SOURCE: GreenMan Technologies, Inc.

GreenMan Technologies, Inc.

July 07, 2010 09:00 ET

GreenMan Technologies Subsidiary Receives Initial $440,000 International Order for Vehicular Dual Fuel Conversion Systems

CARLISLE, IA--(Marketwire - July 7, 2010) - GreenMan Technologies, Inc. (OTCBB: GMTI) announced that its APG International, Inc. subsidiary ("APGI") has received an order from its local distributor on behalf of Seven-Up Bottling Company PLC ("Seven-Up Bottling"), a soft drink distributor located in Nigeria, for the conversion of approximately 25% of their local delivery truck fleet. The initial order is valued at approximately $440,000 and is expected to be completed by the end of September 2010. Seven-Up Bottling has verbally indicated that upon the successful completion of this initial order they intend to place an order to convert their remaining local delivery truck fleet over a six to nine month period. The estimated value of this potential follow-on order is approximately $1.22 million.

APG's dual fuel system converts existing engines to function more efficiently and at a lower operating cost (fuel costs reduced by 25% to 35%) by seamlessly displacing 40% to 60% of the normal diesel fuel consumption with compressed natural gas ("CNG") or biomethane. In addition, the duel fuel conversion system reduces toxic emissions such as nitrogen oxide (NOX), carbon monoxide (CO) and fine particulate matter as well as enhancing the engine's operating life, since natural gas is a cleaner burning fuel source.

Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "This order is a reflection of the methodical approach we have implemented for the international market. For the near term, potential customers are requiring a 'demo' of our technology for an initial period of time in order to evaluate the benefits of our dual fuel conversion system prior to purchasing. In the case of Seven-Up Bottling, not only were immediate fuel and maintenance cost reductions realized but the converted trucks were in strong demand among the company's fleet drivers, who noted their improved acceleration and power performance characteristics."

Mr. Jensen added, "As global fleet owners look for an economical way to combat increasing diesel fuel and maintenance costs and comply with more stringent emissions standards, our dual fuel technology represents a sensible and readily available alternative. This order is a validation of the viability of APG's dual fuel technology and illustrates our ability to begin conversion of our large bid pipeline to confirmed orders." 

About GreenMan Technologies
GreenMan Technologies, through its subsidiaries, provides technological processes and unique marketing programs for alternative energy, renewable fuels and innovative recycled products. The Company's alternative energy subsidiary, American Power Group, Inc. (APG) provides a cost-effective patented dual fuel technology for diesel engines. APG's dual fuel alternative energy system is a unique external fuel delivery 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 bio-methane, or 3) 100% diesel fuel depending on the circumstances. The proprietary technology seamlessly displaces up to 70% of the normal diesel fuel consumption with CNG or bio-methane and the energized fuel balance between the two fuels is maintained with a patented control system ensuring the engines operate to Original Equipment Manufacturers' ("OEM") specified temperatures and pressures with no loss of horsepower. Installation requires no engine modification unlike the more expensive high-pressure alternative fuel systems in the market. Our Green Tech Products, Inc. subsidiary, the company develops and markets branded products and services that provide schools and other political subdivisions viable solutions for safety, compliance, and accessibility including recycled surfacing. See additional information at: www.americanpowergroupinc.com and www.playgroundcompliance.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 Green Tech Products or American Power Group divisions; 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 the Annual Report on Form 10-K for the fiscal year ended September 30, 2009. 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
    781-224-2411

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