On February 14, 2005, Technest became a majority owned subsidiary of Markland Technologies, Inc., a homeland defense, armed services and intelligence contractor. Markland is a public company with a class of equity securities registered pursuant to Section 12(g) of the Exchange Act. Technest issued to Markland 1,954,023 shares of its common stock in exchange for 10,168,764 shares of Markland common stock which were used as partial consideration for the concurrent acquisition of Genex Technologies, Inc.
Prior to our acquisition of Genex, we were a public "shell" company with no operations, nominal assets, accrued liabilities totaling $184,468 and 139,620 (post-split) shares of common stock issued and outstanding. From May 2002 through our acquisition of Genex, we had no operations.
On August 17, 2005, pursuant to a Stock Purchase Agreement with Markland Technologies, Inc., we purchased all of the outstanding stock of EOIR Technologies, Inc., formerly one of Markland's wholly-owned subsidiaries. As consideration for the stock of EOIR, we issued 12 million shares of our common stock to Markland.
Prior to our acquisition of Genex, we were a public "shell" company with no operations, nominal assets, accrued liabilities totaling $184,468 and 139,620 (post-split) shares of common stock issued and outstanding. From May 2002 through our acquisition of Genex, we had no operations.
On August 17, 2005, pursuant to a Stock Purchase Agreement with Markland Technologies, Inc., we purchased all of the outstanding stock of EOIR Technologies, Inc., formerly one of Markland's wholly-owned subsidiaries. As consideration for the stock of EOIR, we issued 12 million shares of our common stock to Markland.
