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Greenland adds to portfolio

February 4, 2002

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SAN DIEGO - Greenland Corp. has acquired a data communications and network project management company, which it believes will give its Check Central subsidiary access to better services and pricing.

The San Diego Daily Transcript reported that Greenland will pay $2.93 million for Paradigm Cabling Systems in a combination of long-term debt and installment payments over a three-year period.

Greenland's Check Central business sells automated banking machines with multiple functionality, including check cashing. In December, chief executive officer Kip Hyde Jr. outlined major initiatives for the company in 2002, including the formation of joint ventures with check-cashing and financial services operators, who would become customers for Greenland's back-office products.

Paradigm, based in Yorba Linda, Calif., had revenues of $5.1 million in 2001, primarily through structured cable installation services, according to Hyde. The 38-employee firm will be a subsidiary of Greenland.

Stock in Carlsbad, Calif.-based Greenland is traded on the OTC Bulletin Board (GLCP). The stock hit a 52-week low Feb. 5, trading in record volumes both Feb. 4 and 5. The stock price dipped under .005 per share.