JACKSONVILLE,Market Central, a technology management company, has raised $3 million through a sale of preferred stock.

Market Central trades over the counter (OTCBB: MKTE). It earlier raised $1 million through another stock sale and sold a subsidiary, thus removing $3 million in debt.

The company said the funds would be used in part for new product development, including an “intent-based” search engine that it has patented.

Market Central said it also would expand development of an online collaboration/customer service software plus an intelligent document recognition system.

“We are pleased by the market acceptance of our new direction. The successful placements of the Series A and Series B Preferred Stock has raised over $4,000,000 in private equity financing for the company,” said Doyal Bryant, the new chief executive officer of the company.

“We will use the additional capital for rapid development in the areas of our patented and proprietary software, with emphasis on go-to-market for our next-generation search products.”

Market Central: www.marketcentral.com