BOSTON, Feb. 16, 2006 (PRIMEZONE) -- Technest Holdings, Inc., www.technestholdings.com (OTCBB:TCNH), a defense and homeland security company transforming advanced laboratory technology into real-world products, announced today that retired Major General David R. Gust has agreed to join the Technest Holdings Inc. Board of Directors as an Independent Director. His appointment as an Independent Director is to begin on March 15, 2006.
Mr. Gust retired the U.S. Army in 2000 after completing a very distinguished career of 34 years of service. At retirement he was the U.S. Army Deputy Chief of Staff for Research, Development and Acquisition, Army Materiel Command. At the time he was responsible for fiscal planning and program management oversight of $6 billion worth of research, development and acquisition programs. Before and during his tenure with the U.S. Army Major General (Ret) Gust received degrees in Electrical Engineering from the University of Denver, Systems Management from the University of Southern California and a degree in National Security and Strategy from the U.S. Naval War College.
Also during his Army tenure, Major General (Ret) Gust received U.S. Army awards which include the Bronze Star, Purple Heart, Legion of Merit, Meritorious Service Medal with two oak-leaf clusters and Vietnam Service Medal with four campaign stars. He was inducted as a Distinguished Member of the U.S. Army Signal Regiment in 2002.
After retirement from the U.S. Army, Mr. Gust was appointed President and CEO of defense contractor Technical and Management Services Corporation (TAMSCO). In this role, he was responsible for management of a 700-employee company which performed: manufacturing, project management support, operations and maintenance services and providing an integrated communications system using satellite connectivity. During his tenure at TAMSCO, sales revenue grew from $80M to over $200M.
In 2003, Mr. Gust participated significantly in the sale of TAMSCO to Engineered Support Systems, Inc. (ESSI), which was eventually purchased by DRS Technologies Inc. and successfully transitioned from a privately-held company into a larger publicly-held corporation.
Technest President, Dr Joe Mackin, himself retired from a distinguished U.S. Army career, stated, "I am proud to welcome Major General (Ret) David Gust to the Technest Board of Directors. His wealth of knowledge derived from his highly successful military and corporate background will help us immensely in charting our future corporate strategies."
The formation of an Independent Board of Directors is a key piece of the Company's corporate strategy: to seek a NASDAQ listing for the Company in the first quarter of 2006.
About Technest Holdings, Inc.
Technest Holdings, Inc. (OTCBB:TCNH) 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.
"Forward-Looking Statements" 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 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, 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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