OCEANSIDE, CA., July 23, 1999 Greenland Corporation (OTC BB: GLCP) today reported operating activities for the six month period ending June 30, 1999. Dr. Louis Montulli, CEO of Greenland Corporation, reported in a meeting with management, that significant operational accomplishments had occurred in the first six months of 1999. He indicated Greenland had established a production model of its automated payroll check-cashing machine, had installed the machine into two markets in Santa Ana, CA, and successfully completed beta testing on the machines. In April, the Company entered into its first major contract. The Company signed a Master Distribution Agreement with SmartCash ATM, a Dallas, Texas based distribution corporation, for the exclusive distribution of Greenland machines. The Agreement called for SmartCash ATM to order 385 machines in 1999, 1,200 machines in 2000 and 2,000 machines in 2001. In May, as a result of the SmartCash ATM order, Greenland moved into a newer and larger manufacturing facility, approximately 11,000 sq. ft.,in Oceanside, CA. Staffing increased to 22 persons, including consultants, hardware and software engineers and is expected to grow rapidly as production demands increase. In June, Greenland hosted a national sales seminar for SmartCash ATM personnel. Distributors from across the country attended this seminar and have generated sales that resulted in site identification in California, Tennessee, Oklahoma, North Carolina, South Carolina, and Nevada. Dr. Montulli stated, "We are very pleased with the progress of SmartCash ATM in locating sites for our machines and we are prepared as locations are secured to ramp up for high volume production to meet our goals for profitability by the end of the first quarter of 2000." 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. CONTACT: Ed Sano, Investor Relations Managing Director of Greenland Corporation, 760-414-9941 http://www.greenlandcorp.com
© 1998 Kiosks.Org.