BOSTON, Oct. 2, 2006 (PRIMEZONE) -- Technest Holdings, Inc. (OTCBB:TCNH), a defense and homeland security company, announced today that it was selected by the U.S. Army Picatinny Armament Research, Development and Engineering Center to further develop and expand its existing Smart Optical Sensor (SOS) hardware to enhance remote-sensing capabilities.
Through the U.S. Army Picatinny Armament project, Technest will continue to develop a practical, autonomous security system using SOS detection sensors to remotely identify entry of unauthorized materials or individuals and notify the proper security or law enforcement personnel. The SOS overcomes certain shortcomings of existing video surveillance technologies, which are inadequately designed and expensive to maintain and staff. Increased efficiencies of the existing SOS technology can expand the security of ports, borders, sensitive facilities, shopping centers, and airports, which require continuous security monitoring. The further developed SOS technology will include smaller hardware, more sensors and higher resolution feeds.
"We are excited to continue to develop our Smart Optical Sensor technology for the U.S. Army. The remote capabilities of the SOS technology have helped improve U.S. military security surveillance on a 24/7 operational basis. Our efforts moving forward will work toward decreasing the size of each unit, while increasing bandwidth capabilities, allowing a greater number of sensors on the system and increased resolution," stated Dr. Joseph P. Mackin, CEO of Technest Holdings. "The demand for continuous security monitoring systems has increased dramatically across the United States, from both military users as well as local and national law enforcement professionals, due to heightened terrorist threats within the United States."
The total value of the two-year contract award from Picatinny is $780,000.
About Picatinny Armament Research, Development and Engineering Center
Picatinny is an international leader in the research, development, engineering and production support for advanced weapons systems. Large numbers of new weapons, munitions and auxiliary equipment have been produced and fielded by the engineers and scientists of Picatinny, providing U.S. forces with state-of-the-art capabilities for increased effectiveness on the battlefield. Picatinny partners with businesses and universities to develop the world's best warfighting technology for the U.S. Army soldiers.
About Smart Optical Sensor technology
The original SOS platform was developed from a Phase I research grant from the Office of Naval Research (ONR) to develop an enhanced version of Technest's miniature remote processing, using a portfolio of advanced video analysis and augmentation modules called Smart Suite(tm) algorithms. The SOS platform powers Technest's Smart Suite(tm) algorithms that enhance both new and existing sensor systems with capabilities including: reliable target detection, motion tracking, and object classification and recognition. The primary objective of the Phase I research was to investigate the best possible processing architecture that can be added to multiple sensors in a miniature, low-power and compact form factor for remote applications. Such a processing architecture will solve many problems with remote sensing such as dramatically reducing the need for custom hardware dedicated to specific applications.
About Technest Holdings, Inc.
Technest Holdings, Inc., in combination with its operating subsidiaries EOIR Technologies and Genex Technologies, 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.
Technest Holdings, Inc. is a featured Company on http://www.HomelandDefenseStocks.com, a service for which Technest Holdings compensates the provider.
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 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; 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