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Technest Holdings, Inc. to Acquire AccelPath, LLC; Issue Contingent Value Rights to Common Stockholders; and Issue Shares of Its Series E 5% Convertible Preferred Stock
Date:1/14/2011

BETHESDA, Md., Jan. 14, 2011 /PRNewswire/ -- Technest Holdings, Inc. (OTC Bulletin Board: TCNH) announced today that it has entered into a definitive unit purchase agreement pursuant to which Technest agreed to acquire all of the outstanding membership interests of AccelPath LLC, a provider of digital telepathology and other services to laboratories and hospitals, directly from its members, in consideration for 86,151,240 newly-issued shares of Technest's common stock in the aggregate.  Immediately following this transaction, the former AccelPath members will beneficially own approximately 72.5% of Technest's issued and outstanding common stock. The transaction is expected to close in February 2011 subject to customary closing conditions.

As previously announced, pursuant to the Settlement Agreement between Technest and EOIR Holdings LLC, Technest is entitled to receive $5,000,000 within sixty days after EOIR Technologies, Inc. is awarded a contract under the Warrior Enabling Broad Sensor Services Indefinite Delivery Indefinite Quantity (ID/IQ) contract or any contract generally recognized to be a successor contract to its current STES contract. The $5,000,000 is also receivable by Technest in the event that EOIR Technologies is awarded task orders under its current STES contract totaling $495,000,000.  EOIR Technologies, Inc., an affiliate of EOIR Holdings, LLC, has guaranteed the performance of the obligations of EOIR Holdings under the Settlement Agreement.

Prior to the consummation of the AccelPath transaction, and in order to preserve the ability of Technest's current stockholders to receive the net proceeds from any payment that may be received by Technest pursuant to the Settlement Agreement, on January 3, 2011, the Board of Directors of Technest declared, as a return of capital distribution to its shareholders of record as of January 25, 2011, one (1
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