SOURCE: Technest Holdings, Inc.

December 13, 2007 07:00 ET

Technest Holdings Receives SBIR Phase II Second-Year Funding to Develop Real-Time Multiple Target Tracking System for Commercial and Military Uses

BETHESDA, MD--(Marketwire - December 13, 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 received a second-year grant of $356,000 for an SBIR Phase II program to continue developing its SmartMTI multiple target tracking system with real-time capabilities for the United States Army CECOM.

Technest's SmartMTI system is an innovative multiple target tracking system designed for intelligent surveillance on moving platforms such as UAVs (Unmanned Aerial Vehicle), UGVs (Unmanned Ground Vehicle), and manned moving platforms. SmartMTI seamlessly integrates Technest's state-of-the-art motion detection and target tracking technologies to create multiple target following and inter-object 'awareness,' robustly handling difficult situations such as targets under merging, occlusion, and disappearing conditions. The grant will be used to implement the SmartMTI system with Technest's miniaturized DSP/FPGA hardware called SOS (Smart Optical Sensor), enabling SmartMTI to detect and track multiple targets in real time with extremely low rates of error.

Gino Pereira, CFO of Technest Holdings Inc., said, "The SmartMTI technology will have a wide range of commercial as well as military surveillance and guidance applications. There is a general need for small and powerful tracking sensors for covert operations on land and sea. Combining a compact camera sensor with the SOS creates a small, affordable device that can be added to any surveillance or guidance to provide 'intelligence.' From police departments to treatment plants, all can benefit from low-cost, highly enhanced 'eyes' to deter crime in urban streets and protect perimeters."

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

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.

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
    Consulting for Strategic Growth 1
    T: 1-800-625-2236
    F: 1-212-337-8089
    Email: Email Contact
    Web site:

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