SOURCE: GreenMan Technologies Inc.

September 10, 2008 09:00 ET

GreenMan Technologies, Inc. Announces Formation of GreenMan Renewable Fuel and Alternative Energy, Inc.

Primary Focus on Renewable Fuel, Alternative Energy, and Clean-Tech Technologies

SAVAGE, MN--(Marketwire - September 10, 2008) - GreenMan Technologies, Inc. (OTCBB: GMTI), a leading regional tire recycler of over 12 million scrap tires per year and emerging leader in patented cold-cure recycled rubber molded products announced the formation of a new subsidiary, GreenMan Renewable Fuel and Alternative Energy, Inc. The subsidiary's primary objective is to pursue licenses, joint-ventures, and long-term contracts focused on the commercialization of existing and late-stage development products and processes in "green-based" technologies including renewable fuels, alternative energy and recycled products.

Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "There has been significant global investment made over the past several years in the area of renewable fuels, alternative energy and clean-tech technologies and we do not see this momentum slowing down. Our initial efforts to date have focused on rubber based opportunities such as tire gasification and alternative energy generation, but we have recently begun expanding our focus into several other non-rubber based sectors which we believe have large commercial market potential." Mr. Jensen added, "We anticipate devoting increasing resources over the next fiscal year to exploring our heightened participation in this fast growing global initiative."

About GreenMan Technologies

GreenMan Technologies pursues technological processes and unique marketing programs to transform recycled materials into renewable fuel, alternative energy, recycled feedstock, and innovative recycled products. Over twelve million tires are collected and recycled annually into tire-derived fuel, tire-derived aggregate, and crumb rubber feedstock for playground, athletic track and field, and road surfacing. Through GreenMan's subsidiary, Welch Products, the company develops and markets branded products and services that provide schools and other political subdivisions viable solutions for safety, compliance, and accessibility. To learn more about all of the companies, please visit the following websites: www.welchproducts.com; www.nssi-usa.com; www.playtribe.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 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 sustained profitability, our ability to successfully integrate our Welch Products acquisition and realize the anticipated benefits, 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 Quarterly Report on Form 10-QSB for the fiscal period ended June 30, 2008. 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
    800-526-0860