SOURCE: Technest Holdings, Inc.

November 27, 2007 15:37 ET

Technest Holdings Receives $0.74 Million SBIR Grant for New Omniguard Imaging System

System Providing Instantaneous 360-Degree Imaging for the Navy Also Has Potential Commercial Applications

BETHESDA, MD--(Marketwire - November 27, 2007) - Technest Holdings, Inc. (OTCBB: TCNH), a world-class 3D imaging company transforming state-of-the-art technology into real world products, announced today that it has been awarded a Phase II program through a Small Business Innovation Research ("SBIR") grant of $0.74 million from the United States Navy to develop its Omniguard imaging system.

The Omniguard system is a combination omni-directional (360-degree) hyperspectral recording and processing imager, with simultaneous zoom capability for Naval intelligence, surveillance, and reconnaissance operations.

Through a unique optical design that simultaneously captures hyperspectral imagery in 360-degree and zoom views, the Omniguard can quickly search for a target in any direction while zooming in to provide detailed, close-in imagery of a detected target. Utilizing Technest's miniature high speed DSP/FPGA hardware SOS platform, Omniguard provides a complete surveillance solution with on-board data acquisition and real-time image processing to facilitate operations such as image stabilization and target detection and tracking.

Omniguard has the capability to enhance the next generation of digital periscopes used in submarines with instant 360-degree imaging, reducing traditional scanning time. In addition to its unique capabilities, Omniguard also has fewer cameras and thus fewer potential points of failure, than current 360-degree imaging technology.

The Omniguard technology also has a wide range of commercial surveillance applications, as well as applications for the gaming industry.

Gino Pereira, CFO of Technest Holdings Inc., said, "Omniguard is a prime example of this Company's potential to leverage our state-of-the-art 3D imaging technology, developed initially for the military, to create innovative products addressing large consumer and commercial markets."

About Technest Holdings, Inc.

Technest Holdings, Inc. is a provider of: advanced remote sensor systems, intelligent surveillance and advanced 3D imaging technology solutions to the defense, homeland security and healthcare marketplaces. Technest is committed to setting next-generation imaging standards through the provision of innovative emerging technologies. Through strategic development, Technest focuses on the creation of dual-use technology and products with applications in the defense, civilian homeland security and law enforcement fields as well as healthcare. 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 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

Pursuant to a May 15, 2007 agreement, Consulting For Strategic Growth1, Ltd. ("CFSG1") provides Technest Holdings, Inc. with consulting, business advisory, investor relations, public relations and corporate development services. Independent of CFSG1's receipt of cash compensation from Technest Holdings, CFSG1 may choose to purchase the company's common stock and thereafter liquidate those securities at any time it deems appropriate to do so.

Contact Information

  • Contact:

    Stanley Wunderlich
    CEO
    Consulting for Strategic Growth 1
    T: 1-800-625-2236
    F: 1-212-337-8089
    Email: Email Contact
    Web site: www.cfsg1.com

    Daniel Stepanek
    EVP Media
    Consulting for Strategic Growth 1
    T: 1-212-896-1202
    F: 1-212-337-8089
    Email: Email Contact