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News Release
Oceanside, CA., September 11, 2000 announced that it
had signed an agreement with the
Cash and Save Division of Union Bank of
California.
The Agreement is for the
provision of a limited number of Greenland's
automated check cashing ATM
machines (MAXCASH ABM) and for the processing
services for these
machines.
Dr. Lou Montulli, CEO of Greenland Corporation
stated, "Greenland
Corporation is very excited to have entered into
this Agreement with Union
Bank of California. We hope this is just one of
many agreements with a
financial institution that is progressive in
recognizing the opportunities that the
Greenland machine presents. The Union Bank of
California Agreement will
allow Greenland to not only demonstrate the
effectiveness of its automated
check cashing machine but also to demonstrate the
quality of its processing
services that will hopefully become the new
standard of technology for the
industry."
Dr. Montulli reported that Union Bank of
California is a wholly owned
subsidiary of UnionBanCal (NYSE: UB), a bank
holding company with assets
of $33.7 billion. Union Bank of California is the
second largest commercial
bank headquartered in California, with over 246
branches in offices in
California, Oregon and Washington, and 18
international facilities.
Ms. Yolanda Brown, Union Bank of California vice
president and manager of
the Cash and Save Division indicated, "Union Bank
of California is a forerunner
in developing and providing comprehensive
personal and commercial financial
products and services to individuals, businesses
and government agencies,
and are differentiated from our competitors by
providing personalized,
high-quality and responsive service. Union Bank
of California has taken a lead
role in providing a range of financial services
to underserved neighborhoods
and to the inner city."
"We recently acquired a 40% equity position in a
privately held company that
operates 47 check cashing offices throughout
Southern California. We believe
there is a need to bring convenient banking
services such as check cashing,
traditional and non-traditional banking services
including money orders, money
transfer, telephone debit cards and loans back to
the community. Our
Agreement with Greenland will allow us to expand
our services in this arena."
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
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.
Source Greenland Corporation
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