SAN DIEGO -- Greenland Corporation has signed a distribution agreement with SmartCash ATM, an affiliate of ATM International, Inc., including a 1999 purchase order for $9.24 million.
The agreement makes Dallas-based SmartCash the exclusive distributor for the Check Central Automated Check Cashing ATM in the U.S. and Canada. In addition to its initial 1999 order, SmartCash ATM is required to order 1,200 Check Cashing ATMs in the year 2000 and 2,000 units in the year 2001 to maintain exclusivity.
SmartCash ATM, a distributor and ISO, has installed over 2,100 machines in 41 states. Their portfolio includes convenience stores, fast food restaurants, gas stations, hotels, office buildings, banks, bowling facilities, resorts and restaurants.
Randy Coleman, President of SmartCash ATM, stated that this Agreement brings together his Company's vast sales and marketing network, Greenland's proprietary automated financial services machine, and two strong professional management teams that are committed to building a quality product to meet the demands of the customer.
Greenland, through its wholly owned subsidiary Check Central, is the developer of an automated check cashing ATM machine that operates through proprietary software technology. The machine can provide consumers with automated payroll check cashing, ATM and money order services. Future services may include payday loans, bill paying, wire transfer and on-line purchase services.
Lou Montulli, CEO of Greenland, said the Agreement marked "a major milestone" for his company. "Greenland, to this point in time, has only been involved in research and development stage projects. With three beta test machines in successful operation and the consummation of the Master Distributor Agreement with SmartCash ATM, Greenland will transition into a manufacturing phase and implement a business strategy that should provide a strong financial future for the Company."
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