GreenMan Purchases and Retires Warrants to Purchase 4.8 Million Shares of Its Common Stock Held by Its Former Secured Lender

CARLISLE, IA--(Marketwire - March 26, 2009) - GreenMan Technologies, Inc. (OTCBB: GMTI), announced that it has purchased and retired warrants to purchase 4,811,905 shares of common stock at an exercise price of $.01 per share representing 100% of remaining warrants held by its former secured lender, Laurus Master Fund, Ltd for $700,000 in cash, or approximately $0.145 per share.

Lyle Jensen, GreenMan's President and Chief Executive Officer said, "We believe the purchase and retirement of these warrants to be a prudent use of our capital, reflecting our continued efforts to enhance long-term shareholder value. Elimination of the overhang associated with the anticipated future issuance of over 4.8 million freely tradable shares with a $0.01 cost basis has been a priority of ours for quite some time. Given current market conditions, we were able to negotiate a price of less than 50% of the cash value of our common stock."

Mr. Jensen added, "While we accept the fact that we are living in challenging economic times, we believe GreenMan is well positioned to capitalize on proven strategic opportunities given our strong cash position, tighter capitalization structure and virtually debt-free balance sheet. We continue to make progress in our due diligence efforts in the areas of renewable fuels and alternative energy while targeting opportunities that can provide shareholders with both near term cash flow and longer term sustainable growth."

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. Through the company's 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. Our Renewable Fuels and Alternative Energy subsidiary supports our strategic objective to pursue opportunities to commercialize green-based technologies that convert waste feedstock into bio-fuels and other waste-to-energy solutions. To learn more about all of the companies, please visit www.greenman.biz.

"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 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 of our Welch division, 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.

Contact Information: Contacts: Chuck Coppa CFO Lyle Jensen CEO GreenMan Technologies 781-224-2411