SOURCE: GreenMan Technologies Inc

GreenMan Technologies Inc

November 17, 2009 09:15 ET

GreenMan Subsidiary Signs Agreement With Industry Leader in Alternative Fuel Engine Design

CARLISLE, IA--(Marketwire - November 17, 2009) - GreenMan Technologies, Inc. (OTCBB: GMTI) today announced that its subsidiary, American Power Group, Inc. ("APG") has entered a technical consulting agreement with Robert Natkin, a world-renowned expert in alternative engine technology. Mr. Natkin's work with APG will focus on upgrading and expanding future capabilities of APG's dual fuel products for the diesel-powered vehicular market.

Mr. Natkin spent a progressive 32-year career with Ford Motor Company as a Technical Specialist and Design Technical Leader in the Advanced Engine Department, Advanced Powertrain Technology & Materials Department, and on the Hydrogen IC Engines Program in the Powertrain Research Department. In the past few years, Mr. Natkin has consulted on various Compressed Natural Gas ("CNG") designs and methodologies of achieving full CARB (California Air Resources Board) and EPA emission certification for various alternative fuel products.

Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "We are elated to have someone with Bob's industry experience endorse our APG dual fuel technology and provide his expertise as we expand our dual fuel capabilities with CNG, bio-methane, and other applicable dual fuel combinations. His vast knowledge of engine designs and emissions criteria will accelerate our in-house development of emission reduction upgrades necessary to meet the new EPA requirements being implemented over the next five years. The EPA recently reported that there are 13 million diesel powered vehicles and 7 million stationary diesel generators in operation in the United States. All of these diesel engines are candidates for APG's alternative dual fuel aftermarket upgrade system which provides the flexibility for an engine to operate on a combination of diesel and CNG or 100% diesel. While running on dual fuel, significant net fuel savings and lower emissions are achieved."

Jensen further stated, "Over the past 100 days, we have made significant progress in expanding our sales and technical support teams and are pleased with the level of interest being expressed by the installed base of diesel engine owners in our products and services. At the end of July, we anticipated that it would take two to three quarters to create meaningful recurring revenues and we believe we are right on track to meet that business objective."

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 duel 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 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 facts that we have sold the tire recycling operations which have historically generated substantially all our revenue, the risk that we may not be able to increase the revenue of our Green Tech Products, 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

  • GreenMan Contacts:
    Chuck Coppa
    CFO
    Lyle Jensen
    CEO
    781-224-2411

    Investor Relations:
    Jennifer Belodeau
    John Nesbett
    Institutional Marketing Services
    203-972-9200