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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 5/15/2007
BETHESDA, MD, May 15, 2007 (MARKET WIRE via COMTEX News Network) -- Technest Holdings, Inc. (OTCBB: TCNH), 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.
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.
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