STRATEGIC PARTNERS
March 19, 2000
OCEANSIDE, Calif. -- Greenland Corporation, a provider of automated financial services machines that provide payroll check-cashing, payday advances, ATM functionality and more, has repurchased the rights to the Master Distributorship contract for the machines from SmartCash ATM Ltd, an affiliate of RBSA. The purchase was in an undisclosed amount of cash and stock. SmartCash will continue to operate as a Greenland distributor and will market and sell Greenland's financial services machines on a non-exclusive basis. The repurchase gives Greenland "several outstanding advantages," said Greenland Corporation CEO Louis T. Montulli. Montulli said the repurchase will increase Greenland's gross hardware and software profits by approximately 25 percent and will allow Greenland to work directly with ISOs who want to sell the company's machines. Also, Montulli added, it provides Greenland with "unencumbered access" to large corporate clients such as Wal-Mart and Piggly Wiggly. "Greenland needed the flexibility to control its sales and marketing to meet the demand from various chains and potential institutional customers," he elaborated. Greenland estimates that the payroll check-cashing industry alone serves a population that transacts approximately one trillion dollars annually and generates an estimated $1.5 billion in annual fees. Also according to Greenland, it has been estimated that about 28 percent of working Americans do not have a formal banking relationship.
