SOURCE: GreenMan Technologies, Inc.

GreenMan Technologies, Inc.

May 09, 2011 09:00 ET

GreenMan Subsidiary Signs Agreement With Paper Transport, Inc. to Test Compressed Natural Gas/Diesel Dual Fuel Upgrade on Fleet Delivery Trucks

LYNNFIELD, MA--(Marketwire - May 9, 2011) - GreenMan Technologies, Inc. (OTCQB: GMTI) announced today that its American Power Group, Inc. subsidiary ("APG") has signed an EPA Test Vehicle Exemption agreement with Paper Transport Inc. to launch an over-the-road test of APG's dual fuel system. The EPA exemption will allow APG to gather critical performance and emissions data on a pre-dual fuel and post-dual fuel basis to support recently announced EPA aftermarket approval requirements.

Paper Transport Inc. is a leading regional fleet operator headquartered in Green Bay, Wisconsin with over 280 power units delivering goods and services to customers in dedicated and regional configurations. Paper Transport Inc. has regional fleets in the Upper-Midwest, Southeast, and the Central Plains as well as Intermodal drayage operations and a logistics offering.

Lyle Jensen, GreenMan's President and Chief Executive Officer stated, "On April 8, 2011, the EPA formally amended the alternative fuel aftermarket conversion regulations for light medium, and heavy duty vehicles, which opens the market for properly engineered conversion systems to literally millions of diesel trucks on the road today. The positive performance attributes of our APG V-3000 Dual Fuel System are well positioned to take advantage of this opportunity."

APG's dual fuel system converts diesel engines and diesel generators to function more efficiently and at a lower operating cost (average net fuel cost savings of 25% - 35%) by seamlessly displacing 40% - 60% of the normal diesel fuel consumption with CNG, LNG, well-head gas, or bio-methane. APG's system is non-invasive to the OEM engine and operates within all OEM performance controls with the flexibility to return to 100% diesel operation at any time. APG's dual fuel conversion and emissions reduction systems can help users achieve their sustainability goals through lower carbon monoxide, nitrogen oxide, and particulate matter emissions. In addition, the introduction of natural gas through APG's dual fuel system does not impact diesel engine power or pulling torque and will assist in extending the engine's oil life as natural gas is a cleaner burning fuel compared to diesel.

Mr. Jensen went on to say, "Paper Transport is a regional pioneer in the promotion of natural gas as a transportation fuel and currently operates seven dedicated natural gas trucks. Paper Transport represents an ideal opportunity for us because they are already operating natural gas vehicles and are looking for a cost effective retrofit solution for a large portion of their remaining diesel vehicles. APG's Dual Fuel System offers a very robust solution at a price point that allows customers to retrofit multiple existing diesel engines for the cost of one dedicated natural gas engine." Mr. Jensen added, "We can help customers like Paper Transport to maximize their current fleet investment by retrofitting existing diesel engines with APG's Dual Fuel System and realizing the economic and environmental benefits from day one. The initial vehicle to be tested for Paper Transport will be a 2009 Freightliner Cascadia with a 14.8L Detroit Diesel DD15 Series engine."

Paper Transport Inc.'s President, Jeff Shefchik stated, "Paper Transport is excited to further our position as the leader in natural gas vehicle operations by working with APG and their dual fuel technology. We are committed to offering our customers economical and environmentally friendly transportation solutions. Our agreement to move forward with APG expands our commitment to converting more of our fuel consumption to natural gas."

About GreenMan Technologies
GreenMan's two alternative energy subsidiaries, American Power Group, Inc. ("APG") and APG International, Inc. ("APGI") provide a cost-effective patented dual fuel conversion technology for diesel engines and diesel generators. APG'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 ("CNG"); 2) diesel fuel and liquid natural gas ("LNG"); 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 Equipment Manufacturers' ("OEM") specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications requires no engine modification unlike the more expensive invasive alternative fuel systems in the market. See additional information at: www.greenman.biz. and www.americanpowergroupinc.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 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
    or
    Lyle Jensen
    CEO
    GreenMan Technologies, Inc.
    781-224-2411

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