SOURCE: GreenMan Technologies Inc.

GreenMan Technologies Inc.

August 30, 2011 09:00 ET

GreenMan Technologies' Subsidiary Signs Dealer/Certified Installer Agreement With SourceOne Engine Equipment, LLC

Will Sell and Install the Company's New S3000 Dual Fuel Turbocharged Natural Gas™ Technology on Aftermarket Generators in the Oil and Gas Drilling and Shale Fracking Industries

LYNNFIELD, MA--(Marketwire - Aug 30, 2011) - GreenMan Technologies, Inc. ("GreenMan") (OTCQB: GMTI) (PINKSHEETS: GMTI) announced that its subsidiary, American Power Group, ("APG") has entered a multi-year Dealer/Certified Installer agreement with SourceOne Engine Equipment LLC to sell, install and service APG's products in the oil and gas drilling and shale fracking industries.

SourceOne Engine Equipment LLC ("SourceOne") is headquartered in Oklahoma and represents quality OEM lines for engine exhaust, engine cooling systems, emissions reduction equipment, dual fuel solutions, and related fluid and filters. SourceOne's customer list includes several of the top 40 oil and gas companies in the United States.

Lyle Jensen, GreenMan's President and Chief Executive Officer stated, "The oil and gas industry is an exciting and promising new addressed market for APG's products and services. On July 21, 2011, we announced the successful conversion and commissioning of three diesel generators to run on a combination of filtered well-head methane gas and diesel fuel and an additional three generators to operate on pipeline natural gas and diesel fuel. We utilized our new third generation S3000 Series Dual Fuel Aftermarket Conversion System which relies on APG's read-only CAN-bus Turbocharged Natural Gas ™ technology to seamlessly meter and control the various gaseous fuels within all original OEM diesel engine performance parameters. The converted generators continue to average 45%-55% displacement in diesel fuel consumption with excellent up-time and no loss of power. The success of these initial installations led to this new relationship with an industry veteran like SourceOne. With over thirty years of previous industrial generator sales and service experience, SourceOne is the perfect partner to become our certified installer and introduce our new aftermarket systems to the many long-term relationships they have created in Oklahoma and Texas."

Barry Janssen, President of SourceOne Equipment stated, "The fuel savings and durability performance being demonstrated by APG's dual fuel technology is unmatched in our experiences and has created quite a buzz in the industry. We believe APG's investment in digital electronics and extensive engine software mapping has set a new standard in dual fuel performance and we are excited to be able to introduce this new capability to the oil and gas industry."

Jensen concluded, "We will be presenting our new technology this week in Houston at the LNG Fuel Application Seminar organized by Zeus Development Corporation to discuss the Company's recent success in converting oil drilling rig generators to run on either well-head gas and diesel fuel or pipeline gas and diesel fuel. In addition, we have also begun discussions with oil & gas exploration and drilling rig companies in the Marcellus shale region of Pennsylvania/NY/Ohio. The number of quotations for aftermarket dual fuel test generator conversions is increasing and production-related volume opportunities would logically follow in the 2012 calendar year time period."

About GreenMan Technologies
GreenMan's alternative energy subsidiary, American Power Group, Inc., provide a cost-effective patented dual fuel aftermarket conversion technology for diesel engines and diesel generators. American Power Group's dual fuel technology is a unique non-invasive energy 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; (2) diesel fuel and liquid natural gas; (3) diesel fuel and well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces 40% to 60% of the normal diesel fuel consumption and the energized fuel balance is maintained with a proprietary electronic controller system ensuring the engines operate to original engine manufacturers' specified temperatures and pressures. Aftermarket installation on a wide variety of engine models and end-market applications requires no engine modification unlike the more expensive invasive alternative fuel systems in the market. See additional information at: and

Caution Regarding Forward-Looking Statements

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 risk that we may not be able to complete the transactions described in this release, the fact that we have sold the tire recycling operations which have historically generated substantially all our revenue; the risk that we may not be able to increase the revenue or improve the operating results of our American Power Group division; 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 our Annual Report on Form 10-K for the fiscal year ended September 30, 2010. The Company disclaims any intent or obligation to update these "forward-looking" statements.

Contact Information

  • Contacts:
    Chuck Coppa
    Lyle Jensen
    GreenMan Technologies, Inc.

    Investor Relations Contacts:
    John Nesbett
    Jennifer Belodeau
    Institutional Marketing Services (IMS)