SAN DIEGO, Feb. 23 /PRNewswire-FirstCall/ -- Greenland Corporation
(OTC Bulletin Board: GRLC) announced today that it has entered into an
agreement with Imaging Technologies Corporation (OTC Bulletin Board: IMTO),
which will result in Greenland becoming an independent company rather than a
subsidiary of ITEC.
In January 2003, ITEC acquired a majority interest in Greenland through a
stock purchase transaction which resulted in ITEC owning 115 million shares of
Greenland's common stock and Greenland receiving a promissory note convertible
into $2.25 million dollars of ITEC common stock in January 2005. Since this
transaction, Greenland has operated primarily as a professional employer
organization (PEO) through its wholly-owned ExpertHR(TM) subsidiary.
Pursuant to their agreement, 89 million shares of Greenland common stock
held by ITEC will be returned to Greenland; ITEC will give up its seats on the
Greenland board of directors and ITEC will transfer certain asset acquisition
rights to Greenland related to its PEO business. Greenland, in turn, will
cancel certain ITEC indebtedness to Greenland, including the convertible
promissory note. ITEC will continue to be a minority shareholder of
Greenland.
"The net result of the returning of the shares held by ITEC will be the
number of shares issued and outstanding for Greenland will be reduced from
177 million to 88 million which will enhance the per share value of Greenland
stock as the company moves forward in its operations," said Thomas Beener, CEO
of Greenland.
"We believe this arrangement will assist us going forward as a PEO serving
small to medium-size businesses throughout the U.S.," Beener added.
"As ITEC pursues its business strategy to provide a variety of financial
services, we believe that this agreement will enable both companies to focus
their efforts on building their respective business," said Brian Bonar,
Chairman and CEO of ITEC.
About Greenland Corporation
Greenland Corporation (OTC Bulletin Board: GRLC), through its ExpertHR(TM)
subsidiary provides a variety of professional services related to human
resources to small and medium-size businesses.
Greenland's common stock trades on the OTC Bulletin Board under the symbol
GRLC. Information on the Company is available at http:/www.expertHR.com and
http://www.greenlandcorp.com /.
Statements in this press release may constitute forward-looking statements
and are subject to numerous risks and uncertainties, including the failure to
complete successfully the development of new or enhanced products, the
Company's future capital needs, the lack of market demand for any new or
enhanced products the Company may develop, any actions by the Company's
partners that may be adverse to the Company, the success of competitive
products, other economic factors affecting the Company and its markets,
seasonal changes, and other risks detailed from time to time in the Company's
filings with the U.S. Securities and Exchange Commission. The actual results
may differ materially from those contained in this press release. The Company
disclaims any obligation to update any statements in this press release.
For further information, please contact: Michelle Lester, Greenland
Corporation, +1-858-451-6120, mlester@greenlandcorp.com.
SOURCE Greenland Corporation
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Related links:
http://www.greenlandcorp.com
CONTACT:
Michelle Lester, Greenland Corporation,
+1-858-451-6120, mlester@greenlandcorp.com
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