Contact Information: GreenMan Contacts: Chuck Coppa CFO Lyle Jensen CEO 781-224-2411 Investor Relations: Jennifer Belodeau John Nesbett Institutional Marketing Services 203-972-9200
GreenMan Subsidiary Signs Agreement With Industry Leader in Alternative Fuel Engine Design
| Source: GreenMan Technologies Inc
CARLISLE, IA--(Marketwire - November 17, 2009) - GreenMan Technologies, Inc. (OTCBB : GMTI )
today announced that its subsidiary, American Power Group, Inc. ("APG") has
entered a technical consulting agreement with Robert Natkin, a
world-renowned expert in alternative engine technology. Mr. Natkin's work
with APG will focus on upgrading and expanding future capabilities of APG's
dual fuel products for the diesel-powered vehicular market.
Mr. Natkin spent a progressive 32-year career with Ford Motor Company as a
Technical Specialist and Design Technical Leader in the Advanced Engine
Department, Advanced Powertrain Technology & Materials Department, and on
the Hydrogen IC Engines Program in the Powertrain Research Department. In
the past few years, Mr. Natkin has consulted on various Compressed Natural
Gas ("CNG") designs and methodologies of achieving full CARB (California
Air Resources Board) and EPA emission certification for various alternative
fuel products.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "We
are elated to have someone with Bob's industry experience endorse our APG
dual fuel technology and provide his expertise as we expand our dual fuel
capabilities with CNG, bio-methane, and other applicable dual fuel
combinations. His vast knowledge of engine designs and emissions criteria
will accelerate our in-house development of emission reduction upgrades
necessary to meet the new EPA requirements being implemented over the next
five years. The EPA recently reported that there are 13 million diesel
powered vehicles and 7 million stationary diesel generators in operation in
the United States. All of these diesel engines are candidates for APG's
alternative dual fuel aftermarket upgrade system which provides the
flexibility for an engine to operate on a combination of diesel and CNG or
100% diesel. While running on dual fuel, significant net fuel savings and
lower emissions are achieved."
Jensen further stated, "Over the past 100 days, we have made significant
progress in expanding our sales and technical support teams and are pleased
with the level of interest being expressed by the installed base of diesel
engine owners in our products and services. At the end of July, we
anticipated that it would take two to three quarters to create meaningful
recurring revenues and we believe we are right on track to meet that
business objective."
About GreenMan Technologies
GreenMan Technologies, through its subsidiaries, provides technological
processes and unique marketing programs for alternative energy, renewable
fuels and innovative recycled products. The Company's alternative energy
subsidiary, American Power Group, Inc. (APG) provides a cost-effective
patented duel fuel technology for diesel engines. APG's dual fuel
alternative energy system is a unique external fuel delivery enhancement
system that converts existing diesel engines into more efficient and
environmentally friendly engines that have the flexibility to run on: 1)
diesel fuel and compressed natural gas ("CNG"); 2) diesel fuel and
bio-methane, or 3) 100% diesel fuel depending on the circumstances. The
proprietary technology seamlessly displaces up to 70% of the normal diesel
fuel consumption with CNG or bio-methane and the energized fuel balance
between the two fuels is maintained with a patented control system ensuring
the engines operate to Original Equipment Manufacturers' ("OEM") specified
temperatures and pressures with no loss of horsepower. Installation
requires no engine modification unlike the more expensive high-pressure
alternative fuel systems in the market. Through our Green Tech Products
subsidiary, the company develops and markets branded products and services
that provide schools and other political subdivisions viable solutions for
safety, compliance, and accessibility including recycled surfacing. See
additional information at: www.americanpowergroupinc.com and
www.playgroundcompliance.com
"Safe Harbor" Statement: Under the Private Securities Litigation Reform Act
With the exception of the historical information contained in this news
release, the matters described herein contain "forward-looking" statements
that involve risks and uncertainties that may individually or collectively
impact the matters herein described, including but not limited to the facts
that we have sold the tire recycling operations which have historically
generated substantially all our revenue, the risk that we may not be able
to increase the revenue of our Green Tech Products, the risks that we may
not be able to identify and acquire complementary businesses and that we
may not be able successfully to integrate any such acquisitions with our
current businesses, the risk that we may not be able to return to sustained
profitability, the risk that we may not be able to secure additional
funding necessary to grow our business, on acceptable terms or at all, the
risk that, if we have to sell securities in order to obtain financing, the
rights of our current stockholders may be adversely affected, and the risks
of possible adverse effects of economic, governmental, seasonal and/or
other factors outside the control of the Company, which are detailed from
time to time in the Company's SEC reports, including the Annual Report on
Form 10-KSB for the fiscal period ended September 30, 2008. The Company
disclaims any intent or obligation to update these "forward-looking"
statements.