CARLISLE, IA--(Marketwire - July 29, 2010) - GreenMan Technologies, Inc. (
Robert Brown, Senior Research Analyst at Craig Hallum, commented: "Details of the pending Senate Energy bill (now the Clean Energy Jobs And Oil Company Accountability Act) were released last night. The bill includes over $4 billion in new incentives for the adoption of natural gas vehicles including: (1) a doubling of the current per-vehicle tax credits -- both light-duty and heavy-duty vehicles; (2) new grants for refueling stations; and (3) a loan program for the cost of expanding manufacturing of alternative fueled vehicles and components. This is better than we had expected, particularly the station grants and light-duty incentives."
He further stated, "We believe this new support for natural gas vehicles will help drive adoption and is very positive for publicly traded companies in the space." GreenMan was cited as one of six public companies highlighted in the update, positioned to benefit from the pending legislation.
GreenMan's American Power Group Subsidiary provides a cost-effective dual fuel technology that allows vehicular and stationary diesel engines to run on a mixture of diesel and natural gas. The technology is unique because it provides an inexpensive energy and emission reducing retrofit solution targeting the over 5 million heavy duty trucks and buses in operation today in the United States.
Craig Hallum has not received investment banking revenue from GreenMan. Craig Hallum may seek compensation for investment banking services from GreenMan in the future. Craig Hallum does not provide formal research coverage of GreenMan.
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 dual 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, Inc. 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 fact that we have sold the tire recycling operations which have historically generated substantially all our revenue and that we will be prohibited from competing in that business on a regional basis until 2013; the risk that we may not be able to increase the revenue or improve the operating results of our Green Tech Products or American Power Group divisions; 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; the risk that we may not be able to increase the demand for our products and services; the risk that we may not be able to adequately protect our intellectual property; and 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-K for the fiscal year ended September 30, 2009. The Company disclaims any intent or obligation to update these "forward-looking" statements.
Contact Information:
Contacts:
Chuck Coppa
CFO
or
Lyle Jensen
CEO
GreenMan Technologies
781-224-2411
Investor Relations Contacts:
John Nesbett or Jennifer Belodeau
Institutional Marketing Services (IMS)
203-972-9200