Greenland completes Private Placement Offering

OCEANSIDE, Calif. -- Greenland Corporation (OTC Bulletin Board: GLCP) announced today that it had completed a Private Placement Offering, netting the company approximately $4 million dollars in direct operating funds. The Private Placement, which began in May 1999, was closed last January.

The Offering consisted of the sale of Units, each unit consisting of Greenland common stock and three classes of warrants to acquire additional Greenland common stock. The Class A warrants expire one year from date of issuance, Class B warrants expire 18 months from date of issuance and Class C warrants expire 24 months from date of issuance.

Although there can be no assurance as to the number of Warrants that will be exercised, the full exercise of the Class A, B, and C warrants, would net the Company approximately$6 million, $12 million and $18 million respectively during the next two years.

Greenland also has secured a revolving line of credit with Palomar Bank in Escondido, Calif., and arranged several lease purchase agreements for capital equipment as well as machine sales.