News

Greenland Corporation reports 2nd quarter revenues of $395,000

March 6, 2002

OCEANSIDE, Calif. -- Greenland Corporation (OTC Bulletin Board: GLCP), a developer and manufacturer of automated check-cashing machines with ATM functionality, reported revenues of $395,000 for the quarter ended and $475,000 for the six-month period ended June 30, 2000.

The Interim Work and Assignment Agreement with ACS Retail Solutions provided the company with approximately $285,000 of revenues for the six month reporting period.

Louis T. Montulli, Greenland CEO, said, "This marks the beginning of the company's transition from a start-up to an up-start in the automated financial services business."

Current assets at June 30 were $2.2 million, compared to $793,000 at Dec. 31, 1999. Total assets were $6.8 million, compared with $4.7 million at Dec. 31, 1999. The 43 percent increase was attributable to increases in receivables, cash and property and equipment.

Stockholders' equity at June 30 was $4.9 million, compared with $3.3 million at Dec. 31, 1999, an increase of $1.6 million or 47 percent. This increase was due largely to the additional funds provided to the company from its private placement which closed in February 2000.

During the three and six month periods ended June 30, the company incurred net losses from continuing operations of $2.2 million and $4.1 million respectively, which represent 9 percent and 14 percent decreases in losses, respectively, from comparative periods in 1999.

Operating expenses for the three and six month periods ended June 30 were $1.4 million and $2.7 million, respectively, compared to $504,000 $1.8 million for corresponding periods in 1999.