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<ACCESSION-NUMBER>0001376474-12-000032
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20120215
<ITEMS>8.01
<ITEMS>9.01
<FILING-DATE>20120215
<DATE-OF-FILING-DATE-CHANGE>20120215
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<CONFORMED-NAME>TECHNEST HOLDINGS INC
<CIK>0001077800
<ASSIGNED-SIC>3829
<IRS-NUMBER>880357272
<STATE-OF-INCORPORATION>NV
<FISCAL-YEAR-END>0630
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<FILE-NUMBER>000-27023
<FILM-NUMBER>12616814
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<BUSINESS-ADDRESS>
<STREET1>352A CHRISTOPHER AVENUE
<CITY>GAITHERSBURG
<STATE>MD
<ZIP>20879
<PHONE>301-767-2810
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>352A CHRISTOPHER AVENUE
<CITY>GAITHERSBURG
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<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>FINANCIAL INTRANET INC/NY
<DATE-CHANGED>19990128
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<head><title>SECURITIES AND EXCHANGE COMMISSION</title> </head> <body style="MARGIN-TOP:0px; FONT-FAMILY:Times New Roman; COLOR:#000000; FONT-SIZE:10pt"> <div style=WIDTH:697px> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center><b>SECURITIES AND EXCHANGE COMMISSION</b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center><b>Washington, D.C. 20549</b></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center>___________________________________________</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center><b>FORM 8-K</b></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center><b>CURRENT REPORT</b></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center><b>Pursuant to Section 13 or 15(d) of the</b></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center><b>Securities Exchange Act of 1934</b></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center>Date of Report (Date of earliest event reported): &nbsp;&nbsp;February 15, 2012</p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center><b>Technest Holdings, Inc.</b></p> <p style=MARGIN:0px align=center><i>(Exact Name of Registrant as Specified in Charter)</i></p> <p style=MARGIN:0px><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td> <td width=13> <td width=223> <td width=13> <td width=223 /> </tr><tr> <td style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style=MARGIN:0px align=center><b>Nevada</b></p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=223 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style=MARGIN:0px align=center><b>000-27023</b></p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=223 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style=MARGIN:0px align=center><b>88-0357272</b></p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px align=center><i>(State or other jurisdiction</i></p> <p style=MARGIN:0px align=center><i>of incorporation)</i></p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px align=center><i>&nbsp;&nbsp;</i></p></td> <td width=223 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px align=center><i>(Commission</i></p> <p style=MARGIN:0px align=center><i>File Number)</i></p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px align=center><i>&nbsp;&nbsp;</i></p></td> <td width=223 style=MARGIN-TOP:0px valign=top> <p style=MARGIN:0px align=center><i>(IRS Employer</i></p> <p style=MARGIN:0px align=center><i>Identification Number)</i></p></td></tr></table> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center><b><u>352A Christopher Avenue, Gaithersburg, MD 20879</u></b></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><i>&nbsp;(Address of principal executive offices) (Zip Code)</i></p> <p style=MARGIN:0px align=center><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center><b><u>352A Christopher Avenue, Gaithersburg, MD 20879 </u></b></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><i>(Mailing Address)</i></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><b>(301) 767-2810</b></p> <p style=MARGIN:0px align=center><i>(Registrant&#146;s telephone number, including area code)</i></p> <p style=MARGIN:0px align=center><br></p> <p style=MARGIN:0px align=center><b><u>N/A</u></b></p> <p style=MARGIN:0px align=center><i>(Former Name or Former Address, if Changed Since Last Report)</i></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px>Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below).</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-FAMILY:Wingdings">&#168;<font style="FONT-FAMILY:Times New Roman"> &nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-FAMILY:Wingdings">&#168;<font style="FONT-FAMILY:Times New Roman"> &nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-FAMILY:Wingdings">&#168;<font style="FONT-FAMILY:Times New Roman"> &nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-FAMILY:Wingdings">&#168;<font style="FONT-FAMILY:Times New Roman"> &nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=125> <td /> </tr><tr> <td width=125 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt"><b>ITEM 8.01</b></p></td> <td style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt"><b>Other Events</b></p></td></tr></table> <p style=MARGIN:0px><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; FONT-SIZE:12pt">On February 15, 2012, Technest Holdings, Inc. issued a press release announcing the business plan overview for 2012 of its wholly-owned subsidiary, AccelPath LLC. &nbsp;</p> <p style=MARGIN:0px><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; FONT-SIZE:12pt">A copy of the press release is attached as Exhibit 99.1 to this Form 8-K and incorporated by reference herein.</p> <p style=MARGIN:0px><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=104> <td /> </tr><tr> <td width=104 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt"><b>ITEM 9.01</b></p></td> <td style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt"><b>Financial Statements and Exhibits</b></p></td></tr></table> <p style=MARGIN:0px><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; FONT-SIZE:12pt"><b>(d) Exhibits</b></p> <p style=MARGIN:0px><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=69> <td width=13> <td> <td width=13> <td width=265 /> </tr><tr> <td width=69 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center>Exhibit</p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center>No.</p></td> <td width=13 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom><p style="MARGIN:0px; FONT-SIZE:12pt" align=center>Description</p></td> <td width=13 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=265 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center>Filed with this Current Report</p></td></tr> <tr> <td width=69 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=265 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">&nbsp;</p></td></tr> <tr> <td width=69 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">99.1</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">Press Release of Technest Holdings, Inc. dated February 15, 2012</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=265 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Wingdings" align=center>x</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center>- 2 -</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px"><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center><b>SIGNATURES</b></p> <p style=MARGIN:0px><br></p> <p style="TEXT-INDENT:48px; MARGIN:0px; FONT-SIZE:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. </p> <p style=MARGIN:0px><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td> <td width=24> <td width=230> <td width=115 /> </tr><tr> <td style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; PADDING-TOP:0px">&nbsp;</p></td> <td width=370 colspan=3 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt"><b>TECHNEST HOLDINGS, INC.</b></p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=24 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=230 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=115 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=24 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">By:</p></td> <td width=230 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">&nbsp;&nbsp;&nbsp;&nbsp;/s/ Shekhar Wadekar</p></td> <td width=115 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td></tr> <tr> <td style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=24 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=230 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer</p></td> <td width=115 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt">Date: &nbsp;&nbsp;February 15, 2012</p> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center>- 3 -</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px align=center><br><br></p> <p style="PAGE-BREAK-BEFORE:always; MARGIN:0px; FONT-SIZE:12pt" align=center>EXHIBIT INDEX</p> <p style=MARGIN:0px><br></p> <table width=100% style="MARGIN-TOP:0px; FONT-SIZE:10pt" cellpadding=0 cellspacing=0> <tr height=0 style=FONT-SIZE:0px> <td width=69> <td width=13> <td> <td width=13> <td width=265 /> </tr><tr> <td width=69 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center>Exhibit<br>No.</p></td> <td width=13 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom><p style="MARGIN:0px; FONT-SIZE:12pt" align=center>Description</p></td> <td width=13 style=MARGIN-TOP:0px valign=bottom> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=265 style="BORDER-BOTTOM:#000000 1px solid; MARGIN-TOP:0px" valign=bottom> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center>Filed with this Current Report</p></td></tr> <tr> <td width=69 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">&nbsp;</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=265 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">&nbsp;</p></td></tr> <tr> <td width=69 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">99.1</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-SIZE:12pt">Press Release of Technest Holdings, Inc. dated February 15, 2012</p></td> <td width=13 style=MARGIN-TOP:0px valign=top> <p style="PADDING-BOTTOM:0px; MARGIN:0px; PADDING-LEFT:0px; PADDING-RIGHT:0px; FONT-SIZE:12pt; PADDING-TOP:0px">&nbsp;</p></td> <td width=265 style=MARGIN-TOP:0px valign=top> <p style="MARGIN:0px; FONT-FAMILY:Wingdings" align=center>x</p></td></tr></table> <p style=MARGIN:0px><br></p> <p style="MARGIN:0px; FONT-SIZE:12pt" align=center>- 4 -</p> <p style=MARGIN:0px><br></p> <p style=MARGIN:0px><br><br></p></div></body>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tn_ex99z1.htm
<DESCRIPTION>ACCELPATH, LLC PROVIDES BUSINESS PLAN OVERVIEW FOR 2012
<TEXT>
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<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman"><B>AccelPath, LLC
Provides Business Plan Overview for 2012</B></P>
<P style="MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman"
align=justify>GAITHERSBURG, MD and WESTWOOD, MA - February 15, 2012 - AccelPath,
LLC, ("AccelPath" or the "Company"), a wholly-owned and operating subsidiary of
Technest Holdings, Inc. (OTCBB: TCNH.OB), provides its business plan overview
for 2012. &nbsp;AccelPath was acquired by and took over operating control of
Technest Holdings, Inc. on March 4, 2011.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman"
align=justify>Before 2012, the Company was developing its core workflow
technology. &nbsp;A portion of this development enabled completing the "loop" of
total digital transfer of pathology case information from histology laboratories
to prominent institutional pathologists and back to referring physicians.
&nbsp;These physicians require accurate, reliable pathology reports to
immediately begin patient treatments. The Company began generating revenues in
2011 utilizing its newly-developed technology.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman" align=justify>"We
are pleased that, since AccelPath was formed, we have been able to achieve our
growth and infrastructure development objectives," said Shekhar Wadekar, the
Company's Chief Executive Officer. "We believe 2012 should be another exciting
year for the Company, particularly as we expect to implement our digital
pathology workflow solution, continue to expand our services and increase
customer penetration using our successful and motivated sales force. With our
experienced management team, we expect to meet the milestones we have
established for 2012 and beyond."</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman">About AccelPath</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman"
align=justify>AccelPath provides technology solutions that play a key role in
delivering information required for diagnosis of diseases and other pathologic
conditions with and through its associated institutional pathologists. The
medical institutions, with whom the Company partners, prepare comprehensive
diagnostic reports of a patient's condition and consult with referring
physicians to help determine the most appropriate treatment. Such diagnostic
reports enable the early detection of disease, allowing referring physicians to
make informed and timely treatment decisions that improve their patients' health
in a cost-effective manner. The Company seeks out referring physicians and
histology laboratories in need of high-quality pathology interpretations and
manages HIPAA-compliant digital case delivery and reporting while developing
comprehensive solutions for managing medical information.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman"
align=justify>AccelPath is currently focused on the $14 billion anatomic
pathology market in the US. The Company's business model builds upon the
expertise of experienced pathologists to provide seamless, reliable and
comprehensive pathology and special test offerings to referring physicians using
conventional and digital technologies.&nbsp;The Company establishes longstanding
relationships with the referring physicians as a result of focused delivery of
its partner's diagnostic services, personalized responses and frequent
consultations, and its proprietary flexible information technology, or IT,
solutions that are customizable to the referring physicians' or laboratories as
well as the pathologists' needs. Such diagnostic reports often enable the early
detection of disease, allowing referring physicians to make informed and timely
treatment decisions that improve their patients' health in a cost-effective
manner. AccelPath's IT and communications platform enables it to efficiently and
securely deliver diagnostic reports to referring physicians. In addition,
AccelPath's IT platform enables close tracking and monitoring of medical
statistics.</P>
<P style="MARGIN: 0px"><BR><BR></P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px"><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman"
align=justify>Technest focuses on the design, research, development and
integration of three-dimensional imaging devices and systems primarily in the
healthcare industries. The Company also develops solutions and intelligent
surveillance devices and systems, as well as three-dimensional facial
recognition systems for security and law enforcement agencies. Historically, the
Company's largest customers have been the National Institutes of Health and the
Department of Defense. The Company's solutions leverage several core proprietary
technology platforms, including 3D imaging technologies.</P>
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<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman">Additional Company
information may be found on the Internet at: </P>
<P style="MARGIN: 0px"><BR></P>
<P
style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman; COLOR: #0000ff"><U>www.accelpath.com</U><U></U></P>
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<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman">Forward-Looking
Statements</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman" align=justify>This
press release contains certain "forward-looking statements" relating to the
business of the Company, which can be identified by the use of forward-looking
terminology such as "may," "will," "expect," "anticipate," "intend," "estimate,"
"believe," "project," "continue," "plan," "forecast," or other similar words, or
the negative thereof, unless the context requires otherwise. These statements
include, but are not limited to, statements about the Company's expected future
performance and achievement of milestones. &nbsp;The results anticipated by any
or all of these forward-looking statements may not occur. In addition, these
statements reflect management's current views with respect to future events and
are subject to numerous risks, uncertainties and other factors that could cause
actual results to differ materially from those set forth in or implied by these
forward-looking statements. Factors that could affect those results include, but
are not limited to, the acceptance of our solutions in the marketplace, the
efforts of our sales force, general economic conditions, and those described in
the Company's reports on Forms 8-K, 10-Q and 10-K and proxy statements and
information statements, which have been or will be filed by the Company with the
Securities and Exchange Commission (the "SEC"), including without limitation
under the caption "Risk Factors" in the Company's Annual Report on Form 10-K
filed on October 13, 2011. Many of the factors that will determine the outcome
of the subject matter of this press release are beyond the Company's ability to
control or predict. The Company undertakes no obligation and expressly disclaim
any obligation, to revise or publicly update any forward-looking statements, or
to make any other forward-looking statements, whether as a result of new
information, future events or otherwise. </P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman"><I>Contact:</I></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman"><I>Investor
Relations:</I></P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman">AccelPath, LLC.</P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman">Robert Weinstein,
Business Development</P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman">917.837.4543</P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman">ir@accelpath.com
</P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman">or</P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman">Shekhar Wadekar,
Chief Executive Officer</P>
<P style="MARGIN: 0px; FONT-FAMILY: Verdana,Times New Roman">781.269.2120</P>
<P style="MARGIN: 0px"><BR></P>
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