Greenland & Seren Settle

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 [][1].




Third quarter 2001 net earnings per share
increased 22% to 50 cents from last year’s 41 cents. Trailing year net
earnings per share improved 24% to $1.93 versus the $1.56 earned during the
comparable period at the end of the third quarter of 2000.

Sales of $6.7 billion for the quarter, were 7% ahead of last year (over
9% ahead excluding the sales of certain non-core Cash and Carry status tobacco
and Quebec food service operations, both of which were discontinued in 2000
and have now cycled as we go into the fourth quarter). The strong sales growth
was evident across the country including positive improvements in Quebec as
the rationalization program continues. Same-store sales for the quarter
increased 4% for the Company, including the effects of some food price
inflation, which eased considerably in the latter half of the quarter. The
sales growth rate in the third quarter, has accelerated as compared to the 6%
growth in the first half of the year.

During the third quarter of 2001, 22 new corporate and franchised stores
were opened (2000 – 10 stores), increasing net square footage during the
quarter by 2%. For the first three quarters of 2001, a total of 43 new
corporate and franchised stores were opened (2000 – 34 stores), resulting in a
4% increase in net square footage.

Operating income for the quarter increased $46 million or 18% to $296
million. Operating margin improved to 4.4% from 4.0% in 2000, while trading
margin (EBITDA divided by sales) improved to 5.9% from 5.4% in 2000. Operating
income for the first three quarters of 2001 has increased $106 million or 17%
with an operating margin of 4.6% as compared to 4.2% in the comparable period
of 2000. These margin improvements resulted from better mix management and
cost control.

Interest expense for the quarter increased 19% to $51 million and 14%
year-to-date as a result of increased net average borrowing levels partially
offset by a decline in borrowing rates. Interest coverage (operating income
divided by interest expense) of 5.8 times for the quarter was equal to that of
the comparable period in the prior year and improved to 6.0 times from 5.8
times on a year-to-date basis. The effective income tax rate for the quarter
and on a year-to-date basis decreased as compared to the prior year in line
with statutory rate reductions to approximately 40%.

The financial position of the Company remains strong. The .87:1 total net
debt to equity ratio at the end of the third quarter of 2001 increased
slightly from the second quarter of this year mainly as a result of increased
debt levels associated with the financing of the President’s Choice Financial
MasterCard receivables. This ratio is expected to improve during the remainder
of the year as the cyclical investment in working capital decreases,
consistent with previous years.

Capital investment of $355 million during the quarter and $730 million on
a year-to-date basis reflects the Company’s continuing commitment to maintain
and renew its asset base and invest for growth across Canada. The estimated
capital investment for 2001 remains at approximately $1.1 billion.

Operating cash flow for the quarter and year-to-date improved primarily
as a result of higher earnings. Cash flows from operations are expected to
approximate capital investment in 2001.

During the third quarter of 2001, $100 million of 7.34% Medium Term Notes
matured. This is in addition to the activity in the first half of the year
which included the issuance of an aggregate amount of $1.04 billion of Medium
Term Notes with interest rates ranging from 6.0% to 7.1% and maturity dates
ranging from 2008 to 2016, the redemption of $50 million of debentures and the
maturity of $100 million of debentures. This net activity contributed to the
increase in debt levels of $722 million.

In last year’s first quarter, the Company adopted, retroactively without
restatement, the new Canadian accounting standards for “Income Taxes” and
“Employee Future Benefits”. The combined effect of the initial adoption was a
decrease in retained earnings of $152 million in 2000.

During the first quarter of 2001, the Company renewed its Normal Course
Issuer Bid to purchase on The Toronto Stock Exchange or enter into forward
contracts for up to 13,812,265 of its common shares, representing
approximately 5% of the common shares outstanding. The Company, in accordance
with the rules and by-laws of The Toronto Stock Exchange, may purchase its
common shares at the then market prices of such shares.


Sales and earnings are expected to continue to grow solidly in the last
quarter of 2001 and into 2002. The Company maintains a strong balance sheet
with solid cash flow, while continuing its billion dollar per year capital
investment program.

Notes (unaudited)

1. Basis of Presentation

The unaudited interim period consolidated financial statements have
been prepared by the Company in accordance with Canadian generally
accepted accounting principles. The preparation of financial data is
based on accounting policies and practices consistent with those used
in the preparation of the audited annual consolidated financial
statements. These unaudited interim period consolidated financial
statements should be read together with the audited annual
consolidated financial statements and the accompanying notes included
in the Company’s 2000 Annual Report.

For 2001, the Company adopted the new Canadian Institute of Chartered
Accountants accounting standards, Section 1751 “Interim Financial
Statements” and Section 3500 “Earnings per Share” (“EPS”),
retroactively with restatement of the prior period. Section 3500
requires the presentation of basic and diluted EPS on the face of the
income statement regardless of the materiality of the difference
between them. In addition, the Company is required to use the
“treasury stock method” to compute the dilutive effect of options
versus the “if converted method”.

Certain prior period’s information was reclassified to conform with
the current period’s presentation.

2. Stock Options

The Company has granted common stock options, 4,762,643 of which were
outstanding at period end. Stock options have up to a 7 year term, are
exercisable at the designated common share price and vest 20%
cumulatively on each anniversary date of the grant after the first
anniversary. Each stock option is exercisable into one common share of
the Company at the price specified in the terms of the option or
option holders may elect to receive in cash the share appreciation
value equal to the excess of the market price at the date of exercise
over the specified option price.

3. Income Taxes

In accordance with the income tax accounting standard, the cumulative
effects of a change in federal or provincial income tax rates on
future income tax assets and liabilities are included in the Company’s
consolidated financial statements at the time of substantial
enactment. The effect of the reduction in the Ontario provincial
income tax rate of 1.5% for each of 2002, 2003, 2004 and 2005 was
reported as a $1 million reduction to future income tax expense in

4. Goodwill Charges

Goodwill charges include income tax recovery of $.7 million
(2000 – $.7 million) for the 40 weeks ended October 6, 2001.

Corporate Profile

Loblaw Companies Limited is Canada’s largest food distributor, with
operations across the country. Loblaw concentrates on food retailing with the
objective of providing consumers with the best in one-stop shopping for
everyday household needs. Loblaw strives to provide superior returns to its
shareholders through a combination of share price appreciation and dividends.

Investor Relations

Shareholders, security analysts and investment professionals should
direct their inquiries or requests to Mr. Geoffrey H. Wilson, Vice President,
Industry and Investor Relations at the Company’s Executive Office.

Additional financial information has been filed electronically with
various securities regulators in Canada through SEDAR.


Transit Card Promotion

MasterCard International announced the results of its MasterCard card promotion with the Washington Metropolitan Area Transportation Authority and the Virginia Railway Express. Jay S. Creswell, Jr. of Vienna, Virginia and Jennifer Curtis Lombardo of Fredericksburg, Virginia are each a recipient of a grand prize vacation to Bermuda. The promotion, targeted to both SmarTrip Card users of the Metrorail system serving Washington, D.C., Maryland and Virginia suburbs and VRE ticket users in northern Virginia, offered commuters the convenience and flexibility of using a MasterCard card to replenish or purchase their travel passes. Commuters who credited or replenished their WMATA SmarTrip Card, or purchased a VRE ticket, using a MasterCard card were automatically entered into the weekly sweepstakes. In addition to the opportunity to win weekly first prizes of $500 MasterCard prepaid cards, two grand prize packages of a 7-day vacation for two were included in the promotion – one for each railway’s user. Pete Sklannik, Jr., chief operating officer, Virginia Railway Express, stated, “The promotional campaign with MasterCard has shown positive response for the VRE.”

“The sweepstakes added special value to the VRE tickets, and translated into increased ticket sales,” said Sklannik. “VRE wishes to thank MasterCard for this sweepstakes promotion, and looks forward to working together again as we expand our working relationship given the program’s success.” “This promotion was a great way to help us meet our goal of further integrating travel between VRE and Metrorail while promoting the convenience of consumer payment cards,” said Ralph Frisbee, manager, advertising and promotion WMATA. “WMATA is pleased with the results and welcomes the opportunity to further collaborate with MasterCard in the future.” “We’ve enjoyed measurable success with this promotion and look forward to working with WMATA and VRE on new programs to drive additional volume,” said Fred Gore, senior vice president, North America Acceptance, MasterCard. “There is great growth potential for MasterCard in the transportation arena. Additional plans to implement similar programs with other transit authorities are underway.”

Gore adds, “The WMATA SmarTrip and VRE ticket promotion is another example of MasterCard’s commitment to expanding payment flexibility and convenience to consumers, as well as helping merchants improve customer service and processing efficiency.” For more information about commuter ticket vending machines, ticket purchases or payment options, please visit or

About MasterCard International

MasterCard International has a comprehensive portfolio of well-known, widely accepted payment brands including MasterCard(R), Cirrus(R) and Maestro(R). More than 1.7 billion MasterCard, Cirrus and Maestro logos are present on credit, charge and debit cards in circulation today. An association comprised of more than 20,000 member financial institutions, MasterCard serves consumers and businesses, both large and small, in 210 countries and territories. MasterCard is a leader in quality and innovation, offering a wide range of payment solutions in the virtual and traditional worlds. MasterCard’s award-winning Priceless(R) advertising campaign is now seen in 80 countries and in more than 36 languages, giving the MasterCard brand a truly global reach and scope. With more than 22 million acceptance locations, no card is accepted in more places and by more merchants than the MasterCard Card. At June 30, 2001, gross dollar volume exceeded US$458 billion. MasterCard can be reached through its World Wide Web site at [][1].




ID Data plc, the UK’s largest supplier of secure transaction systems and
smart card services, announces the appointment of Claire Stone as
Director of Retail Sales. Claire Stone, formerly the European sales
director of WorldPay plc will take over as Director of Retail Sales for ID
Data. Her experience is ideally suited to head the recently expanded retail
sales division at ID Data. This appointment is in line with the company’s
business expansion plans. Claire will be heading up the recently expanded
retail sales team.

Commenting on the appointment, Peter Cox, Chief Executive of ID Data, said:
“Claire’s skills in managing resources and relationships, developing people
and business planning will build on our existing strong position and the
healthy progress we are making. Her background in retail ideally fits our
business and will fuel further expansion. The wide range of skills brought
to ID Data by this appointment includes specific sector expertise in
e-commerce, telecoms, secure payment systems and banking.”

Upon her appointment, Claire Stone said: “ID Data’s products and services
offer real value to our customers’ businesses. I look forward to being part
of this new team and to widening the international retail markets.”

ID Data plc:

ID Data plc is the UK’s largest supplier of secure transaction systems and
smart card to the international telephony, banking, retail and secure access
sectors. The Company strategy has moved from commodity products into
value-added services and solutions, which has created a solid platform on
which to build further growth. Clients include Vodafone UK, BT and C & W,
Barclays Bank, Tesco, and Exxon Mobil. ID Data has formed agreements with
major global corporations to ensure rapid market development as shown by
their partnerships with Toshiba & Toppan, Total Systems Inc. of the United
States of America, PRISM Holdings (Pty) Limited of South Africa and most
recently OneEighty Software Limited. ID Data has now delivered in excess of
60 million chip cards for the telephony sector. The Company was founded in
1988, and was listed on the AIM in October 2000.


Horizon Group President

Hypercom Corporation, the leading global provider of electronic payment systems, appointed Lisa A. Shipley to the position of president, The Horizon Group. The Horizon Group is the nation’s largest processor-independent, full service provider of point-of-sale products and services. Ms. Shipley will be directly responsible for managing and directing the operations of this Hypercom operating entity. Shipley replaces Scott Rutledge.

“Lisa Shipley is an experienced professional in the electronic payments industry, who has contributed significantly to Hypercom’s success over the last several years. She has in-depth experience in all facets of terminal management and sales. Equally important, the customer comes first with Lisa, and that is perhaps the most critical component of success,” said O.B. Rawls, IV, president, Hypercom North America. “She has the talents and skills to run Horizon’s logistics business. She is a very thorough manager, and she knows the Independent Sales Organizations and their markets. Her new appointment and expanded responsibilities are an expression of the importance Hypercom places on providing a comprehensive set of high quality support services, and is directly in line with our objective to bring to market and support our customers with the most advanced, value-added electronic payment systems.”

Prior to joining Hypercom in 1996, Ms. Shipley served as President, Terminal Management Systems, Inc., a wholly-owned subsidiary of NationsBank. In that position, she was directly responsible for all facets of terminal management and sales, including product deployment, sales, service and leasing.

About Horizon ([][1])

Horizon is the country’s largest processor-independent, full-service provider of point-of-sale solutions and services to nationally recognized processors, banks and Independent Sales Organizations. Headquartered in St. Louis, Missouri, Horizon is a leader in customer service. The company has developed a number of industry firsts, including same-day shipping and deployment, as well as on-line warranty and repair tracking.

About Hypercom ([][2])

Hypercom Corporation (NYSE: HYC) is the leading global provider of electronic payment solutions that add value at the point-of-sale for consumers, merchants and acquirers, and yield increased profitability for its customers. Hypercom’s products include secure web-enabled information and transaction platforms that work seamlessly with its networking equipment and software applications for e-commerce, m-commerce, smart cards and traditional payment applications. The company’s widely-accepted ePOS-infocommerce (epic) framework of consumer-activated, EMV-certified, touch-screen ICE (Interactive Consumer Environment) information and transaction platforms enable acquirers and merchants to decrease costs, increase revenues and improve customer retention. Headquartered in Phoenix, Arizona, Hypercom is independently acknowledged as the leading provider of point-of-sale information and transaction platforms. Demand for Hypercom’s platforms surpassed one million units last year alone. Hypercom today maintains an installed base of more than 4 million platforms in over 100 countries, which conduct over 10 billion transactions annually.



State Card Debt

California continues to lead the U.S. in total bank credit card debt with $81.3 billion outstanding at year end 2000. However Nevada is the fastest growing state, jumping 28% last year, according to research released by CardData. Among other states posting the highest gains: Arizona, Idaho, Delaware and Georgia. New Yorkers carried an average bank credit card debt per household of $6,732 last year, compared to $6,556 for Floridians, and $7,070 for Californians.

(As Of 12/31/00)
1. California $81.3 billion +16%
2. New York $47.8 billion +16%
3. Florida $41.3 billion +17%
4. Texas $32.3 billion +18%
5. Illinois $29.0 billion +15%
Source: CardData


Wireless BofA Terminal

Bank of America has introduced a handheld wireless payment terminal for mobile merchants. Manufactured by Thales e-Transactions under the product name of ‘Artema’, the lightweight device is battery-operated. It comes with an integrated thermal printer and is equipped with a base unit that provides the ability to perform dialup downloads and acts as a charging station for the battery. The BofA ‘Wireless Solution’ accesses US Wireless Data’s inter-carrier network, so there is no need to sign up for a separate account. Users can roam nationwide and pay no extra charges, since the network covers 90% of all cosmopolitan areas. When users do end up in a non-coverage area, they can choose to perform the transactions off-line, still swiping the credit card, but storing the transaction data in the terminal.



Symcor Inc. announced that its direct
marketing business, Symcor Direct Response, has reached a four-year agreement
with The Loyalty Management Group Canada Inc. to produce its quarterly AIR
MILES Summary Statement. This statement is delivered to more than 6.7 million
active AIR MILES Collector households across Canada.

The AIR MILES Summary Statement contains a synopsis of Collector
transactions for the quarter, as well as a variety of targeted inserts from
Sponsor organizations, including coupons, special offers and Sponsor

The Summary Statement features an innovative new design that more
effectively organizes and highlights important information and facilitates the
presentation of personalized messages. As well, the solution leverages
advanced innovations in data management, data programming, laser
personalization and lettershop services to enable the AIR MILES Reward Program
to provide the most targeted offers possible for Collectors.

“Symcor Direct Response has unique technology, applications and tools
that can offer its customers enhanced abilities to target customers profitably
and to personalize communications effectively,” said Rich Bassett, President
of Symcor Direct Response.

About Symcor Inc.

Symcor Inc. is a North American leader in providing financial transaction
outsourcing services in two key business areas – Item Processing and Customer
Communication. Symcor provides individualized product and service solutions to
customers in the banking, mutual fund, insurance, retail, telecom and utility
sectors. Symcor’s services include cheque, credit card and payment processing,
application and Web development, and a full range of customer bill and
statement advisory, design, presentment and direct marketing capabilities. For
more information, please visit

About The Loyalty Group

Created by The Loyalty Group in 1992, The AIR MILES(R) Reward Program is
Canada’s most popular loyalty marketing program, with more than 60 per cent of
Canadian households — representing more than 11.2 million Canadians —
actively collecting AIR MILES(R) reward miles with the recognizable blue or
gold cards.


Gift Card Awareness

A new survey has found that 76% of consumers are aware of gift cards as a retail product. Nearly 50 million adults have purchased gift cards and more than 63 million adults have received gift cards in the past 12 months. The findings come from a survey commissioned by First Data’s ‘ValueLink’ service and conducted by TNS Intersearch’s Express Omnibus. Among the three-quarters of consumers aware of gift cards, 44% said they were “very” or “somewhat likely” to purchase as many as four gift cards in the next 12 months with an average value of $44. The research also found the most popular values for purchased cards were $20, $25 and $50, although a majority, 71%, prefer a card with an open-end capability that allows the buyer to determine the dollar amount. Birthdays and the Christmas holiday dominated the list of occasions and reasons people purchased or received an electronic gift card. This year the gift card bandwagon has expanded. Last month Discover announced a gift card and KeyBank unveiled a branch-instantly-issued prepaid MasterCard. Paymentech and Hooters of America also announced in October a gift card program offering ten collectable cards. (CF Library 10/10/01; 10/11/01; 10/16/01; 11/01/01)


MasterCard Storage

MasterCard International has standardized on EMC information storage systems and software for its transaction information infrastructure. In the last three years, MasterCard has nearly tripled its EMC information infrastructure to over 130 terabytes. MasterCard recently consolidated approximately 50TBs of mission critical information onto EMC information storage from multiple environments, including mainframe, Unix and NT. The consolidation took place when MasterCard moved its information from one data center in St. Louis, Missouri to MasterCard’s Technology and Operations facility located in O’Fallon, Missouri. The EMC information infrastructure supports MasterCard’s range of computing platforms, including IBM UNIX, IBM mainframe, Sun Solaris, and Hewlett-Packard Windows NT.


c2it Versus PayPal

Citibank’s ‘c2it’ person-to-person payment service has removed the transaction fee charged to its customers to send money online in the U.S. The move by Citibank is aimed directly at wresting PayPal users away from popular online auction Web sites such as eBay. PayPal, with more than ten million registered users and a 90% market share, is set to launch an IPO. Citibank launched its ‘c2it’ service one year ago and has since signed up more than 225,000 users. Earlier this year Citibank changed its fee structure from a flat $2 fee to a fee ranging from 1.0% to 2.2%, depending on the amount transferred, with a 50 cents minimum. Citibank’s P2P payment service is delivered under various brands such as ‘America Online Quick Cash’. Citibank has branded the service with Microsoft under a deal signed in May. Citibank also signed an exclusive deal with AuctionWatch and took ‘c2it’ global in May. Citibank further announced yesterday it is offering online sellers the opportunity to earn a $5 bounty for every new user they refer to ‘c2it’. When a seller includes the ‘c2it’ logo on the item for sale, or on his or her Web site, and a user clicks on the logo and successfully enrolls in ‘c2it’, the seller earns the $5 referral bonus. In October, Citibank began paying Web sites a $5 bounty for new customers. PayPal also pays a $5 bounty for referring new users. To-date PayPal has racked up more than $230 million in losses since it was launched in early 1999. It expects to raise about $80 million in the upcoming IPO. (CF Library 11/1/00; 5/01/01; 5/02/01; 5/22/01; 9/07/01; 10/02/01; 10/25/01)



ANZ’s new ‘Zed smart VISA’ card hit New Zealand this week as a television ad
campaign kicked in, featuring Brains from the popular Thunderbirds show. The
new card will enable cardholders next month to download discount product
vouchers from retailers, via the card’s Web site, using personal computer
card reader. ANZ expects to deploy more than 30,000 smart card readers to
retailers by year end 2002. As part of the launch, ANZ is expected to have
converted more than 14,000 ATMs to support smart card transactions in both New
Zealand and Australia. ANZ will launch the ‘smart VISA’ product in Australia
next week.