CARLSBAD, Calif. -- Greenland Corporation (OTC Bulletin Board: GLCP) said it has received notice of a default judgement for $474,595 against Michael A. Armani, a director and beneficial owner of Telenetics Corporation (Nasdaq: TLNT). The judgment was entered pursuant to the default on an equity investment agreement that Armani entered into with Greenland earlier this year.
"Given the prior, long-standing relationship of Mr. Armani with Greenland, we were very pleased when approached with the idea of his privately purchasing a large block of Telenetic's shares that Greenland owned at a cost-averaged premium to market," said T.A. "Kip" Hyde, Jr., Greenland president and chief executive officer. "In addition, Mr. Armani agreed to take a large position in Greenland stock, also at a premium to market."
However, Hyde said, Armani's first installment was returned for non-sufficient funds.
"Although Mr. Armani's default caused considerable damage to Greenland, we are pleased with the judgment and will take all appropriate actions to collect on the award," Hyde said.
