Oceanside, California- November 21, 2000 Greenland Corporation (OTC
-BB: GLCP) reported revenues of $86 thousand for the quarter ended and
$561 thousand for the nine month period ended September 30, 2000 versus
revenues of $223 thousand and $225 thousand, respectively, for the
comparative prior year periods. During the three and nine month periods
ended September 30, 2000, the Company incurred net losses of $1.5
million and $5.7 million, respectively, versus losses of $1.1 million
and $5.2 million, respectively, for the comparative prior year periods.
Dr. Louis T. Montulli, CEO of Greenland, stated that ``the dispute
between Greenland Corporation and Seren Systems, Inc.
regarding the ownership of the software technology paid for by
Greenland Corporation resulted in a delay in delivery of several
purchase orders, which impacted third quarter revenues. However, we
have now stabilized our operations and are once again filling machine
orders.'' In addition, during October we achieved our highest average
machine on line availability rate of 99.4%. As we previously stated,
Greenland remains confident that once the true facts of our dispute
with Seren Systems, Inc. are fleshed out before an arbitrator,
Greenland will obtain the substantive determination necessary to
obtaining the return of it's property.
Current assets at September 30, 2000 were $1 million compared to $792
thousand at December 31, 1999. Total assets at
September 30, 2000 were $5.6 million compared with $4.8 million at
December 31, 1999. This $799 thousand increase in
total assets was attributable to increases in receivables and property
and equipment. Stockholders' equity at September 30,
2000 was $4 million compared with $3.4 million at December 31, 1999, an
increase of $593 thousand or 18%. This increase
was due largely to the additional funds provided to the Company from
its Private Placement, which closed in February 2000.
The Company continues to pursue additional sources of institutional and
private party financing to fund operations and future
growth in 2001 and beyond.
About Greenland Corporation
Greenland Corporation is a developer and manufacturer of automated
payroll check-cashing machines with full ATM
functionality, phone card sales, money order dispensing and payday
advance services. The Company's automated financial
services machines are being developed to provide dispensing of
travelers checks, wire transfers, bill paying and electronic
benefit transfers in addition to cashing payroll and government checks.
The Company's common stock trades on the OTC
Bulletin Board under the symbol ``GLCP''. Visit Greenland Corporation
on the Internet at www.greenlandcorp.com.
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 technology
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.
Source Greenland Corporation
Ed Sano, Investor Relations, Managing Director of Greenland
Web site: http://www.investgreenland.com
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