News

Greenland Corp. sells check-cashing kiosks to CardPlus

March 24, 2002

CARLSBAD, Calif. - Colorado-based CardPlus International Inc. purchased six interactive check cashing MAXcash Automated Banking Machine (ABM) kiosks from Greenland Corp. (OTC Bulletin Board: GLCP), according to a Greenland Corp. news release.

CardPlus' new Denver electronic transaction and data processing center will handle the transactions for the machines. Of the first six terminals, five will be operated in Colorado area convenience and petroleum stores.

This is marks the first sale under Greenland's strategy to sell MAXcash ABM's to customers with their own processing capabilities.

Early this year Greenland announced it had lined up nearly $40 million in financing. According to a company news release, a portion of the funding will be used to pay down current and long-term debt and for general corporate purposes, which may include acquisitions.

Greenland temporarily suspended sales and distribution of the MaxCash terminals, along with the check processing operations of its Check Central subsidiary, in April following a dispute with software developer Seren Systems and a steep decline in revenues.

In May, Greenland signed an agreement with Mosaic Software to use Mosaic's Postilion product to provide transaction switching and routing software for the MaxCash terminals. Then in June, Greenland signed an exclusive manufacturing and assembly agreement with Southern California-based California Chassis Inc. to build Greenland's kiosks.