Greenland Corporation announced that it has entered into a comprehensive settlement agreement with Seren Systems effectively providing a complete and total release of any and all claims made by Seren to Greenland’s Check Central and MAXcash Automated Banking Machine software and related intellectual property. No additional legal action(s) may be taken by either party, related to any previous activity between the parties, now or in the future.
All rights, title and interest to the work product Seren provided to Greenland have been retained in whole by Greenland. The settlement effectively ends all legal issues and disputes arising from the original court actions, including Greenland’s claims for specific performance, damages and Seren’s counter-claims and demand for rights of ownership. All pending and scheduled legal proceedings, including the previously announced AAA Arbitration action have been dismissed and the mutual settlement agreement is a full, complete and final release between the parties.
Mr. T.A. “Kip” Hyde, Jr., President and CEO of Greenland stated, “One of the first and most important goals the management team set earlier this year was resolution of the very costly and time consuming Seren legal battle. After lengthy negotiations, we are pleased with the final settlement results and that all liabilities surrounding these proceedings have been eliminated. By removing the barriers imposed by the Seren dispute, our ability to complete acquisitions, raise new investment capital, and generally move Greenland forward will be greatly enhanced.”
Mr. Tom Beener, COO and General Counsel for Greenland added, “While our case against Seren was strong, and our legal representation by Duckor, Spradling & Metzger, and Fitzmaurice & Demergian is considered among the best in Southern California, the risks and uncertainties inherent to any litigation are such that most parties try to create absolutely certain results through negotiated settlement. The resolution of this dispute removes once and for all, the cloud of software ownership, asset impairment and further potential legal liability.”
Hyde concluded, “I have never been more optimistic about the future of Greenland, and we thank all of our nearly 6,500 shareholders who have stood by us through this difficult time. We can now better focus our energies towards the more productive goals of building Greenland into a strong and viable company, and increasing shareholder value.”
About Greenland Corporation
Greenland Corporation is an information technology holding company, with equity interests in data storage and systems integration, and whose wholly owned subsidiary, Check Central, is the developer of the Check Central Solutions(TM) 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, as well as open platform capability for future 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 [http://www.greenlandcorp.com].