GreenMan Technologies, Inc. Subsidiary Awarded Master Agreement From State of Iowa
Initial Project Will Provide American Disability Act (ADA) and Safety Compliant Surfacing for 22 State Parks
DES MOINES, IA--(Marketwire - September 9, 2008) - GreenMan Technologies, Inc. (OTCBB: GMTI), a
leading regional tire recycler of over 12 million scrap tires per year and
emerging leader in patented cold-cure recycled rubber molded products,
today announced that its wholly owned subsidiary, Welch Products, Inc., has
been awarded a Master Agreement from the State of Iowa for Welch's
playground safety tile surfacing and playground compliance services. The
agreement provides for any Iowa government entity to make purchases under
the agreement for a minimum of one year and up to three years.
The initial projects awarded from this agreement consist of the
installation of Welch's DuroMat "Extended Life®" tile surfacing at 22
State Parks. The installation of the surfacing will be overseen by Welch's
playground compliance staff in cooperation with Iowa Department of Natural
Resources ("IDNR") State Park Rangers. The IDNR Scrap Tire Development
Program provided funding for this project and requires the use of value
added products derived from Iowa scrap tires.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated,
"This master agreement affirms the further acceptance of GreenMan's value
model of providing multiple policy and product solutions for government
entities. We will continue to employ the best aspects of recycling, green
technology, safety and accessibility for our customers and look forward to
a successful partnership with the State of Iowa, providing its taxpayers
with innovative and sustainable solutions."
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
our 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 June 30, 2008. The
Company disclaims any intent or obligation to update these
"forward-looking" statements.
Contact Information: Contacts:
Chuck Coppa
CFO
Lyle Jensen
CEO
GreenMan Technologies
800-526-0860