CARLISLE, IA--(Marketwire - February 17, 2010) - GreenMan Technologies, Inc. (
OTCBB:
GMTI)
today announced that its Annual Shareholders' meeting will be held on
Wednesday, March 31, 2010, at 9:00 A.M. at the Burlington Marriott, One
Burlington Mall Road, Burlington, Massachusetts, 01803. In conjunction with
the mailing of the proxy statement for the Annual Meeting and the Annual
Report for the fiscal year ended September 30, 2009, the following letter
to the shareholders of GreenMan was included.
To Our Shareholders:
Fiscal 2009 was a transformational year for GreenMan, one in which we
completed the sale of our scrap tire recycling operations for almost $28
million and also made great strides in establishing a blueprint for our
future success. Despite the difficult economic landscape encountered in
2009, as I write to you today, GreenMan has approximately $4 million in
cash on the balance sheet which provides a strong foundation from which we
intend to grow our business, capitalize on future projects and increase
shareholder value.
A notable achievement during fiscal 2009 was our purchase of American Power
Group ("APG") in July 2009. APG has developed a state-of-the-art,
patented, retrofit dual fuel upgrade option for diesel engines, allowing
engines to burn less diesel fuel, thereby reducing emissions as well as
operating expenses. With legislation pending to reduce greenhouse gas
emissions and efforts underway to limit our country's dependence on foreign
oil, we believe alternative energy solutions, such as the technology
provided by APG, will represent a large growth industry in the years to
come. Likewise, APG's dual fuel solution has generated strong
international interest, particularly in countries that rely on diesel
generators due to inconsistent power grid service. APG's technology has
both stationary and vehicular applications and, by using this dual fuel
technology, a diesel engine or generator may be upgraded to operate on a
combination of compressed natural gas and diesel; on diesel fuel and
bio-methane, or on 100% diesel fuel as the situation requires. The system
is capable of displacing 40%-60% of an engine's diesel fuel usage which has
historically translated to net fuel cost savings of 25%-40% over that of
engines running solely on diesel fuel. Additionally, the APG system is
non-invasive to the original equipment manufacturer's engine which allows
the engine to run within all performance limits without any performance
loss.
In the months since the acquisition was completed, GreenMan has mobilized
to fully commercialize APG's dual fuel technology on a worldwide basis,
focusing on becoming the retrofit provider of choice for the estimated 20
million diesel engines in the U.S. and the estimated 40 million diesel
engines operating internationally. The demand for alternative fuel
solutions is driven by the desire for net fuel savings and improved
emissions with the market for upgrades on older generators and diesel
engines estimated to be in the hundreds of millions, if not several
billions of dollars and noticeably underserved. Our domestic business is
comprised primarily of stationary applications for generators in facilities
such as government buildings, universities, cold storage warehouses,
cities/towns, data storage centers and hospitals which are required by
federal law to have seven full days of back-up diesel or alternative fuel
power in the event of a natural or man-made disaster. We are exploring
opportunities with vehicular applications in North America, including light
to heavy duty diesel fleet trucks, refuse trucks, government vehicles and
school buses. Internationally, APG has provided stationary applications
within corporate buildings, hotels, manufacturing facilities and oil
drilling rigs as well as vehicular applications for delivery trucks, city
buses and government vehicles. South America, Africa, India, and Pakistan
are among the countries where APG has provided its technology.
With diesel fuel prices forecasted to increase and the growing worldwide
focus on protecting the environment through the reduction of greenhouse gas
emissions, we believe APG's dual fuel technology is the right solution at
the right time. We are optimistic about the market opportunities available
to us via APG's technology and believe our investment in diesel engine dual
fuel upgrades will result in a promising future for our Company and
long-term value for our shareholders.
During fiscal 2009, the struggling economy and tighter discretionary
spending impacted our Green Tech Products subsidiary as customers delayed
or eliminated playground related expenditures. Despite these challenges, we
have solidified our existing relationships with municipalities, school
board associations and state-based departments of natural resources during
the past year and have made progress toward expanding our footprint into
new geographic markets. We believe our past work and experience as a
provider of safe, ADA accessible and compliant playgrounds will continue to
differentiate us in the marketplace during the coming year.
Fiscal 2009 was a tremendous year for GreenMan and we are energized by the
prospect of what we can accomplish in fiscal 2010 and beyond. We are taking
a disciplined approach to establishing our marketing structure and building
customer loyalty across our entire organization while also remaining
focused on operational excellence.
Thank you for your continued support of GreenMan Technologies; we look
forward to sharing future successes.
Sincerely,
Lyle Jensen
President and Chief Executive Officer
GreenMan Technologies, Inc.
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. 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.greenman.biz,
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