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Press ReleaseSource: Greenland Corporation
Greenland Corporation Completes Acquisition of $15 Million of PEO Contracts in the State of California
Tuesday February 4, 7:04 am ET
SAN DIEGO, Feb. 4 /PRNewswire-FirstCall/ -- Greenland Corporation (OTC Bulletin Board: GRLC - News) a subsidiary of Imaging Technologies, Inc. (OTC Bulletin Board: IMTO - News) today reported that it completed its acquisition of Accord Human Resources, Inc. contracts for the State of California.
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Accord Human Resources, Inc. is a nationally recognized multi-million dollar Professional Employment Organization. The Company, which is based in Oklahoma, decided in a recent move to withdraw its coverage for the State of California. Accord negotiated with Greenland, a multi-state provider of PEO services through its wholly-owned subsidiary ExpertHR, to provide coverage for current Accord contracts in California.
Mr. Thomas Beener, President of ExpertHR stated, "We are very excited about this transaction as it will create the opportunity for immediate revenues from California for the Company. Presently, these contracts generate in excess of $15 million in annual revenue, and although these contracts will have to be renewed in the coming months, we feel confident that our success ratio in renewing the contracts will be very high. Based on this contract, and other projects that are currently under review, the PEO business will be a major portion of the core revenue business for Greenland.
Mr. Beener continued, "These contracts were the direct result of the combination of our recent alignment with Imaging Technologies, Inc. and the efforts of Mr. Michael Belletini, ExpertHR Vice President and General Manager, and Mr. David Stone, General counsel of ExpertHR. Their resources and expertise in this area will continue to be the driving force as Greenland moves forward in the PEO market."
Mr. Brian Bonar, CEO of Imaging Technologies and Chairman of the Board of Greenland Corporation stated, "This is another example of the benefits generated from the combining of resources and expertise of ITEC and Greenland. I believe Imaging Technologies and Greenland will become substantial providers of personnel services and financial services in California and other states."
About Greenland Corporation
Greenland's ExpertHR subsidiary provides professional employer services (PEO) to niche markets. It markets a broad range of services associated with staff leasing and human resources management. These include benefits and payroll administration, health and workers' compensation insurance programs, personnel records management, employer liability management, employee recruiting and selection, performance management, and training. Greenland's Check Central subsidiary is an information technology company that has developed the Check Central Solutions' transaction processing system software and related MAXcash(TM) Automated Banking Machine(TM) (ABM(TM)) kiosk designed to provide self-service check cashing and ATM-banking functionality. The MAXcash system provides full ATM functionality, phone card, and money order dispensing and, in the near future, will offer bill paying, and wire transfer services. The MAXcash ABM will be offered to selected PEO clients, particularly where there is a large employee base as in manufacturing. The Company expects to introduce the MAXcash ABM to PEO customers in the next few months Greenland's common stock trades on the OTC Bulletin Board under the symbol GRLC. Information on the Company is available at the ITEC Web site at http://www.greenlandcorp.com/



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