News

Greenland Corp. loses $5.7 million in 2002

April 8, 2003

SAN DIEGO -- Greenland Corporation (BULLETIN BOARD: GRLC) reported a net loss of $5.7 million (86 cents per share) for its fiscal year 2002, ended Dec. 31.

According to a release, the company had suspended most of its operations 2002 and reported no revenue for the year.

In January, the company established operations devoted to professional employment services (PEO), through which it provides staff leasing and human resources management services. It currently operates a number of PEO subsidiary companies, including ExpertHR, ProSportsHR, and ExpertHR-OK.

Over the past few months, Greenland acquired client contracts and businesses in California, Michigan, and Oklahoma, which represent over $50 million in annualized revenues.

"We expect to report the results of our PEO operations for the first quarter of fiscal 2003 within the several weeks," Tom Beener, Greenland CEO, said in the release.

Greenland expects to restart its check-cashing operations this year by placing MAXcash(TM) ABM(TM) units with PEO clients who may wish to provide check cashing, money order purchases and payday loan services to employees.