GREENLAND CORPORATION: RESULTS OF ANNUAL MEETING OF
Business Editors
SAN DIEGO--(BUSINESS WIRE)--June 26, 1998--Greenland Corp.
(NASDBB:GLCP) reported today the voting results related to proposals
at its annual meeting of shareholders held on June 12, 1998.
Shareholders approved all four measures submitted for approval by
margins exceeding 90%.
Shareholders re-elected Greenland's board of directors,
consisting of Eric Gaer, Richard Green, Guy Nelson and Michael
deDomenico. Of the four members, three are outside directors. Eric
Gaer serves as the company's chairman and chief executive officer.
Shareholders also approved a 1 for 10 reverse split of the
company's common stock, which will become effective as of Thursday,
July 2, 1998.
Smith and Co. was approved as the company's auditors for the 1998
fiscal year.
Greenland has been developing proprietary technology for the
utility industry. The company's AirLink system is a patent-pending
wireless communication technology for use in automated meter reading
for utilities. The primary application of AirLink is to serve the
information gathering needs of utility companies, a $15 billion market
in the United States, where approximately 300 million residential
utility meters are installed to monitor the use of electricity,
natural gas and water.
In May, Greenland acquired Check Central, developers of
proprietary technology to provide automated check cashing, money
orders and ATM services from free-standing kiosks in retail locations.
Last year, over $1 billion in fees was generated by the U.S. check
cashing industry.
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CONTACT: Greenland Corporation
Eric Gaer, 619/566-9604
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