SAN DIEGO, Feb. 24 /PRNewswire-FirstCall/ -- Greenland Corporation
(OTC Bulletin Board: GRLC) announced today that it has entered into a
Memorandum of Understanding to acquire the client base of ePEO Link, Inc, a
Idaho based professional employer organization. The acquisition, upon
consummation, will add approximately $33 million in gross billings to
Greenland's existing business and will be included in Greenland's ExpertHR,
Inc., subsidiary.
ePEO Link is a professional employer organization (PEO) which offers a
variety of services to help small to medium-size companies including: payroll
administration, human resources functions and employee benefit programs such
as 401K and health insurance.
"This acquisition opportunity arose in connection with the recent
transaction between Greenland and Imaging Technologies Corporation ("ITEC"),
whereby ITEC agreed to relinquish its majority interest in Greenland, its
seats on the Greenland Board of Directors and certain asset acquisition
rights," said Thomas J. Beener, Greenland's CEO.
"The addition of the ePEO Link client base will add significant revenues
to Greenland and the inclusion of certain ePEO Link personnel will complement
Greenland's management team. We believe this arrangement will assist us going
forward as a PEO serving small to medium-size businesses throughout the U.S.,"
Beener added.
"The definitive purchase agreement is expected to be approved by the
Greenland Board of Directors this week and a consummation date will be
determined at that time," Beener added.
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 of 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 of Greenland Corporation,
+1-858-451-6120, mlester@greenlandcorp.com
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