Markland lowers price on warrants from 2004 notes sale

By Sheri Kasprzak

Atlanta, Feb. 11 - Markland Technologies Inc. said it has lowered the price on warrants related to its September 2004 private placement of $4 million secured convertible promissory notes.

The investors, DKR Soundshore Holding Fund Ltd. and DKR Soundshore Strategic Holding Fund Ltd., received warrants for a total of 5.2 million shares.

The exercise price of the warrants has been lowered to $1.50 each. The warrants were initially priced equal to the lesser to 110% of the closing bid price on the day immediately before the closing date or 80% of the average closing bid price five days before the warrants expire, March 15, 2005.

However, the company entered into an agreement with DKR in December to lower the exercise price to $0.60 each from Dec. 28, 2004 through Feb. 28.

As part of the lowered exercise price, DKR must purchase no less than 1.5 million shares and that replacement warrants issued to DKR through the amendment from December will be priced at $0.50 each.

Based in Ridgefield, Conn., Markland Technologies is a security technology company.

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