POWELL, Tenn., Aug. 4, 2004 (PRIMEZONE) -- Mr. Nick Plessas President of Green Dolphin Systems Corp., (Pink Sheets:GDLS), announced that the Company has received a Letter of Intent from MTD Group of England to distribute the Green Dolphin products to the retail and commercial outlets throughout the United Kingdom, Belgium, Holland, France and Germany. Mr.Plessas stated "Green Dolphin's relationship with MTD should be an important element of our international distribution plans because our investigation has convinced us that MTD is an established company which appears to have a strong existing distribution system through wholesalers in five European countries."
MTD Group President, Mr. John Strong added "after three months of product sampling and market research it is evident our organization is entering a mutually beneficial long term relationship with Green Dolphin that has clearly expressed strong management fundamentals, research and development pedigree, proven products and a vision of positioning eco-friendly technologies in the European community."
Green Dolphin expects to sign a definitive agreement with MTD in the near future which as contemplated is to be based on a schedule of escalating purchase orders to be submitted on a quarterly basis over the next five years.
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.