STRATEGIC PARTNERS
January 23, 2002
OCEANSIDE, Calif. -- Greenland Corporation (OTC Bulletin Board: GLCP) is temporarily suspending its Check Central subsidiary check processing operations, as well as sales and distribution of the MaxCash automated banking machine, effective immediately, due to what it calls greater than acceptable check processing risk and operating losses.
Greenland President and CEO T. A. "Kip" Hyde, Jr. said the software developed by Seren Systems and currently used in the Check Central operation is not capable of managing check processing risk to acceptable levels.
"More importantly, since the Seren originated dispute has restricted our access to much of the underlying source code, there are no short-term remedies available to correct this system's limitations and the resulting virtually unlimited check cashing risk," Hyde said.
While Greenland has replacement systems available, Hyde said, it would likely take at least six months before processing capability is achieved at acceptable risk levels.
"In light of the significant business risks and costs associated with operating this unit, we have been and are continuing to diligently explore all options available to us for continuing this business in the future," he said.
