Markland Technologies gets $10 million equity line

By Sheri Kasprzak

Atlanta, Jan. 12 - Markland Technologies Inc. has received a $10 million equity line from Brittany Capital Management Ltd.

The equity credit agreement is a condition of a preferred stock restriction agreement between Markland and James LLC. Under the agreement, the sale of the company's series D cumulative convertible preferred stock is restricted.

Along with the agreement, Markland issued warrants for 1,088,160 shares for $0.60 each.

The company must file a registration statement with the Securities and Exchange Commission for the equity line by June 15 or face a $50,000 per month fine to Brittany Capital Management.

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

On Wednesday, the company's stock closed up $0.02 at $0.64.

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