POWELL, Tenn., Dec. 23, 2004 (PRIMEZONE) -- Green Dolphin Systems Corp. (Pink Sheets:GDLS) announced today it has entered into negotiations for an acquisition of a complementary manufacturing company located in Canada. This company currently produces ten biodegradable products which have, for the last three years, been distributed to supermarket chains, hardware stores and department stores in Canada. This business opportunity offers Green Dolphin a platform from which to expand distribution through the retail sector.
On the international level, Green Dolphin has received invitations from three companies in the Middle East and Africa to establish distribution of Green Dolphin products. In mid-January, 2005, a Green Dolphin officer is scheduled to meet with government officials in United Arab Emirates and Tanzania, prospective corporate clients and agents to discuss marketing, sales and distribution, and explore these and other opportunities that may exist in the area.
Through its counsel, Green Dolphin has provided information under SEC rule 15c2-11 to a securities broker who has submitted the information, with an NASD Form 211, to the NASD seeking approval to submit quotations for GDLS shares on the Over-the-Counter Bulletin Board. We will continue to inform shareholders of the status of this effort over the next few weeks.
On behalf of the staff, officers and directors of Green Dolphin, we extend our thanks to all the shareholders, and wish everyone a Happy Holiday Season and a Healthy and Prosperous New Year.
Safe Harbor
This announcement contains forward-looking statements that involve risks and uncertainties, including those relating to the Company's ability to develop and expand its business. Actual results may differ materially from the results anticipated and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among other things, the Company's limited operating history, its limited financial resources, intense competition within the technology industry, incapacity to market and develop its technological capacities, difficulties and risks associated with operating in foreign jurisdictions, domestic and global economic conditions and conditions of the equity markets. More information about the potential factors that could affect the Company's business and financial results is and will be included in the Company's filings with the Securities and Exchange Commission.