News

Greenland sells six check-cashing kiosks to CardPlus International

December 27, 2001

CARLSBAD, Calif. -- Colorado-based CardPlus International Inc., the nation's only certified minority electronic payments processor, has purchased six interactive check cashing MAXcash Automated Banking Machine ("ABM") kiosks from Greenland Corp. (OTC Bulletin Board: GLCP).

The terminals are to be processed from CardPlus' newly-established Denver electronic transaction and data processing center. Of the first six terminals, five will be operated in Colorado area convenience and petroleum stores.

"CardPlus already provides check cashing, and other related point-of-sale services for their corporate customers, including a number of hospitals and large oil companies," said T.A. "Kip" Hyde, Jr., president and chief executive officer of Greenland. "Given their history of success, we believe that CardPlus has the capacity to become the largest minority non-bank owner-operator of self-service banking machines in the country."

This marks the first purchase under Greenland's ongoing strategy to pursue sales of the MAXcash ABM to customers that have their own processing capabilities.

George Brantley, director of CardPlus International said, "We look forward to the continued support of Mr. Hyde and the team at Greenland as we expand our processing center capabilities."

Shortly after Hyde became CEO in late January, Greenland announced it had lined up nearly $40 million in financing. According to a company news release, a portion of the funding will be used to pay down current and long-term debt and for general corporate purposes, which may include acquisitions.

Greenland temporarily suspended sales and distribution of the MaxCash terminals, along with the check processing operations of its Check Central subsidiary, in April following a dispute with software developer Seren Systems and a steep decline in revenues.

In May, Greenland signed an agreement with Mosaic Software to use Mosaic's Postilion product to provide transaction switching and routing software for the MaxCash terminals. Then in June, Greenland signed an exclusive manufacturing and assembly agreement with Southern California-based California Chassis Inc. to build Greenland's kiosks.