OCEANSIDE, Calif. -- Greenland Corporation (OTC Bulletin Board: GLCP) says it has completed an agreement with an institutional private equity investor committing to $35 million of equity financing over three years, subject to registration and effectiveness with the SEC.
Net proceeds of this funding will be used to pay down a portion of current and long-term debt and for general corporate purposes, which may include acquisitions, according to a company press release.
Newly elected President and CEO, T. A. "Kip" Hyde, Jr. said significant issues confronting the company include "the current software litigation with Seren Systems, the need for strategic alliances, acquisition opportunities and the role that Greenland can most successfully play in the market."
He added, "This financing agreement is the first step towards implementing Greenland's plan to focus the corporation on growth that will immediately enhance shareholder value. We are pleased with both the terms of this agreement and the vote of confidence that our institutional investor has placed in Greenland's new management team."
