86 million in the same period in 2006. Gross profit for the third quarter was $3.93 million vs. $3.24 million in the third quarter of 2006. The operating loss for the quarter narrowed to $268,926 compared with $795,772 for the same quarter a year ago. The net loss attributable to common shareholders was $0.92 million or $0.05 per share in 2007 compared to a net loss of $1.52 million or $0.10 per share in the third quarter of 2006. For the nine months ending March 31, revenues were $53.67 million vs. $55.14 million for the same nine months in 2006. Gross profit for the nine months in 2007 was $11.00 million compared to $10.30 million during the same period in 2006. The operating loss for the nine month period was $1.59 million compared with $1.08 million for the same period a year ago. The net loss attributable to common shareholders for the nine months ended March 31, 2007 was $4.67 million or $0.28 per share in 2007 compared to a net profit of $21.73 million or $1.36 per share in the same nine months in 2006. The net profit in 2006 was due primarily to a non-cash derivative income in the amount of $25.05 million representing the change in fair value of certain warrants issued by Technest in February 2005. Non-cash charges included in the loss for the nine months ended March 31, 2007 were $5.59 million and net non-cash income for the same period in 2006 was $21.61 million.
Dr. Joseph Mackin, President and CEO, Technest Holdings, commented, "Overall, we are pleased with our third quarter, where our gross profit improvement was due to a larger percentage of high margin services provided compared with lower margin material procurement contracts. Our funded backlog remains strong at over $44 million and we have additional awarded but as yet unfunded contracts in excess of $122 million. Going forward, we expect to execute additional military contracts in the fourth quarter that have been previously awarded but are awaiting processing. These processing delays were the primary cause of our shortfall in revenue in the nine months ended March 31, 2007 compared to the previous year."
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Technest Holdings Awarded $4.3 Million in Additional Funding for Existing Projects With the U.S. Army's Night Vision and Electronics Sensors Directorate Tuesday May 15, 7:00 am ET
BETHESDA, MD--(MARKET WIRE)--May 15, 2007 -- Technest Holdings, Inc. (OTC BB:TCNH.OB - News), a defense and homeland security company, announced today that its wholly owned subsidiary, EOIR Technologies, received additional funding totaling approximately $4.3 million for labor, materials and the purchase of equipment on 10 existing delivery orders under the U.S. Army's Night Vision and Electronic Sensors Directorate ("NVESD") omnibus contract. ADVERTISEMENT
The additional funding awards will be used for supporting the development, integration, and testing of numerous sensor systems, including Soldier Sensors, Vehicle Sensors, and Surveillance and Force Protection Sensors. Additional services will be provided for initiatives in Recognition of Combatants, Counter Terrorism, and Homeland Defense. The Company's continued work will support the U.S. Army's NVESD, the Special Projects Office and the Naval Surface Warfare Center (NSWC).
This increase in funding further establishes EOIR as a leading solutions provider for the United States Military, including the U.S. Army's NVESD, the Special Projects Office and the NSWC.
"We are extremely pleased to continue our support of the U.S. Military," stated Larry Bramlette, Division Director for EOIR Technologies. "For over six years we have worked to provide the U.S. Military with the most technologically advanced combat systems, air systems, countermining equipment and enemy surveillance. We look forward to continuing our track record of successfully developing technologies that better equip U.S. forces."
This increase in funds brings the total funding for the current performance award year under our NVESD omnibus contract, which was awarded on July 19, 2006, to $45.4 million and the total funds for this contract to $295 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.
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 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
Contact: Contact:
Stanley Wunderlich Consulting for Strategic Growth 1 T: (800) 625-2236 F: (212) 337-8089 Email: Email Contact
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posted
it did form a nice pipe on decreasing volume , might head for a buck, i prolly shuda got back in today myself , but was watching other things, maybe i can catcha dip in the morn
-------------------- PREPARE TO BE BOARDED Posts: 742 | From: SOUTH CARRIBEAN | Registered: Mar 2006
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