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Tuesday December 4, 6:01 am Eastern Time
Press Release
SOURCE: Technest Holdings, Inc.
Technest Holdings has Profit for the Third Quarter 2001
ATLANTA--(BUSINESS WIRE)--Dec. 4, 2001--Technest Holdings, Inc. (THNS OTCBB), formerly Financial Intranet, Inc. (the ``Company'') announced today that for the first full quarter since the merger of Financial Intranet and Technest.com ending September 30, 2001, the Company showed a profit of $392,542 on revenue of $1,165,751, as compared to a loss of $259,239 on no revenue for the same period ending in 2000.
It also reported net income of $400,234 on revenue of $2,202,847 for the nine months ending September 30, 2001.The net income includes an extraordinary gain of $100,000 in the second quarter. This nine-month gain is compared to a loss of $424,054 on $12,206 revenue for the same period in 2000.
As part of its successful strategy for enhancing earnings, the Company invests in development stage companies with potentially high rates of growth. These investments form an integral part of the Company's long-range commitments to mid and long-term investments. In addition, the Company had increased its earnings from short term investing as well.
The Company's subsidiary Technest.com, Inc has changed its name to Technest, Inc.
Michael Sheppard, President and Chief Operating Officer of Technest Holdings, Inc., stated, ``I am very pleased with how our investment strategy is developing and succeeding. It has shown positive results in the first six months of our new business model and we have confidence that it will continue to perform to our expectations. To that end we expect to continue developing and implementing our current strategy at least through the end of the current year''.
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. |
