Oceanside, California - November 8, 1999 -Greenland Corporation
(OTC Bulletin Board: GLCP) announces that after a four-month competition involving all major service providers, Greenland has chosen the Sprint Corporation (NYSE: FON) to provide nationwide communication services between Greenland's Smart Cash ATM financial kiosks and both its Oceanside and Hermosa Beach Service call centers. Sprint will also be responsible for end-to-end communication service from each kiosks using frame relay circuits which average approximately 99% up time and principally move data over fiber optic lines at the speed of light. Because of the improved speed of the Frame Relay System, we will see decreased processing times, most dramatic will be ATM transactions that now average 25-30 seconds and should decrease to approximately 10 seconds. Sprint will also schedule and supervise line installations at both the individual kiosk locations and in our call service centers. This will both greatly improve the timing and certainty of accomplishing this job and relieve Greenland personnel.
Sprint is the nations leader in fiber optic frame relay communications, having both the distinction of being the first to pioneer the system in the mid 1980's and presently has placed the largest amount of fiber in the ground. As a result Sprint is in the best position to provide Greenland with near 100% reliable communication services to each Smart Cash ATM kiosk on a seven-day, 24-hour schedule. Because of the intense competition and our bundling of these services into a national contract the Company will be able to offer its customers about a 30% discount off standard frame relay prices and an even larger decrease in communication costs for mature machine owners now using ISDN.
Besides fast, reliable, and low cost communication service our Smart Cash ATM's, like all other such systems, require a state-of-the-art router to inject and receive the automatic digital messages between the kiosks and our service call centers. For this function the Company has chosen Cisco hardware, which is rated "the best in the world". It is capable of handling data transmission many times faster than hardware in current use and has a proven reliable record. Again, because of the intense competition and excellent Cisco technology Greenland's kiosk hardware costs will not significantly increase.
The Company is now well along with the initial implementation of this system. Greenland is installing new lines and retrofitting the Cisco equipment in both deployed units and in manufactured hardware still in Greenland's facility. Greenland expects to be fully functional with this new Sprint/Cisco frame relay system by late December. As a result of this transaction the Company did delay some unit shipments in October and November.
The Company plans to accelerate shipments as soon as the change over permits.
In summary, the change to Frame Relay communication will provide Greenland customers with more reliable, faster kiosk service, and lower communication costs as compared to dial up ISDN services, which currently are in use. Greenland of course is very pleased to have both Sprint and Cisco as new Greenland Corporation Partners.
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. A future service to be included with the machine is payday advances.
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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