SOURCE: GreenMan Technologies Inc.

GreenMan Technologies Inc.

October 31, 2011 09:00 ET

GreenMan Subsidiary Announces Orders for Dual Fuel Conversion of Twelve Oil Rig Diesel Generators

For Two Leading Independent Oil and Gas Exploration Corporations

LYNNFIELD, MA--(Marketwire - Oct 31, 2011) - GreenMan Technologies, Inc. (OTCQB: GMTI) (PINKSHEETS: GMTI) announced that its American Power Group Inc. ("APG") subsidiary has received three follow-on orders and one new order to convert twelve more diesel generators on domestic drilling rigs to operate using APG's dual fuel technology. The orders were booked through SourceOne Engine Equipment, LLC, its domestic Dealer/Certified Installer ("SourceOne").

The dollar value of the orders is approximately $343,000. While the end customers were not disclosed for competitive reasons, a recent industry survey ranked the two independent oil and gas exploration corporations in the top 40 oil & gas companies in the United States. Two of the conversions were completed in September and two are scheduled to be completed during GreenMan's first fiscal 2012 quarter (December 2011).

Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "During the past 60 days, we have received orders of approximately $374,000 from SourceOne which underscores the notable success we are experiencing in the oil & gas drilling rig industry with our new generation S3000 Series Dual Fuel System." Mr. Jensen added, "At a time when global diesel prices continue to escalate, the ability for oil rig operators to utilize our dual fuel technology with either inexpensive well-head gas or plentiful domestic natural gas as a supplemental fuel is resulting in a less than three month payback in some cases."

Barry Janssen, President of SourceOne Equipment, stated, "We have seen a dramatic increase in our quote activities over the past several weeks given the significant fuel savings and durability performance being realized by oil and gas exploration companies already utilizing APG's dual fuel technology. We believe APG's investment in digital electronics and extensive engine software mapping has set a new standard in dual fuel performance and we are excited to continue introducing this new capability to the oil and gas industry."

About GreenMan Technologies

GreenMan's alternative energy subsidiary, American Power Group, Inc., provide a cost-effective U.S. patented dual fuel aftermarket conversion technology for diesel engines and diesel generators. American Power Group's dual fuel technology is a unique non-invasive energy 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; (2) diesel fuel and liquid natural gas; (3) diesel fuel and well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces 40% to 60% of the normal diesel fuel consumption and the energized fuel balance is maintained with a proprietary electronic controller system ensuring the engines operate to original engine manufacturers' specified temperatures and pressures. Aftermarket installation on a wide variety of engine models and end-market applications requires no engine modification unlike some invasive alternative fuel systems in the market. See additional information at: www.greenman.biz and www.americanpowergroupinc.com.

Caution Regarding Forward-Looking Statements

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 risk that we may not be able to complete the transactions described in this release, the fact 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 or improve the operating results of our American Power Group division; 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 our Annual Report on Form 10-K for the fiscal year ended September 30, 2010. 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 or Jennifer Belodeau
    Institutional Marketing Services (IMS)
    203-972-9200