SOURCE: GreenMan Technologies, Inc.

GreenMan Technologies, Inc.

January 04, 2011 09:00 ET

GreenMan Engages Northland Capital Markets as Strategic Financial Advisor

Another Key Building Block in Supporting EPA Test Exemptions and Preparing for CY 2011 Revenue Growth

CARLISLE, IA--(Marketwire - January 4, 2011) - GreenMan Technologies, Inc. (OTCBB: GMTI) reported today that the Company has engaged Northland Capital Markets ("Northland") to provide strategic advice. GreenMan's Board of Directors believes Northland's acknowledged experience with Alternative Energy companies in capital raising activities, mergers and acquisitions, and other matters will assist the Company in making key strategic decisions to accelerate GreenMan's expansion of its EPA approved domestic vehicular dual fuel testing initiative as well as its international marketing efforts.

Robert Castle, Managing Director of Investment Banking for Northland commented, "We are pleased that GreenMan has selected Northland as their strategic financial advisor. At Northland, we are committed to providing capital markets insights, knowledge and strategies for our clients, while delivering tailored advice to emerging companies with unique proven technologies. Given our familiarity with the Alternative Energy sector, particularly in the area of natural gas vehicles, we believe GreenMan's non-invasive dual fuel technology utilizing natural gas concurrently with diesel has broad applicability to both domestic and international markets. We look forward to assisting GreenMan in their efforts to become one of the prominent players in using natural gas as a transportation and alternative to diesel energy source."

Lyle Jensen, GreenMan's President and Chief Executive Officer stated, "Our December 20th announcement of the first ever EPA Test Exemption approval for aftermarket dual fuel diesel trucks is generating significant interest, both domestically and internationally. To help achieve our anticipated 2011 domestic commercialization initiative and continued international expansion, we are pleased to partner with Northland. Clearly, they have extensive industry knowledge and have helped provide strategic advice, including capital raising activities, for other well-known public companies in the Alternative Energy sector." Mr. Jensen added, "To date, we have been approached by over 70 companies operating diesel fleets ranging from 10 vehicles to over 10,000 vehicles in a wide range of diesel vehicular markets, most of which would be ideal candidates for our upgraded dual fuel technology. As our test trials continue to be successful, our international efforts are gaining momentum in countries such as Australia, Africa and India where our dual fuel solutions are being viewed as integral steps towards achieving corporate sustainability goals. I am confident that with the strategic advice from Northland, we are looking forward to an exciting 2011 and beyond."

About Northland Capital Markets
Northland Capital Markets is a full-service capital markets group focused on growth companies and their institutional investors. Northland focuses on building long-term relationships with the nation's leading institutional investors and to provide capital markets and financial advisory services to corporate clients. Northland provides institutional sales, equity research, trading and investment banking services and has industry sector expertise in Alternative Energy, Business Services, Consumer, Healthcare, Financials, Metals and Mining, and Technology. Northland Capital Markets is the trade name for certain capital markets and investment banking services of Northland Securities, Inc., member FINRA/SIPC.

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 subsidiaries, American Power Group, Inc. ("APG") and APG International, Inc. ("APGI") provide 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 65% 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 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
    Lyle Jensen
    CEO
    GreenMan Technologies, Inc.
    781-224-2411

    Investor Relations Contacts:
    John Nesbett
    Jennifer Belodeau
    Institutional Marketing Services (IMS)
    203-972-9200