CARLISLE, IA--(Marketwire - September 14, 2010) - GreenMan Technologies, Inc. (
APG's dual fuel system converts existing diesel engines to function more efficiently and at a lower operating cost (fuel costs reduced by 25%-35%) by seamlessly displacing 40%-60% of the normal diesel fuel consumption with natural gas ("NG"), compressed natural gas ("CNG") or compressed bio-methane ("CBM"). As important, APG's dual fuel conversion and emissions reduction systems can reduce carbon monoxide (CO), nitrogen oxide (NOX) and particulate matter while enhancing the engine's operating life with natural gas as a cleaner burning fuel source.
Coca-Cola Hellenic serves approximately 560 million people in 28 countries and is the largest Coca-Cola bottler and vendor based in Europe. Coca-Cola Hellenic is committed to behaving in a socially responsible manner throughout all of its operations and has officially embedded the principles of sustainability into its business strategy.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "We have reported several recent international orders related to the use of our dual fuel technology in vehicular applications and are pleased to have received this order from a prominent international partner for use in a stationary diesel generator application. Our conversion technology will enable the bottling facility to save costs, reduce emissions, and contribute to Coca-Cola Hellenic's sustainability initiatives."
Mr. Jensen added, "Sustainability is defined as meeting the needs of the present without compromising the ability of future generations to meet their own needs. We believe our success on this project will illustrate the valuable role our dual fuel technology can play in meeting sustainability goals of corporations, hospitals, town/cities, and anywhere reliable and cleaner power is preferred. We are adding strategic and tactical expertise to the GreenMan Board of Directors and the APG Management Team to support this emerging market need of sustainability. We look forward to this anchor contract and to promoting our products and services among other authorized bottlers within the Coca-Cola family."
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, 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
Lyle Jensen
CEO
GreenMan Technologies
781-224-2411
Investor Relations Contacts:
John Nesbett or Jennifer Belodeau
Institutional Marketing Services (IMS)
203-972-9200