WARWICK – Markland Technologies Inc. (Pinksheets: MRKL) says that a registration statement for its planned dividend of shares in Technest Holdings Inc. has been submitted to the U.S. Securities and Exchange Commission by Technest.
The dividend – originally payable to shareholders of record May 1, 2006 – was amended March 8, by the Markland board of directors, to be payable to shareholders of record on the date the registration statement is declared effective by the SEC.
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For every 194 shares of Markland common stock they hold, eligible investors will receive one share of Technest common stock. (That is, 0.00515464 shares of Technest per Markland share.) No fractional shares will be issued, and all amounts will be rounded down to the nearest full share.
Up to 2,577,320 shares may be issued in the dividend, Markland said, or about 15.3 percent of Technest shares outstanding.
In addition, Markland is to issue 288,633 shares of Technest common stock to former holders of Markland Series D Preferred Stock.
After completing both payouts, Markland will own about 10.59 million shares of Technest common stock, or about 62.7 percent of shares outstanding.
Markland Technologies Inc. is working to identify and develop emerging technologies for use in defense, homeland security and law enforcement. Additional information is available at www.marklandtech.com.
