ITC Buys Stake in Greenland to Enter PEO Market

Imaging Technologies Corporation (OTC Bulletin Board: IMTO) today reported that it completed its acquisition of controlling interest in Greenland Corporation (OTC Bulletin Board: GRLC). At the Closing, ITEC issued a convertible note for $2.25 million in exchange for approximately 19 million shares of Greenland common stock (60% of the issued and outstanding shares at the closing date); and for warrants that, upon reaching certain triggers, and fully exercised, will result in ITEC having acquired an additional 30% ownership interest in Greenland. Brian Bonar, Chairman and CEO of ITEC will a...