TCNH: Getting a boost from legal settlement in their favor
(not VMC profitable, but settlement changes that)
Technest Announces Settlement Agreement With EOIR Holdings for up to $23 Million
BETHESDA, MD, Oct 29, 2009 (MARKETWIRE via COMTEX) --
On October 26, 2009, Technest Holdings, Inc. (OTCBB: TCNH) entered into a settlement agreement with EOIR Holdings, LLC and EOIR Technologies, Inc. ("EOIR"), settling all claims related to the Stock Purchase Agreement which the parties entered into in 2007 to effectuate the sale of EOIR, a subsidiary of Technest at the time.
Pursuant to the agreement, EOIR Holdings, LLC will pay Technest $18,000,000 no later than December 25, 2009 and an additional $5,000,000 within sixty days of EOIR being 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 additional $5,000,000 is also payable to Technest in the event that EOIR is awarded task orders under its current STES contract totaling $495,000,000. EOIR has guaranteed the performance of the obligations of EOIR Holdings under the settlement agreement. The settlement agreement was entered into in the wake of a previously reported binding arbitration decision awarding Technest $23 million for breach of the Stock Purchase Agreement between the parties.
Just when I thought I'd seen it all:
AI
