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Markland Announces Corporate Reorganization and Declares $10M Stock Dividend of Its Technest Holdings Inc. Stock Wednesday August 17, 4:00 pm ET
BOSTON--(BUSINESS WIRE)--Aug. 17, 2005--Markland Technologies, Inc. (OTC BB:MRKL.OB - News; http://www.marklandtech.com),a defense and homeland security company transforming advanced laboratory technology into real-world products, announced today its majority-owned subsidiary, Technest Holdings, Inc. (OTC BB: TCNH.OB - News), acquired all of the outstanding stock of Markland's wholly owned subsidiary, EOIR Technologies Inc. Pursuant to this transaction, EOIR became a wholly-owned subsidiary of Technest. As consideration for this reorganization, Technest issued to Markland 12 million additional shares of Technest common stock. After giving effect to the reorganization, Markland's ownership of Technest on a primary basis increased from 85% to approximately 98% and on a fully diluted basis (assuming the conversion of all of Technest's fixed price convertible securities and the exercise of all warrants to purchase Technest common stock) increased from 39% to approximately 82%. Markland's total holdings of Technest common stock will increase to approximately 14 million shares. ADVERTISEMENT
In connection with the reorganization, Markland has declared a stock dividend of $10 million worth of shares of Technest common stock that it currently owns, up to a maximum of 2.5 million shares of Technest common stock. The record date for the stock dividend is May 1, 2006 and the distribution date for the stock dividend is July 5, 2006. The actual number of shares of Technest common stock to be distributed will be calculated based on a per share price equal to the average closing price of the Technest Stock as reported by the National Association of Securities Dealers Automatic Quotations service for the ten trading days ending June 30, 2006. However in no event shall the number of shares of the Technest common stock distributed exceed 2.5 million nor will Markland deliver fractional shares of the Technest common stock.
Robert Tarini, Markland Chairman and CEO stated, "Due to Markland's current equity structure, we believe that the company's stock is undervalued. We have undertaken this reorganization and the $10 million Technest stock dividend in an effort to allow the market and our stockholders to capture what we believe to be the company's real market value. We have worked very hard to try to re-negotiate with the holders of our convertible notes and Series D preferred securities to institute conversion floor prices and other changes which would be beneficial to Markland common stock shareholders. Management efforts in this regard will continue. Management will also be contemplating future additional distributions of Technest Holdings Inc. stock to Markland common shareholders. We presently have approximately 14M shares of Technest Holdings Inc common stock which as of yesterday's market close was priced at $14 per share. This is a market capitalization figure which we believe much more accurately reflects the true value of this corporate enterprise and it is management's intention to return as much of this value as we can to Markland common shareholders over time."
About Markland Technologies
Markland Technologies, Inc. is committed to setting next-generation standards in defense and security through the provision of innovative emerging technologies and expert services. The Company is engaged in the identification of advanced technologies currently under development in laboratories, universities and in private industry, and in the transformation of those technologies into next-generation products. Markland's solutions support military, law enforcement and homeland security personnel to protect the nation's citizens, borders and critical infrastructure assets from the threat of terrorism and other dangers. Through strategic development, Markland focuses on the creation of dual-use technology and products with applications in both the defense market and civilian homeland security and law enforcement fields. The Company is a Board Member of the Homeland Security Industries Association, and is a featured Company on *********************.com; additional details can be viewed at http://www.*********************.com/Companies/MarklandTech. For more information about the Company and its products, please visit the Markland home page at http://www.marklandtech.com.
About Technest Holdings, Inc.
Technest Holdings, Inc. (OTC BB:TCNH.OB - News), is a provider of intelligent surveillance and advanced 3D imaging technology solutions to the defense and homeland security marketplaces. Technest is committed to setting next-generation standards in defense and security through the provision of innovative emerging technologies and expert services. Technest's solutions support military, law enforcement and homeland security personnel. Through strategic development, Technest focuses on the creation of dual-use technology and products with applications in both the defense market and civilian homeland security and law enforcement fields
"Forward-Looking Statements''
Investors are cautioned that certain statements contained in this press release as well as some statements in periodic press releases and some oral statements of Markland Technologies officers and directors during presentations about Markland Technologies, are ``forward-looking'' statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the ``Act''). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as ``expects,'' ``anticipates,'' ``intends,'' ``plans,'' ``believes,'' ``estimates,'' or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act. Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: a reduction in order rates from the Army's Night Vision and Electronic Surveillance Directorate, insufficient cash flow to continue to fund the development and marketing of the Company's products and technology; a rejection of the Company's products and technologies by the marketplace, and; disputes as to the Company's intellectual property rights. Forward-looking statements are based upon current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about Markland Technologies, its products, economic and market factors and the industries in which Markland Technologies does business, among other things. These statements are not guarantees of future performance and Markland Technologies has no specific intention to update these statements. More detailed information about those factors is contained in Markland Technologies filings with the Securities and Exchange Commission.
More information on Homeland Security issues, including news releases, events and experts available for comment, can be found on the Homeland Security Newsline at http://www.primezone.com/hs
-------------------------------------------------------------------------------- Contact: Markland Technologies http://www.marklandtech.com or ECON Corporate Services Dawn Van Zant, 866-730-1151 dvanzant@*****************
Posts: 424 | From: Baltimore, MD | Registered: Apr 2004
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Defense and Homeland Security Company, Markland Technologies, Reports Un-Audited Revenues of $66.7M for the Year Ended June 30, 2005 Friday August 26, 9:38 am ET
BOSTON, Aug. 26, 2005 (PRIMEZONE) -- Markland Technologies, Inc. (OTC BB:MRKL.OB - News), a defense and homeland security company transforming advanced laboratory technology into real-world products, announced today its un-audited results for the company's fiscal year ending June 30, 2005. ADVERTISEMENT
Un-audited revenues for the year were $66,728,041 a significant increase over revenues for the corresponding period in 2004 of $6,013,930. Un-audited revenues for the fourth quarter were $20,703,255. This significant increase in year over year revenues is due almost entirely to the acquisition of EOIR Technologies Inc.
The un-audited operating loss for the year amounted to $17,023,208 compared to $10,150,866 for the prior year. This loss was affected by non-cash charges for the compensatory element of stock issuances and amortization of intangible assets and in process R & D resulting from our recent acquisitions. These non-cash charges amounted to $10,798,045. The un-audited net loss attributable to common shareholders after minority interests for the year ended June 30, 2005 was $29,049,471 or a loss of $0.38 per share compared to a loss of $15,095,461 or a loss of $1.39 per share in the corresponding period in 2004. This decrease in the loss per share is due to an increase in the weighted average number of shares outstanding to 75,721,755 from 10,872,049 for the period ending June 30, 2005. The non-cash charges included in the un-audited net loss attributable to common shareholders after minority interests for the year ended June 30, 2005 amounted to $22,077,214 compared with $10,962,184 for the corresponding period in 2004.
``The company finished the fiscal year in a very strong financial position with a funded backlog of over $54M and a cash balance of approximately $8M,'' said Robert Tarini, Chairman and CEO of Markland Technologies Inc. ``Our fiscal fourth quarter revenues were at a record high and we are achieving desired operational and product development synergies from our recent acquisition of Genex Technologies with those of EOIR Technologies. We have a skilled and dedicated work force with a significant base of proprietary cutting edge technology. We have a loyal and growing government customer base and we believe that we are well positioned to grow revenues in the present fiscal year. Given the current worldwide level of terrorist activity, and the challenges still facing our combat troops we are proud to be able to help develop the innovative solutions necessary to help solve these worldwide problems.''
Investors are cautioned that these results are un-audited figures. Final audited figures will be made available in the company's 10K annual report when filed.
About Markland Technologies
Markland Technologies, Inc. is committed to setting next-generation standards in defense and security through the provision of innovative emerging technologies and expert services. The Company is engaged in the identification of advanced technologies currently under development in laboratories, universities and in private industry, and in the transformation of those technologies into next-generation products. Markland's solutions support military, law enforcement and homeland security personnel to protect the nation's citizens, borders and critical infrastructure assets from the threat of terrorism and other dangers. Through strategic development, Markland focuses on the creation of dual-use technology and products with applications in both the defense market and civilian homeland security and law enforcement fields. The Company is a Board Member of the Homeland Security Industries Association, and is a featured Company on *********************.com; additional details can be viewed at http://www.*********************.com/Companies/MarklandTech. For more information about the Company and its products, please visit the Markland home page at http://www.marklandtech.com.
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EOIR Technologies Awarded Development Contract to Detect Suicide Bomber Threats Monday August 29, 5:53 pm ET Congressional Funding Provided for Joint Development Effort
BOSTON--(BUSINESS WIRE)--Aug. 29, 2005--Markland Technologies, Inc. (OTC BB:MRKL.OB - News) and Technest Holdings, Inc. (OTC BB:TCNH.OB - News), defense and homeland security companies transforming advanced laboratory technology into real-world products, announced today that EOIR Technologies Inc. (www.eoir.com), a wholly owned subsidiary of Technest Holdings, Inc., has been awarded a contract by Thermal Matrix Inc. to develop a system of integrated remote sensing technologies to assist in the identification of suicide bombers. ADVERTISEMENT
This congressionally directed and funded program will be conducted as a joint development effort between the Night Vision and Electronic Sensors Directorate (NVESD) at Ft. Belvoir, VA, Thermal Matrix Inc. and EOIR Technologies Inc. The Army's NVESD research and development group is one of the U.S. military's most advanced technological leaders. The Army's NVESD has been responsible for numerous key innovations in the fields of optical electronics and thermal imaging for weapons targeting, electronic surveillance and other mission-critical military applications.
The results of this effort are envisioned to be an integration of remote sensing systems, which are presently under development, that will be able to detect various chemical and infra red signatures prior to an individual suicide bomber getting close enough to the intended target to do damage. The primary goal and objective for this development program is to have this innovative integrated remote detection system utilized by both the military and federal/municipal governments for homeland defense in the protection of high value installations and infrastructure targets and personnel both here in the United States and overseas in forward combat areas and high risk State Department facilities.
About Markland Technologies
Markland Technologies, Inc. is committed to setting next-generation standards in defense and security through the provision of innovative emerging technologies and expert services. The Company is engaged in the identification of advanced technologies currently under development in laboratories, universities and in private industry, and in the transformation of those technologies into next-generation products. Markland's solutions support military, law enforcement and homeland security personnel to protect the nation's citizens, borders and critical infrastructure assets from the threat of terrorism and other dangers. Through strategic development, Markland focuses on the creation of dual-use technology and products with applications in both the defense market and civilian homeland security and law enforcement fields. The Company is a Board Member of the Homeland Security Industries Association, and is a featured Company on *********************.com; additional details can be viewed at http://www.*********************.com/Companies/MarklandTech. For more information about the Company and its products, please visit the Markland home page at http://www.marklandtech.com.
About Technest Holdings, Inc.
Technest Holdings, Inc. (OTC BB:TCNH.OB - News) is a provider of intelligent surveillance and advanced 3D imaging technology solutions to the defense and homeland security marketplaces. Technest is committed to setting next-generation standards in defense and security through the provision of innovative emerging technologies and expert services. Technest's solutions support military, law enforcement and homeland security personnel. Through strategic development, Technest focuses on the creation of dual-use technology and products with applications in both the defense market and civilian homeland security and law enforcement fields.
Posts: 424 | From: Baltimore, MD | Registered: Apr 2004
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Markland Technologies, Inc. (OTC BB:MRKL.OB) and Technest Holdings, Inc. (OTC BB:TCNH.OB), defense and homeland security companies transforming advanced laboratory technology into real-world products, announced today that Genex Technologies Inc. (www.genextech.com) is providing customers with new innovative smart surveillance capabilities to the DOD and Homeland Security marketplaces.
Genex has developed a portfolio of intelligent surveillance products which includes: OmniEye(TM), OmniVision(TM), Smart Optical Sensor (SOS) and SmartSuite. The OmniEye(TM) 360-degree family of surveillance systems represents one of the video surveillance market's leading and most flexible wide-area sensor capabilities. The OmniVision(TM) software suite provides an advanced set of tools for users to control cameras and algorithms. Numerous configurations are available to meet diverse needs for commercial, government, and military customers. SOS is a new generation of high-speed processing that is so compact, that it can fit inside your existent optical sensor. The Smart Optical Sensor (SOS) brings a whole new dimension in intelligent surveillance. The SOS enables remote surveillance by bringing USB 2.0, Ethernet, or wireless interfaces to any existent optical surveillance sensor. The Smart Suite(TM) of intelligent algorithms enables existing optical sensor systems to perform advanced tasks such as motion detection, image enhancement, and tracking.
Along with these commercially available products, Genex is also presently completing delivery of a custom set of proprietary remote sensing devices which are intended to be utilized as disposable low cost , high performance optical surveillance sensors by the US Army Special Operations Command.
Posts: 289 | From: Atlanta | Registered: Jul 2005
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