Greenland Corp. (GLCP) Message Board

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Microcap & Penny Stocks : Greenland Corp. (GLCP)

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To: fubsy cooter who wrote (1781)	5/28/1998 12:20:00 AM
From: JustMy2Cents	of 2278

Recap of the press release: The 35mn shares issued for the all stock purchase of Check Central is restricted. It represents ~45% of the total issued & outstanding...this means ~78mn are now issued & outstanding of the 100mn authorized. Purchase price of Check Central was $4.55mn using .13 per share valuation. This fell in the middle to upper end of the projected $3.5mn to $5.0mn. Process to use the machines does not allow for first time users to gain immediate access of funds. This is good as this will help deter potential fraud. Fraud can eat up to 5 to 6% of checks processed. The usual is around 3%. Once authorization is given (Application approved and ID card mailed to customer), a customer can cash a check and obtain immediate funds. You cannot do this at a banking institution. Banks do not release funds on a check deposited immediately. It can range from 24 hours to 5 business days! Not having a bank account helps to avoid banking fees such as: Low balance fees, monthly maintenance fees, ATM transaction fees. Additionally, no minimum balance is required. Expected fee generation for established kiosks is $2,000 per machine per month. The company anticipates contracting for 100 locations for the initial launch. This translates into $200,000 in generated fees per month or $2.4mn per year. The cash generated from the Check Central division of Greenland should help pay the way for the AirLink system.

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