News

Greenland gets funding, new chief

February 6, 2002

OCEANSIDE, Calif. – Greenland Corp. says it has secured $3 million in funding from an unnamed California investment banking group. It has also installed a new leader.

Greenland, a public company, develops and manufactures automated payroll check-cashing machines. In a Jan. 26 news release, vice president and COO Thomas Beener said the cash infusion would be used to accelerate Greenland's new financial services and sales of its MAXcash ABM machine, an automated check-cashing machine.

Just three days after the funding announcement, Greenland named T.A. "Kip" Hyde Jr. its new president and CEO. Hyde had been vice president of retail sales and marketing for Dallas-based Affiliated Computer Services Inc. (ACS), a large information technology provider.

Hyde said his first goals are to seek acquisition candidates and increase shareholder value. Former president Max Farrow and CEO Lou Montulli have left the company, according to Greenland sales and marketing manager Eric Delamare.