News

Greenland settles suit with Seren

February 25, 2002

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CARLSBAD, Calif. - Check-cashing software and kiosk provider Greenland Corp. (OTCBB:GLCP) has reached a settlement with Seren Systems, ending a series of software and intellectual property suits inaugurated earlier this year.

According to a Greeneland news release, Seren released all claims to software and intellectual property related to Greenland's Check Central and MAXcash banking machines. Greenland's original suit for claims of specific performance and damages and Seren's counter-claim have been dismissed.

"By removing the barriers imposed by the Seren dispute, our ability to complete acquisitions, raise new investment capital and generally move Greenland forward will be greatly enhanced," Greenland president and chief executive officer Kip Hyde Jr. said in a news release.

Greeneland suspended its check processing operations in April because of the Seren dispute and a drop in revenue. The company currently provides check-cashing software and kiosks to Mr Ship N' Chek, a Nevada-based financial services company.

Software