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Press
Release
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Source: Technest Holdings, Inc.
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Technest Holdings Inc. Provides
Business Status Update, Corporate Profile Data and Announces Strategic
Initiatives for 2006
Corporate Strategic Initiatives Are
Focused On Marketing Product Portfolio and Capturing Intelligence Agency
Opportunities
BOSTON--(BUSINESS WIRE)--Dec. 20,
2005--Technest Holdings, Inc. (OTC BB:TCNH.OB - News), http://www.technestholdings.com ; a
defense and homeland security company transforming advanced laboratory
technology into real-world products, announced today a business status update,
corporate profile data and a number of strategic initiatives that the company intends
to pursue in 2006.
Business
Status Update
The company
stated that it believes that fundamentals which affect its business and financial
operating status are robust and expected by management to improve. A few of the
most recent status achievements are as follows:
- Fiscal
first quarter ended September 30, 2005 sales revenues of $19M.
- Funded
backlog as of November 31, 2005 of $55.2M.
- US Army Night
Vision and Electronic Sensors Directorate (NVESD) Omnibus contract awards
exceeding $29.0M since July 15, 2005. The Army's NVESD research and development group is one
of the U.S. military's most advanced technological leaders. Technest
Holdings wholly owned subsidiary EOIR Technologies Inc. is working on a range
of next-generation technology solutions for the NVESD, including night
vision and advanced sensor applications, disposable sensors and other
threat-detection systems.
- Subsidiary
EOIR Technologies, Inc. awarded a SeaPort Enhanced (SeaPort-e) Multiple Award
Contract (MAC). The U.S. Navy is awarding
indefinite-delivery/indefinite-quantity multiple award contracts to 503
contractors under this procurement program. The Government estimates a
maximum of $5.3 Billion of services will be procured per year via orders
issued under the SeaPort-e multiple award contracts amongst the group of
contractors. The awards have a four-year base period with one five-year
award term and one additional one-year award term. Contract funds will be
obligated at the time of task order award and as such, multiple funding
types (with varying expiration dates) may be used, consistent with the
purpose for which the funds were originally appropriated by Congress.
- Subsidiary
EOIR Technologies awarded a contract by the US Army National Ground
Intelligence Center (NGIC) to provide technical services to the
Measurement and Signatures Division. The award is a competitive follow-on for EOIR, who will
continue to provide support in the areas of signature collections,
computational modeling, CAD modeling, sensor data processing, sensor
integration, and software development. As part of the Department of Defense Intelligence
Production Program, NGIC collects, models, processes and analyzes
scientific and technical intelligence products in the area of Measurement
and Signature Intelligence (MASINT) of rotor (helicopters), ground systems
(tanks, rocket launchers, armored personnel carriers, light trucks, etc.),
and munitions (rocket propelled grenades, mortars, etc.).
Corporate
Profile Data
Technest
Holdings, Inc. (OTC BB:TCNH.OB
- News), http://www.technestholdings.com, is presently comprised of two operating subsidiaries; EOIR
Technologies Inc (EOIR) and Genex Technologies Inc (Genex).
Our
corporate mission statement is” Securing America by Providing Innovative, Emerging
Technologies and Expert services to Protect People, Borders, and Infrastructure.”
Summary
of Products and Services
Remote
Sensor Systems and Technologies For Military And Intelligence Applications
EOIR provides advanced remote sensing technology products and services to the
DOD and to various other United States intelligence agencies. EOIR's most
significant source of revenues is an Omnibus Contract with the United States
Army Night Vision and Electronic Sensors Directorate. The Omnibus Contract has
an extensive and varied scope that requires us to provide a very broad range of
products and technical services. For those products and technical services that
EOIR does not possess in-house, we subcontract to our team members and other
subcontractors as necessary. As a prime contractor, EOIR is responsible for the
technical performance of all of its products and services delivered to the
customer. Primary revenue streams are derived from the delivery of products and
services which provide the customer with: advanced development product
concepts; low volume produced prototypes; advanced signal processing algorithms
and software; advanced systems integration; engineering and evaluation
services; data collection and processing capabilities and other highly
differentiated and proprietary products and services.
Products
EOIR develops and produces highly advanced remote sensing hardware and software
system products for our government customer base. Our products extend the range
of our remote sensor services, encompassing the full spectrum of sensor
science, systems integration, and system support. Below is a list of our
current products in production and or advanced stages of development:
- LRAS (Long Range Scout Surveillance System) - Third generation upgrade of
multi-spectral infrared sensing platform comprised of Ultra Narrow Field
of View Optics and Multi Spectral Aided Target Detection.
- AACES - Remote stand off chemical detector which consists of
a Fourier Transform Infrared (FTIR) sensor, a digital signal processor and
wireless computing elements for remote operation and identification relay.
It is designed to operate independently with a pan and tilt operation,
allowing it to automatically scan a region or concentrate on a specific
area without the need for manual intervention.
- ACADA (Automatic Chemical Agent Detection and Alarm) - Man portable chemical agent
point detector sensor system which utilizes Ion Mobility Spectroscopy
technology to detect chemical agents such as Tabun, Sarin, and classic
nerve agents. This unit has been mass produced and deployed throughout the
US Navy.
- STUDS - Disposable and wireless low light visibility sensor
intended for use in urban combat and perimeter defense applications.
- SERTS™ (Safety Evaluation Range Training System) - Audio and video recording
system that allows instructors to instruct, review, and qualify trainees.
SERTS is a minimally intrusive, multi-platform compatible, audio/video
monitoring system that brings range evaluators to the action inside a host
of live fire exercise vehicles. It transmits live audio and video from the
exercise vehicle directly to a range tower for exercise monitoring,
recording, and post exercise review.
- Head Tracker - The Head Tracker Sensor Suite is a gimbal-based
system that allows a user to be in a tank, with a Heads Up Mounted Display
to view Forward Looking Infra Red imagery. The Heads Up Mounted Display
contains inertial and optical trackers that are used to control the motion
of the gimbal by the head motion of the operator. This allows the operator
to see where the gimbal is looking without having to put his head out of
the tank. The Forward Looking Infra Red imagery can be used in a variety
of modes to include fused sensor data and picture within a picture images.
- USRD (Universal Sensor Remote Device) - Embedded system that allows
multiple sensors to be remotely controlled. USRD is designed to remotely
control and retrieve data from multiple sensors and transfer data to a
base station through wired and wireless communications.
- Pelco Camera Translators - Embedded system that allows
non-Pelco cameras to be integrated into Pelco networks, that is, it allows
non-Pelco cameras to be controlled by a standard Pelco control network.
- WinProc™ - A thermal imaging display and analysis software
based tool designed for viewing and analyzing thermal images. It offers a
range of features including Fourier analysis, high and low pass filters,
thermal image calibration, image statistics, and advanced digital display
algorithms
- IProc™ - An interferogram processing and analysis software
based tool that permits analysis of interferograms from spectrometers.
Designed for the analysis of remotely captured chemical emission spectral
information, the analysis tool enables the recognition of targeted
chemical signatures.
- GPS GroundTruther - A software based tool that can be used to
keep accurate positioning information for multiple vehicles during field
tests.
- TTAASP™ and EOIRTA™ - A software based tool that assists predictive
modeling of thermal targets and is used to calculate detection
probabilities of targets at arbitrary angles and ranges.
Services
EOIR
has been providing highly differentiated services to government customers for
nearly 20 years. Our scientific support spans a wide range of services,
including the full spectrum of sensor sciences, systems integration, system
support and software development, as more fully described below:
- Sensor Science. Sensor science services at EOIR involve a multitude
of spectral regions, ranging from visible to far infrared, developing,
using and interpreting data from a number of different sensors including
acoustic, radar, thermal, multi-spectral and hyper-spectral calibrated
imagers.
- Systems Integration. EOIR has the electrical and mechanical
engineering design experience necessary to integrate laboratory prototypes
into existing military sensor systems.
- Technical Training. EOIR has the ability to develop classroom
courses and computer-based and web-based trainers to satisfy unique
customer requirements. EOIR is able to train on the use of sensor and
detection equipment as well as teaching students how to interpret sensor
signature data.
- Software Development. EOIR develops customized sensor and data
collection software platforms to satisfy a variety of unique customer
requirements.
Intelligent
Surveillance
Genex’s intelligent surveillance portfolio is anchored by its real-time
embedded image processing technology and its 3D facial recognition technology.
Our products include OmniEye™ Wellcam, OmniEye™ Cerberus, Smart Optical Sensor
(SOS), Smart Suite™ and Omnivision.
The
OmniEye™Wellcam is an ultra light, portable 360 degree field of view camera
which can be used in field applications, such as detection of underground
weapon caches and search and rescue beneath building rubble, due to its
durability. The OmniEye™ Cerberus is a re-configurable multi-sensor system that
is designed for long distance infrared and visible light detection. The
OmniEye™ Cerberus delivers this flexibility while still maintaining seamless
panoramic coverage up to 360 degrees.
The
Smart Optical Sensor high speed image processing platform powers Genex’s Smart
Suite™ algorithms, enhancing both new and existing sensor systems with
capabilities including: reliable target detection, motion tracking, and object
classification and recognition. Smart Suite™ algorithms by Genex are a
portfolio of advanced video analysis and augmentation modules. The SOS is a
powerful system that allows multiple cameras to be deployed easily in a
distributed, scaleable network that provides autonomous surveillance.
OmniVision
is a software platform for Genex’s wide range of security and surveillance
camera products. Built as a modular system, OmniVision can operate as a
standalone application or easily integrate into existing systems. The unique
architecture of OmniVision puts next-generation capabilities within reach of
traditional camera and digital video recorder systems. The system includes
software application modules for many different end user needs.
Genex
currently is engaged in programs to develop: disposable sensors for the U.S.
Army Night Vision Lab; a miniature general purpose sensor processor for the
U.S. Army Picatinny Arsenal; SmartMTI Motion Detection for the U.S. Army
Armament Research, Development and Engineering Center; a weapon’s flash
detection system for the U.S. Navy Office of Naval Research; and a smart object
avoidance system for the U.S. Navy Naval Surface Warfare System.
Chemical and Explosive Detection
The company is targeting key sensing technologies that are critical to both DOD
and Homeland Security missions: Chemical/Biological (Chem/Bio) and Improvised
Explosive Devices (IED) detection sensors. Our Chem/Bio and IED group
concentrates on the research and development of technologies that can reliably
detect the presence of chemical, biological, and explosive devices or
components from a stand-off distance utilizing multi spectral electro optical
sensing methods. Under a Phase 2 Small Business Innovation Research (“SBIR”)
grant from the U.S. Army, Genex is developing a new and unique sensor that can
remotely detect the presence of chemical and biological weapons. We intend to
offer these standoff detection sensors in an integrated system solution
approach which also includes point detection capability provided by the EOIR
manufactured ACADA system. The ACADA system utilizes Ion Mobility Spectroscopy
cell based point detection chemical sensor technology.
Advanced Technologies Research and Development
The Advanced Technologies Research and Development group of Genex is focused on
developing our imaging technology portfolio via advanced research in 3D facial
recognition, intelligent surveillance 3D imaging, and medical imaging. By
integrating our marketing pursuits with our R&D efforts, we can bring to
market technological advances that have enhanced customer value. Some of our
targeted research areas include: (i) fully integrated Surematch™ suite of 3D
facial recognition software application programs, (ii) intelligent surveillance
using two- and three-dimensional image processing to support homeland security,
military, and commercial applications; (iii) detection of concealment of intent
using thermal and 3D imaging to support anti-terrorist efforts; (iv) early
detection of cancer using non-invasive and non-radiological diffuse optical
tomography; and (v) more effective and less risky radiation treatment for
cancer by use of 3D imaging for patient positioning.
Strategic Initiatives for 2006
The
company has organized its efforts to focus specifically on emerging product
based revenue streams and to capture new burgeoning business opportunities in
the areas of US Intelligence Agencies. Strategic business segments have been
formed in the following areas; Technical Support Services, Border and Port
Surveillance Systems, Specialty Security and Intelligence Systems, and Training
Devices. Joint venture partnerships and select accretive asset acquisitions are
presently being studied to provide accelerated growth in our market niches.
Technest
Holdings Chairman and CEO Robert Tarini stated, “We are well positioned to grow
the company in the coming year. Our highly differentiated remote sensing
products and services are in high demand amongst our US customer base and we
feel we can leverage our intellectual property to provide recurring product
based revenues growth. Management believes that our financial position is
strong and that our strategic initiatives for 2006 will improve corporate
financial performance metrics and increase shareholder value.”
About Technest Holdings,
Inc.
Technest Holdings, Inc. (OTC
BB:TCNH.OB - News) 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 from
ECON Corporate Services