Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : Greenland Corp. (GLCP) -- Ignore unavailable to you. Want to Upgrade?

To: Vegas who wrote (2102)	1/19/1999 10:27:00 AM
From: JustMy2Cents	Read Replies (1) \| Respond to of 2278

MAJOR RESTRUCTURING ANNOUNCED BY GREENLAND CORPORATION - Investor Group Commits New Financing - Management Strengthened with New Board Member, CEO, and COO - Company Positions Itself to Focus Resources on Check Central - Financial Advisors Assisting with Long Range Planning and Raising Capital SAN DIEGO, Jan. 19 /PRNewswire/ -- Greenland Corporation (OTC Bulletin Board: GLCP) today announced that it has entered into an agreement designed to provide the Company with an influx of new capital, strengthen its management team, and focus its resources on its Check Central(TM) check cashing ATM product line. An investor group led by Dr. Louis Montulli has agreed to invest $580,000 into the Company, and to provide senior management who will use their best efforts to identify and acquire long range financing as well as strengthen day-to-day business operations. Effective January 14, 1999 the Company has appointed Dr. Montulli Chairman of the Board and CEO of Greenland. Mr. Gene Cross will remain on the board and assume the position of Vice Chairman. The Company also appointed Mr. Thomas Beener and Richard Wray to the board. Mr. Lee Swanson and Mr. George Godwin will remain on the board and Mr. Swanson will assume the position of CEO and President of Check Central. Mr. Richard Wray will assume the position of Chief Operating Officer of Greenland Corporation. Dr. Montulli brings to the Company an extensive background in research, development and the marketing of high tech products. Dr. Montulli served in senior positions in the Department of Defense and Department of Energy during the 1970s and was a member of the White House staff from 1981 to 1984. He has served on the United States Air Force Scientific Advisory Board, the NASA Technical Advisory Board, as well as other government and university boards and panels. From 1993 to 1996, Dr. Montulli served as Senior Vice President of new business development, marketing and advanced systems for Lockheed Martin Corporation where he refocused resources on three commercial and military products resulting in $200 million in new orders the first year. Prior to Lockheed he was Vice President for Boeing Military Airplane Co. where he supervised 4,800 people and hundreds of key projects. Dr. Montulli holds a doctorate in Engineering from the University of California, Los Angeles, and received the Most Distinguished Alumni Award in 1987 from the University of Rochester where he received his B.S. in Mechanical Engineering. Mr. Richard Wray has been CEO and President of two companies, a plastics manufacturer (Accurate Plastics, Inc.) and a leasing company (Honover Leasing). He has extensive background in working with start-up companies and raising capital for all levels of corporate need. Mr. Thomas Beener is an attorney with an extensive background in corporate and securities law. Mr. Beener has previously served as In-House Counsel to publicly-traded companies, including San Diego based Onsite Energy, and has served as a member of the Board of Directors of several companies. He founded and for nine years served as President of a New York City-based NASD Broker/Dealer firm, The Clarion Securities Group, that specialized in funding early-stage development companies. The Check Central check cashing product was successfully demonstrated in August and October, 1998 at two major industry trade shows. One result was a letter of interest from a major ATM distributor for a 100 unit order totaling $2.3 million based on successful demonstration of three units in the market place. The first pre-production unit was installed January 5, 1998 in an independent grocery market in Southern California. The Company anticipates that these demonstrations will be successful and that orders will be received during the first quarter of 1999. The Company is evaluating the direction of Greenland's second technology the AirLink System. Possible options include a joint venture for the completion of the technology or a sale of the technology. SOURCE Greenland Corporation -0- 01/19/99 /CONTACT: Ed Sano, Managing Director of Greenland Corporation, 619-566-9604/ /Web site: greenlandcorp.com