BETHESDA, Md., 24 Aug. 2007. Technest Holdings Inc.'s wholly owned subsidiary, EOIR Technologies, has received additional funding totaling approximately $38.8 million for eight existing projects with the U.S. Army's Night Vision and Electronics Sensors Directorate (NVESD).
This funding follows a six-month ordering-period extension on the NVESD omnibus contract with EOIR Technologies. The contract ceiling for this extension is approximately $39 million. This brings the bid value of the NVESD omnibus contract to approximately $542 million and the funded value to approximately $334 million.
The additional funding of $38.8 million is for labor, materials, and the purchase of equipment on eight existing delivery orders under the NVESD omnibus contract. The delivery orders cover a six-month period of performance and have been initially funded in the amount of $8.7 million.
The additional funding awards will be used for supporting the development, integration, and testing of numerous sensor systems, including Soldier Sensors, Vehicle Sensors, and Surveillance and Force Protection Sensors. Additional services will be provided for initiatives in Recognition of Combatants, Counter Terrorism, and Homeland Defense. The Company's continued work will support the U.S. Army's NVESD, the Special Projects Office and the Naval Surface Warfare Center (NSWC).
