Technest Holdings Makes Profit in Second Quarter
biz.yahoo.com
ATLANTA--(BUSINESS WIRE)--Aug. 23, 2001--Technest Holdings, Inc. (THNS OTCBB, formerly Financial Intranet, Inc. (the Company)) announced today that in the first quarter after its acquisition of Technest.com, Inc., it has established a profit. For the three months ending June 30, 2001, the Company showed a net income of $ 275,058 (exclusive of an extraordinary item of $100,000.00) on $998,785 of gross revenues.
As part of its strategy for enhancing earnings, the Company invests in development stage companies with potentially high rates of growth. These investments form an integral part of Technest Holdings, Inc.'s strategy of long term investing. As evidenced by its initial second quarter profit, the Company has also been able to enhance its earnings from its short term investing.
Michael Sheppard, President and Chief Operating Officer of Technest Holdings, Inc., stated that ``during the first three months of settling into our new business model we have taken an aggressive approach with our short term investing and it has paid off immediately. We expect to continue this policy through the third quarter. It is also gratifying that we were able to realize revenue so quickly from Technest.com, Inc's seminal investment made in the second quarter 2000.''
SAFE HARBOR STATEMENT
Statements in this press release that are not historical may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although THNS believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from THNS's expectations include completion of pending investments, continued availability of funds to originate new investments, the availability and cost of capital for future investments, competition within the industry, economic conditions and other risks detailed from time to time in THNS's SEC reports. The financial information with respect to the 2001 financials of Technest.com, Inc. have been provided to Technest Holdings, Inc. and have not been audited or verified independently at this time.
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Contact:
Technest.com, Inc.
Ron Shouse, 404/995-9996 |
