Greenland Corporation Temporarily Suspends Check Central Subsidiary Self-Service Check Cashing Operations

Apr 03, 2001, 01:00 ET from Greenland Corporation

    OCEANSIDE, Calif., April 3 /PRNewswire/ -- Greenland Corporation
 (OTC Bulletin Board:   GLCP), announced today that it is temporarily suspending
 its Check Central subsidiary check processing operations, as well as sales and
 distribution of the MaxCash(TM) automated banking machine, effective
 immediately, due to greater than acceptable check processing risk and
 operating losses.
     Greenland President and CEO, T. A. "Kip" Hyde, Jr. stated, "The software
 developed by Seren Systems for Greenland and currently used in the Check
 Central operation is not capable of managing check processing risk to
 acceptable levels.  More importantly, since the Seren originated dispute has
 restricted our access to much of the underlying source code, there are no
 short-term remedies available to correct this system's limitations and the
 resulting virtually unlimited check cashing risk."
     Hyde continued, "In addition, as part of our ongoing settlement
 negotiations with Seren, we have had the opportunity to complete a full
 functional review of the latest version of the transaction processing code in
 dispute.  The technical assessment found it to be lacking much of the direct
 feature functionality required to provide immediate relief to our risk
 management and business processes.  While we have replacement systems
 available to us, any acceptable solution -- including Seren -- will take at
 least six-months before processing capability is achieved at acceptable risk
 levels."
     Hyde ended, "Therefore, in light of the significant business risks and
 costs associated with operating this unit, we have been and are continuing to
 diligently explore all options available to us for continuing this business in
 the future."
 
     About Greenland Corporation
     Greenland Corporation is a holding company which operates a wholly owned
 subsidiary called Check Central that performs check cashing transaction
 processing and is a developer and manufacturer of the MaxCash(TM) Automated
 Banking Machine (ABM) providing self service check cashing, ATM functionality,
 phone card and money order dispensing, as well as other products and services.
 The Company's common stock trades on the OTC Bulletin Board under the symbol
 "GLCP."  Visit Greenland Corporation on the Internet at www.greenlandcorp.com.
 
     For further information please contact Investor Relations:  Ed Sano of
 Greenland Corporation, 760-414-9941, esano@greenlandcorp.com.
 
     Statements about the Company's outlook and all other statements in this
 release other than historical facts are forward-looking statements within the
 meaning of the Private Securities Litigation Reform Act of 1995.  These
 forward-looking statements and all references to financial estimates rely on a
 number of assumptions concerning future events and are subject to a number of
 uncertainties and other factors, many of which are outside Greenland's
 control, that could cause actual results to differ materially from such
 statements.  While the Company believes that the assumptions concerning future
 events are reasonable, it cautions that there are inherent difficulties in
 predicting certain important factors, especially the timing and magnitude of
 technological advances; especially the timing and magnitude of prospective
 financing; especially the timing and magnitude of future acquisitions; the
 continued prospects for future acquisitions; the competition in the
 transaction processing industry and the impact of such competition on
 potential and actual pricing, revenues and margins, and the cost of attracting
 and retaining highly skilled personnel. These factors, when applicable, are
 discussed in the Company's filings with the Securities and Exchange
 Commission, including the most recent Form 10-KSB, a copy of which may be
 obtained through the Company without charge. Greenland disclaims any intention
 or obligation to revise any forward-looking statements, including financial
 estimates, whether as a result of new information, future event, or otherwise.
 
 

SOURCE Greenland Corporation
    OCEANSIDE, Calif., April 3 /PRNewswire/ -- Greenland Corporation
 (OTC Bulletin Board:   GLCP), announced today that it is temporarily suspending
 its Check Central subsidiary check processing operations, as well as sales and
 distribution of the MaxCash(TM) automated banking machine, effective
 immediately, due to greater than acceptable check processing risk and
 operating losses.
     Greenland President and CEO, T. A. "Kip" Hyde, Jr. stated, "The software
 developed by Seren Systems for Greenland and currently used in the Check
 Central operation is not capable of managing check processing risk to
 acceptable levels.  More importantly, since the Seren originated dispute has
 restricted our access to much of the underlying source code, there are no
 short-term remedies available to correct this system's limitations and the
 resulting virtually unlimited check cashing risk."
     Hyde continued, "In addition, as part of our ongoing settlement
 negotiations with Seren, we have had the opportunity to complete a full
 functional review of the latest version of the transaction processing code in
 dispute.  The technical assessment found it to be lacking much of the direct
 feature functionality required to provide immediate relief to our risk
 management and business processes.  While we have replacement systems
 available to us, any acceptable solution -- including Seren -- will take at
 least six-months before processing capability is achieved at acceptable risk
 levels."
     Hyde ended, "Therefore, in light of the significant business risks and
 costs associated with operating this unit, we have been and are continuing to
 diligently explore all options available to us for continuing this business in
 the future."
 
     About Greenland Corporation
     Greenland Corporation is a holding company which operates a wholly owned
 subsidiary called Check Central that performs check cashing transaction
 processing and is a developer and manufacturer of the MaxCash(TM) Automated
 Banking Machine (ABM) providing self service check cashing, ATM functionality,
 phone card and money order dispensing, as well as other products and services.
 The Company's common stock trades on the OTC Bulletin Board under the symbol
 "GLCP."  Visit Greenland Corporation on the Internet at www.greenlandcorp.com.
 
     For further information please contact Investor Relations:  Ed Sano of
 Greenland Corporation, 760-414-9941, esano@greenlandcorp.com.
 
     Statements about the Company's outlook and all other statements in this
 release other than historical facts are forward-looking statements within the
 meaning of the Private Securities Litigation Reform Act of 1995.  These
 forward-looking statements and all references to financial estimates rely on a
 number of assumptions concerning future events and are subject to a number of
 uncertainties and other factors, many of which are outside Greenland's
 control, that could cause actual results to differ materially from such
 statements.  While the Company believes that the assumptions concerning future
 events are reasonable, it cautions that there are inherent difficulties in
 predicting certain important factors, especially the timing and magnitude of
 technological advances; especially the timing and magnitude of prospective
 financing; especially the timing and magnitude of future acquisitions; the
 continued prospects for future acquisitions; the competition in the
 transaction processing industry and the impact of such competition on
 potential and actual pricing, revenues and margins, and the cost of attracting
 and retaining highly skilled personnel. These factors, when applicable, are
 discussed in the Company's filings with the Securities and Exchange
 Commission, including the most recent Form 10-KSB, a copy of which may be
 obtained through the Company without charge. Greenland disclaims any intention
 or obligation to revise any forward-looking statements, including financial
 estimates, whether as a result of new information, future event, or otherwise.
 
 SOURCE  Greenland Corporation