OCEANSIDE, Calif., Sept. 11 /PRNewswire/ --
Greenland Corporation (OTC Bulletin Board: GLCP) announced that it had signed an agreement with the Cash and Save Division of Union Bank of California. The Agreement is for the provision of a limited number of Greenland's automated check cashing ATM machines (MAXCASH ABM) and for the processing services for these machines.
Dr. Lou Montulli, CEO of Greenland Corporation stated, "Greenland Corporation is very excited to have entered into this Agreement with Union Bank of California. We hope this is just one of many agreements with a financial institution that is progressive in recognizing the opportunities that the Greenland machine presents. The Union Bank of California Agreement will allow Greenland to not only demonstrate the effectiveness of its automated check cashing machine but also to demonstrate the quality of its processing services that will hopefully become the new standard of technology for the industry."
Dr. Montulli reported that Union Bank of California is a wholly owned subsidiary of UnionBanCal (NYSE: UB), a bank holding company with assets of $33.7 billion. Union Bank of California is the second largest commercial bank headquartered in California, with over 246 branches in offices in California, Oregon and Washington, and 18 international facilities.
Ms. Yolanda Brown, Union Bank of California vice president and manager of the Cash and Save Division indicated, "Union Bank of California is a forerunner in developing and providing comprehensive personal and commercial financial products and services to individuals, businesses and government agencies, and are differentiated from our competitors by providing personalized, high-quality and responsive service. Union Bank of California has taken a lead role in providing a range of financial services to underserved neighborhoods and to the inner city."
"We recently acquired a 40% equity position in a privately held company that operates 47 check cashing offices throughout Southern California. We believe there is a need to bring convenient banking services such as check cashing, traditional and non-traditional banking services including money orders, money transfer, telephone debit cards and loans back to the community. Our Agreement with Greenland will allow us to expand our services in this arena."
About Greenland Corporation
Greenland Corporation is a developer and manufacturer of automated payroll check-cashing machines with full ATM functionality, phone card sales, money order dispensing and payday advance services. The Company's automated financial services machines are being developed to provide dispensing of travelers checks, wire transfers, bill paying and electronic benefit transfers in addition to cashing payroll and government checks. 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.
This report contains forward-looking statements. Investors are cautioned that such forward-looking statements involve risk and uncertainties, which could significantly impact the actual results, performance or achievements of the company or industry results. Such risks and uncertainties include, but are not limited to, risks associated with uncertainties relating to the timeframe for product development and commercial introduction, impact of rapid technological change and competition, manufacturing uncertainties and other risks detailed from time to time in the Company's periodi
