SOURCE: GreenMan Technologies Inc.

September 09, 2008 09:00 ET

GreenMan Technologies, Inc. Subsidiary Awarded Master Agreement From State of Iowa

Initial Project Will Provide American Disability Act (ADA) and Safety Compliant Surfacing for 22 State Parks

DES MOINES, IA--(Marketwire - September 9, 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, today announced that its wholly owned subsidiary, Welch Products, Inc., has been awarded a Master Agreement from the State of Iowa for Welch's playground safety tile surfacing and playground compliance services. The agreement provides for any Iowa government entity to make purchases under the agreement for a minimum of one year and up to three years.

The initial projects awarded from this agreement consist of the installation of Welch's DuroMat "Extended Life®" tile surfacing at 22 State Parks. The installation of the surfacing will be overseen by Welch's playground compliance staff in cooperation with Iowa Department of Natural Resources ("IDNR") State Park Rangers. The IDNR Scrap Tire Development Program provided funding for this project and requires the use of value added products derived from Iowa scrap tires.

Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "This master agreement affirms the further acceptance of GreenMan's value model of providing multiple policy and product solutions for government entities. We will continue to employ the best aspects of recycling, green technology, safety and accessibility for our customers and look forward to a successful partnership with the State of Iowa, providing its taxpayers with innovative and sustainable solutions."

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

    Lyle Jensen
    CEO
    GreenMan Technologies
    800-526-0860