Markland Technologies completes acquisition

Markland Technologies Inc. has completed its $19 million purchase of E-OIR Technologies Inc., the company said today.

Markland paid $8 million in cash and $11 million in principal amount of five-year notes secured by E-OIR's assets and stock.

With the acquisition, Markland expects to gain additional business in the homeland security and defense departments.

E-OIR provides electro-optic and infrared remote sensing technology and services. The company had unaudited 2003 revenue of $42.7 million, most of which came from an active contract with the U.S. Army Night Vision Laboratories. E-OIR has more than 150 workers at several facilities in Virginia.

Located in Ridgefield, Conn., Markland provides technologies and related services for the homeland security market. The company has 10 employees and incurred a net loss of $2.8 million for its fiscal year ended June 30, 2003, according to the company's latest annual report.

In April, Markland raised $6.2 million in financing through private placements of its equity securities. The company used $1.4 million of this amount to repay long-term notes and earmarked the rest for working capital and additional acquisitions. In May, the company raised an additional $5.5 million in capital through a private placement of equity securities.