Technest Holdings, Inc. (OTCBB: TCNH), a world-class 3D imaging company transforming state-of-the-art technology into real world products, announced that it has been awarded a Phase I Small Business Innovation Research ("SBIR") grant from the United States Air Force to develop Technest’s SpectralBird imaging system.
The SpectralBird system is a low-power, mission-adaptable, day/night sensor weighing only a few hundred grams, with multiple capabilities including electronic zoom, slewing (scanning an object 360-degrees around a “z” axis), and image-stabilization. Potential applications for SpectralBird include compact imaging systems for persistent area surveillance and reconnaissance over urban environments from small Unmanned Aerial Vehicles (UAVs) for military, counter terrorism and law enforcement missions.
The design and implementation of the SpectralBird will be based on Technest’s 10 years of experience in miniature optical sensor/imager and image-processing algorithm design. Technest has been developing imaging sensors with various large fields of view (e.g. 360-omni-directional and special PTZ (pan/tilt/zoom) capabilities) for the past several years.
A related Technest SBIR program under the Naval Air Systems Command (NAVAIR) is in an advanced stage of developing a gesture-recognition sensor called OmniBird, weighing less than half a pound. This sensor, to be used for automatic taxiing of Unmanned Combat Air Vehicles (UCAV), will be able to recognize relevant gestures performed by directors on shipdeck during day or night.
A successful intelligent surveillance product using these technologies from Technest is the OmniEye WellCam™ developed originally for the U.S. Army’s Night Vision and Electronic Sensors Directorate (NVESD). The low-cost, low-power, miniature, all-weather and rugged 360-camera is being used for searching hard-to-reach locations such as wells and caves in Afghanistan. The OmniEye WellCam was chosen as the #1 product representing the Night Vision Lab at the 2003 AUSA (Association of the U.S. Army) Conference. OmniEye WellCam was also chosen as one of the top ten inventions for the U.S. Army in 2004.
Steven Yi, Vice President of R&D at Technest, said, “We are very pleased to receive this grant, which continues the development of Technest’s unique portfolio of advanced imaging technology that has proved so useful to our armed forces overseas. We believe that these technologies will also serve other important applications in the fields of domestic, urban, and commercial security and law enforcement.”
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.
Consulting for Strategic Growth 1
Consulting for Strategic Growth 1