Huge news out on GLCP today. Apparently much more to come.
(PR NEWSWIRE) Greenland Corporation Announces $35 Million Equity Funding Agre
Greenland Corporation Announces $35 Million Equity Funding Agreement
OCEANSIDE, Calif., March 28 /PRNewswire/ -- Greenland Corporation
(OTC Bulletin Board: GLCP) announced today that the Company has completed an
agreement with an institutional private equity investor committing to
$35 million of equity financing over three years, subject to registration and
effectiveness with the SEC. The net proceeds of this funding will be used to
pay down a portion of current and long-term debt and for general corporate
purposes, which may include acquisitions.
Newly elected President and CEO, T. A. "Kip" Hyde, Jr. stated that,
"During the sixty-days since my arrival at Greenland, I have had the
opportunity to fully review the significant issues confronting the Company.
These include the current software litigation, the need for strategic
alliances, acquisition opportunities, and the role that Greenland can most
successfully play in the market."
Hyde added, "This financing agreement is the first step towards
implementing Greenland's plan to focus the corporation on growth that will
immediately enhance shareholder value. We are pleased with both the terms of
this agreement and the vote of confidence that our institutional investor has
placed in Greenland's new management team."
About Greenland Corporation
Greenland Corporation is a holding company which operates a wholly owned
subsidiary called Check Central that performs check cashing transaction
processing and is a developer and manufacturer of the MaxCash(TM) Automated
Banking Machine (ABM) providing self service check cashing, ATM functionality,
phone card and money order dispensing, as well as other products and services.
The Company's common stock trades on the OTC Bulletin Board under the symbol
"GLCP." Visit Greenland Corporation on the Internet at www.greenlandcorp.com.
Statements about the Company's outlook and all other statements in this
release other than historical facts are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements and all references to financial estimates rely on a
number of assumptions concerning future events and are subject to a number of
uncertainties and other factors, many of which are outside Greenland's
control, that could cause actual results to differ materially from such
statements. While the Company believes that the assumptions concerning future
events are reasonable, it cautions that there are inherent difficulties in
predicting certain important factors, especially the timing and magnitude of
technological advances; especially the timing and magnitude of prospective
financing; especially the timing and magnitude of future acquisitions; the
continued prospects for future acquisitions; the competition in the
transaction processing industry and the impact of such competition on
potential and actual pricing, revenues and margins, and the cost of attracting
and retaining highly skilled personnel. These factors, when applicable, are
discussed in the Company's filings with the Securities and Exchange
Commission, including the most recent Form 10-KSB, a copy of which may be
obtained through the Company without charge. Greenland disclaims any
intention or obligation to revise any forward-looking statements, including
financial estimates, whether as a result of new information, future event, or
otherwise.
SOURCE Greenland Corporation
-0- 03/28/2001
/CONTACT: Ed Sano, Investor Relations of Greenland Corporation,
760-414-9941, esano@greenlandcorp.com/
/Web site: greenlandcorp.com
(GLCP)
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