Oceanside, California - October 21, 1999 -Greenland Corporation (OTC Bulletin Board: GLCP) today announced financial results for the third quarter ending 9/30/99.
Dr. Lou Montulli, CEO of Greenland Corporation, announced that third quarter financial results reflected revenues of $222,758, consisting of revenues from the sale of SmartCash ATM's and transaction fees from the operation of the machines.
Dr. Montulli stated, "Although the Company showed a loss for the third quarter, of $1,121,482, the fact that the Company generated revenues of $222,758 indicates that the Company is making significant progress in its overall operations and sales of its SmartCash ATM machines. The Company presently has seven machines operating in various locations in California, Nevada and Georgia and expects to ship additional machines shortly." "The loss from operations of $1,121,482 was mainly related to budgeted production costs, including engineering and consultant fees, primarily compensated in stock, the building of inventory to meet 1999 sales orders, and ongoing costs in preparing the Greenland facility to house the increased engineering, sales and marketing staff." "The Company has recently attended three trades shows, the Convenience Store Trade Show in Chicago, Illinois, World Gaming Show at Las Vegas and National Check Cashing Show in Las Vegas, Nevada. The response was excellent. Collectively, these shows had over 250,000 customers in attendance, giving Greenland and its SmartCash ATM wide exposure to potential customers and the marketplace."
Greenland has continued to strengthen its leadership by appointing Chuck Cannon as Vice President of Engineering and Rick Moscatello as Vice President of Operations and Purchasing.
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 advance payday loan services.
This report contains forward-looking statements. Investors are cautioned that such forward-looking statements involve risk and uncertainties, which could significantly impact the actual results, performance or achievements of the company or industry results. Such risks and uncertainties include, but are not limited to, risks associated with uncertainties relating to the timeframe for product development and commercial introduction, impact of rapid technological change and competition, manufacturing uncertainties and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
Web site: http://www.investgreenland.com
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