SAVAGE, MN--(Marketwire - August 12, 2008) - GreenMan Technologies, Inc. (OTCBB: GMTI), a leading regional tire recycler and emerging leader in patented cold-cure recycled rubber molded products, announced today results for the three and nine months ended June 30, 2008.

Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "We are very pleased with the June quarterly results of both business segments and the resulting 42% increase in overall revenue and almost tripling of income from continuing operations after taxes to $632,000. We believe the tripling of income from continuing operations over 2007's third quarter reaffirms the success of our turnaround. Tire recycling revenue was up over 25% compared to a year ago due to a 25% increase in overall tire derived end product revenues and a 15% increase in scrap tire volumes. Our recently acquired molded recycled rubber products business segment enjoyed a 46% increase in revenue for the June quarter compared to the March quarter and as of the nine months ended June 30, 2008, have surpassed their total revenue for the pro-forma previous fiscal year. We are well positioned to take advantage of continued strong demand for our end products as we enter the seasonally strong fourth quarter."

Mr. Jensen further stated, "Our focus during the past two years on quality of revenue, earnings and cash flow has created significant internal value that is not easily recognized due to the historical debt on our balance sheet. The good news is that this phenomenal turnaround of the income statement will allow GreenMan to be in a better position to address our remaining balance sheet issues in the upcoming quarters."

Conference Call Scheduled for 10:00 a.m. Today

Please join us today, August 12, 2008 at 10:00 AM EDT for a conference call in which we will discuss the results for the quarter ended June 30, 2008. To participate, please call 1-877-874-1586 and ask for the GreenMan call. A replay of the conference call can be accessed until 11:50 PM on August 29, 2008 by calling 1-888-203-1112 and entering pass code 5794885.

Financial Overview

In September 2005, due to the magnitude of continued operating losses, our Board of Directors approved plans to divest the operations of our GreenMan Technologies of Georgia, Inc. subsidiary and dispose of its respective assets. Accordingly, we have classified all remaining liabilities associated with our Georgia entity and its results of operations as discontinued operations for all periods presented in the accompanying consolidated financial statements. On June 27, 2008, our Georgia subsidiary filed for liquidation under Chapter 7 of the federal bankruptcy laws in the Bankruptcy Court of the Middle District of Georgia. As a result of the bankruptcy proceedings we have relinquished control of our Georgia subsidiary to the Bankruptcy Court and therefore have de-consolidated substantially all remaining obligations from our financial statements as of June 30, 2008. On October 1, 2007, we acquired Welch Products, Inc. in exchange for 8,000,000 newly issued shares of our commons stock. The results described below include the operations of Welch since October 1, 2007.

Three Months ended June 30, 2008 Compared to the Three Months ended June 30, 2007

Net sales for the three months ended June 30, 2008 increased $2,238,000 or 42 percent to $7,558,000 as compared to net sales of $5,320,000 for the quarter ended June 30, 2007. The increase is primarily attributable to a 25 percent increase in overall tire derived end product revenues during the three months ended June 30, 2008 and a 15 percent increase in scrap tire volume (we processed approximately 3.5 million passenger tire equivalents during the quarter ended June 30, 2008 as compared to approximately 3.0 million passenger tire equivalents during the same period last year). The remaining increase in revenue was attributable to the inclusion of approximately $886,000 of revenue associated with Welch, our newly acquired subsidiary. The results for the three months ended June 30, 2007 included approximately $54,000 of revenue and 39,000 passenger tire equivalents associated with an Iowa scrap tire cleanup project which was completed during that quarter.

Gross profit for the three months ended June 30, 2008 was $2,515,000 or 33 percent of net sales, compared to $1,742,000 or 33 percent of net sales for the three months ended June 30, 2007. The results for the three months ended June 30, 2008 included Welch, which had a gross profit of $285,000 or 32 percent of its net sales.

Selling, general and administrative expenses for the three months ended June 30, 2008 increased $433,000 to $1,378,000 or 18 percent of net sales, compared to $945,000 or 18 percent of net sales for the three months ended June 30, 2007. The increase was primarily attributable to the inclusion of $394,000 associated with Welch, including an ongoing significant investment in sales and marketing efforts to promote the Welch patented products and establish market presence.

Interest and financing expense for the three months ended June 30, 2008 decreased $63,000 to $497,000, compared to $560,000 during the three months ended June 30, 2007. The decrease was primarily due to reduced interest rates and outstanding principal.

As a result of the foregoing, our income from continuing operations after income taxes increased $420,000 or 198 percent to $632,000 for the three months ended June 30, 2008 as compared to $212,000 for the three months ended June 30, 2007.

During the three months ended June 30, 2008 we recognized income from discontinued operations of $2,361,000 associated with a one time, non-cash gain resulting from the de-consolidation of our inactive Georgia subsidiary which filed Chapter 7 bankruptcy during the quarter. During the quarter ended June 30, 2007 we reached agreements with several Georgia vendors regarding remaining past due amounts resulting in approximately $102,000 of income from discontinued operations.

Our net income for the three months ended June 30, 2008 was $2,993,000 or $.10 per basic share as compared to net income of $314,000 or $.01 per basic share for the three months ended June 30, 2007.

Nine Months ended June 30, 2008 Compared to the Nine Months ended June 30, 2007

Net sales for the nine months ended June 30, 2008 increased $4,038,000 or 30 percent to $17,710,000 as compared to the net sales of $13,672,000 for the nine months ended June 30, 2007. The increase is primarily attributable to a 26 percent increase in overall tire derived end product revenues during the nine months ended June 30, 2008 and a 7 percent increase in scrap tire volume (we processed approximately 9.5 million passenger tire equivalents during the nine months ended June 30, 2008 as compared to approximately 9.0 million passenger tire equivalents during the same period last year). The remaining increase in revenue was attributable to the inclusion of approximately $2,094,000 of revenue associated with Welch, our newly acquired subsidiary. The results for the nine months ended June 30, 2007 included approximately $404,000 of revenue and 205,000 passenger tire equivalents associated with an Iowa scrap tire cleanup project which was completed during that period.

Gross profit for the nine months ended June 30, 2008, was $5,300,000 or 30 percent of net sales, compared to $4,001,000 or 29 percent of net sales for the nine months ended June 30, 2007. The results for the nine months ended June 30, 2008 included Welch, which had a gross profit of $623,000 or 30 percent of its net sales.

Selling, general and administrative expenses for the nine months ended June 30, 2008, increased $1,182,000 to $3,996,000 or 23 percent of net sales, compared to $2,814,000 or 21 percent of net sales for the nine months ended June 30, 2007. The increase was attributable to the inclusion of $1,237,000 associated with Welch, including a significant investment in sales and marketing efforts to promote the Welch patented products and establish market presence.

As a result of the foregoing, we had operating income from continuing operations of $1,304,000 during the nine months ended June 30, 2008 as compared to operating income of $1,188,000 for the nine months ended June 30, 2007.

Interest and financing expense for the nine months ended June 30, 2008, decreased $117,000 to $1,489,000 compared to $1,606,000 during the nine months ended June 30, 2007. The decrease was primarily due to reduced interest rates and outstanding principal.

We recorded a provision for state income tax expense of approximately $52,000 during the nine months ended June 30, 2008 as compared to approximately $32,000 for the same period last year.

As a result of the foregoing, our loss from continuing operations after income taxes decreased $225,000 or 49 percent to $230,000 for the nine months ended June 30, 2008 as compared to a loss of $455,000 for the nine months ended June 30, 2007.

During the nine months ended June 30, 2008, we recognized income from discontinued operations of $2,361,000 associated with a one time, non-cash gain resulting from the de-consolidation of our inactive Georgia subsidiary which filed Chapter 7 bankruptcy in June 2008. During the nine months ended June 30, 2007 we reached agreements with several Georgia vendors regarding remaining past due amounts resulting in approximately $112,000 of income from discontinued operations.

Our net income for the nine months ended June 30, 2008, was $2,131,000 or $.07 per basic share as compared to a net loss of $344,000 or $.02 per basic share for the nine months ended June 30, 2007.

About GreenMan Technologies

GreenMan Technologies pursues technological processes and unique marketing programs to transform recycled materials into renewable fuel, alternative energy, recycled feedstock, and innovative recycled products. Over twelve million tires are collected and recycled annually into tire-derived fuel, tire-derived aggregate, and crumb rubber feedstock for playground, athletic track and field, and road surfacing. Through GreenMan's subsidiary, Welch Products, the company develops and markets branded products and services that provide schools and other political subdivisions viable solutions for safety, compliance, and accessibility. To learn more about all of the companies, please visit the following websites: www.welchproducts.com; www.nssi-usa.com; www.playtribe.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 risk and uncertainties that may individually or collectively impact the matters herein described, including but not limited to the possibility that we may not be able to secure the financing necessary to return to sustained profitability, our ability to successfully integrate the recent Welch Products acquisition and realize the anticipated benefits, the possibility that we may not realize the benefits of product acceptance, economic, competitive, governmental, seasonal, management, technological 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 Quarterly Report on Form 10-QSB for the fiscal period ended March 31, 2008. The Company disclaims any intent or obligation to update these "forward-looking" statements.

Condensed Consolidated Statements of Operations


                          Three Months Ended         Nine Months Ended
                                June 30,                  June 30,
                          2008         2007         2008          2007
                      -----------  -----------  ------------  ------------

Net sales             $ 7,558,000  $ 5,320,000  $ 17,710,000  $ 13,672,000
Cost of sales           5,043,000    3,578,000    12,410,000     9,670,000
                      -----------  -----------  ------------  ------------
   Gross profit         2,515,000    1,742,000     5,300,000     4,002,000
Selling, general and
 administrative         1,378,000      945,000     3,996,000     2,814,000
                      -----------  -----------  ------------  ------------
   Operating income
    from continuing
    operations          1,137,000      797,000     1,304,000     1,188,000
                      -----------  -----------  ------------  ------------
Other income
 (expense):
   Interest and
    financing expense    (497,000)    (560,000)   (1,489,000)   (1,606,000)
   Other, net              (8,000)       7,000         8,000        (5,000)
                      -----------  -----------  ------------  ------------
      Other expense,
       net               (505,000)    (553,000)   (1,481,000)   (1,611,000)
Income (loss) from
 continuing
 operations               632,000      244,000      (178,000)     (423,000)
Provision for income
 taxes                         --       32,000        52,000        32,000
                      -----------  -----------  ------------  ------------
Income (loss) from
 continuing
 operations after
 income taxes             632,000      212,000      (230,000)     (455,000)
Discontinued
 operations:
   Gain from
    discontinued
    operations          2,361,000      102,000     2,361,000       112,000
                      -----------  -----------  ------------  ------------
Net loss              $ 2,993,000  $   314,000  $  2,131,000  $   (343,000)
                      ===========  ===========  ============  ============

Income (loss) from
 continuing
 operations per
 share - basic        $      0.02  $      0.01  $      (0.01) $      (0.02)
Gain from
 discontinued
 operations per
 share - basic               0.08           --          0.08            --
                      -----------  -----------  ------------  ------------
Net income per
 share - basic        $      0.10  $      0.01  $       0.07  $      (0.02)
                      ===========  ===========  ============  ============
Net income per
 share - diluted      $      0.08  $      0.01  $       0.06  $      (0.02)
                      ===========  ===========  ============  ============

Weighted average
 shares outstanding
 - basic               30,880,000   21,588,000    30,880,000    21,527,000
                      ===========  ===========  ============  ============
Weighted average
 shares outstanding
 - diluted             35,497,000   27,340,000    35,558,000    21,527,000
                      ===========  ===========  ============  ============




Condensed Consolidated Balance Sheet Data


                                                  June 30,    September 30,
                                                    2008          2007
                                                ------------  ------------
                       Assets
Current assets                                  $  7,500,000  $  3,760,000
Property, plant and equipment (net)                6,624,000     5,219,000
Goodwill                                           2,290,000            --
Other assets                                       1,510,000       312,000
                                                ------------  ------------
                                                $ 17,924,000  $  9,291,000
                                                ============  ============
       Liabilities and Stockholders' (Deficit)

Current liabilities                             $ 18,426,000  $  4,262,000
Notes payable, non-current                         2,622,000    10,807,000
Capital lease obligations, non-current             1,530,000     1,273,000
Deferred gain on sale leaseback                      243,000       270,000
Obligations due under lease settlement               580,000       580,000
Liabilities related to discontinued operations       398,000     3,019,000
Stockholders' deficit                             (5,875,000)  (10,920,000)
                                                ------------  ------------
                                                $ 17,924,000  $  9,291,000
                                                ============  ============

Contact Information: Contacts: Chuck Coppa CFO or Lyle Jensen CEO GreenMan Technologies 800-526-0860