Markland Technologies exchanges 2,750 preferreds for 632,182 Technest preferreds

By Jennifer Chiou

New York, June 24 - Markland Technologies, Inc. said it issued 2,750 shares of its series D preferred stock in exchange for 632,182 shares of Technest series B preferred stock held by four investors.

Investors included DKR Soundshore Oasis Holding Fund, Ltd., DKR Soundshore Strategic Holding Fund, Ltd., Verdi Consulting, Inc. and ipPartners, Inc.

As of June 9, 2000, the Technest preferreds are convertible into 25,183,080 shares of Markland stock, and the Markland preferreds, as of June 9, are convertible into 31,421,390 shares of Markland stock. The exchange ratio for the new preferreds depends on the price of Markland's stock.

DKR Soundshore Oasis exchanged 218,390 Technest preferreds for 950 Markland preferreds, DKR Soundshore Strategic exchanged 11,494 Technest preferreds for 50 Markland preferreds, Verdi Consulting changed 258,620 Technest preferreds for 1,125 Markland preferreds and ipPartners traded 143,678 Technest preferreds for 625 Markland preferreds.

Providence, R.I.-based Markland Technologies, a security and defense company, has the right to redeem outstanding shares of its series D preferreds at any time for $1,350 per $1,000 stated value and investors cannot hold 10% or more of its common shares.

Markland stock closed up $0.01 at $0.09 Friday while Technest stock was unchanged at $0.10.

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