SOURCE: GreenMan Technologies, Inc.

May 16, 2007 10:34 ET

GreenMan Technologies Clarifies Position in Georgia

All Georgia Scrap Tire Operations Divested in March 2006

SAVAGE, MN -- (MARKET WIRE) -- May 16, 2007 -- GreenMan Technologies, Inc. (OTCBB: GMTI), a leading recycler of over 12 million scrap tires per year in the United States, reconfirmed today in the wake of a recent fire at its former Jackson, Georgia location, that as previously disclosed in its Securities and Exchange Commission filings, GreenMan divested all Georgia-based scrap tire recycling operations in March 2006 (See March 6, 2006 Press Release). While GreenMan sublets the former facility to the purchasers of the Georgia operations, GreenMan maintains adequate property coverage as a condition of its primary lease.

GreenMan collects and recycles over 12 million tires annually into alternative fuel, alternative energy and innovative products. Today, our products are used as an efficient alternative fuel in large industrial boilers, as a substitute for crushed stone in civil engineering applications and as crumb rubber in playground and sport surfaces, rubberized asphalt and landscaping applications. We pursue technological processes and unique marketing programs intended to maximize the value of each tire we manage. To learn more, please visit our website at www.greenman.biz

"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 risk and uncertainties that may individually or collectively impact the matters herein described, including but not limited to the possibility that we may not be able to secure the financing necessary to return to profitability, the possibility that the delisting of our stock by the American Stock Exchange could substantially limit our stock's future liquidity and our ability to raise capital, the possibility that we may not realize the benefits of product acceptance, economic, competitive, governmental, seasonal, management, technological 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, 2006. The Company disclaims any intent or obligation to update these "forward-looking" statements.

Contact Information

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