STRATEGIC PARTNERS
January 30, 2002
OCEANSIDE, Calif. -- Greenland Corporation (OTC Bulletin Board: GLCP) says it has reached an agreement with Seren Systems, Inc. regarding the hearing date for scheduled arbitration proceedings, now set for Sept. 17.
In addition, Greenland has requested a temporary stay of the civil proceedings that it had filed against Seren Systems in the Los Angeles courts. Seren has joined Greenland in the request for this stay, and has likewise temporarily stayed their own proceedings against Greenland.
Greenland general counsel and COO Thomas J. Beener reported that these actions, requested by Greenland's new CEO and president, T.A. "Kip" Hyde, Jr., were taken to possibly facilitate a resolution of the dispute between Greenland and Seren Systems without litigation.
Beener said, "We are and have been in ongoing discussions with Seren regarding potential settlement options and are attempting to work together to find a resolution that is fair and equitable for both parties."
The two companies are contesting the issue of who owns software developed by Seren for use in Greenland's multi-function ATMs.
