GREENLAND CORPORATION ANNOUNCES CONSUMMATION OF SALES OF 90
8/5/99 20:21
SmartCash ATMs
OCEANSIDE, Calif., Aug. 5 /PRNewswire/ -- Greenland Corporation
(OTC Bulletin Board: GLCP) today reported that it had finalized the sale and
placement locations of 90 SmartCash ATMs.
Dr. Louis Montulli, CEO of Greenland Corporation, reported that Greenland
Corporation, in conjunction with its exclusive national distributor, SmartCash
ATM Ltd. of Dallas, Texas, had consummated the sale of 90 SmartCash ATMs to be
placed at site locations in California, Nevada, North Carolina, South
Carolina, Georgia and Tennessee.
Dr. Montulli stated, "The Company, as a result of launching an aggressive
national sales and marketing program, and through prior efforts of identifying
specific site locations, has consummated the sale of 90 SmartCash ATMs
scheduled for delivery commencing September and continuing through December.
The first three machines will be installed in Perris and San Francisco,
California. The placement of two machines in San Francisco, California, are
particularly significant because they are with the National Association of
Korean Markets, which represents approximately 4,000 member stores throughout
the United States. SmartCash ATM Ltd. has an exclusive arrangement with the
Korean markets for purchases of 10 machines in September and 10 machines in
October."
He further noted, "The majority of the sales are related to commitments
for volume purchases from distributors with exclusive arrangements with
SmartCash ATM Ltd., including Cabe & Cato, an Atlanta, Georgia based company,
Classic Concepts, an Elloree, South Carolina based company, Reno ATM and
Post-Dated Check Express, Nevada based companies and the Money Marketing, a
New Jersey based Korean company. Each have committed to purchase between 8-14
machines per month, in addition to their initial machine purchases included in
this 90 unit order, to maintain their territorial exclusivity."
"The sale of these 90 machines has either been financed through leasing
arrangements with SmartCash Leasing (an affiliate of SmartCash ATM Ltd.), for
which the purchaser has been approved, or required to place a 50% down payment
and the balance due prior to shipment. The Company received its first cash
sale in Atlanta Georgia."
Dr. Montulli further stated, "These sales represent the first step in
filling the purchase order for 385 machines submitted by SmartCash ATM Ltd.,
in the second quarter of this year, and are a result of the first three months
of a joint marketing program by the Greenland and SmartCash ATM Ltd. team.
Clearly, these sales represent a very positive market acceptance of the
SmartCash ATM machine."
Greenland Corporation is a manufacturing corporation with existing product
and product under development. The Company is currently introducing an
automated payroll check-cashing machine with full ATM functionality, and money
order dispensing services. Future services to be included with the machine
are phone cards and payday advance services.
SOURCE Greenland Corporation
-0- 08/05/99
/CONTACT: Ed Sano, Investor Relations Managing Director of Greenland
Corporation, 760-414-9941/
/Web site: greenlandcorp.com
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