Markland Technologies redeems $2.6 million in series D convertible preferreds

By Sheri Kasprzak

New York, March 28 - Markland Technologies, Inc. said it has redeemed $2,608,650 in series D convertible preferred stock.

For the preferreds, Markland issued a total of 32,438,910 common shares in exchange for 7,290 shares of the series D preferreds.

Markland also redeemed warrants for 2,406,910 common shares.

Along with the series D redemption, Markland issued 945 shares of series E convertible preferred stock.

The series E preferreds are convertible into either 3,000 shares of Technest Holdings, Inc. or 697,500 shares of Markland.

Based in Providence, R.I., Markland Technologies is a security technology company.

Markland's stock closed at $0.02 Tuesday (Pink Sheets: MRKL).

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