SOURCE: GreenMan Technologies Inc.

GreenMan Technologies Inc.

July 28, 2011 09:00 ET

GreenMan Technologies' Subsidiary Signs Distributor Agreement for the Dominican Republic

LYNNFIELD, MA--(Marketwire - Jul 28, 2011) - GreenMan Technologies, Inc. (OTCQB: GMTI) (PINKSHEETS: GMTI) announced that its APG International Inc. subsidiary ("APGI") has entered a dual fuel distribution agreement with Caribbean Power Group CPG S.R.L. which has its headquarters in Santo Domingo. The agreement will cover sales, marketing and installation of APGI's dual fuel system for both diesel generators and diesel-powered vehicles.

Dominican Today previously reported that President Leonel Fernandez had launched the "Program to Implement the Use of Compressed Natural Gas In Vehicles" which is a plan to switch at least 20,000 public transport vehicles to natural gas. The objective is to establish four major corridors with natural gas fueling stations from Santo Domingo to different regions of the country. The government wants the use of natural gas to become a national priority.

APG's dual fuel system converts diesel engines and diesel generators to function more efficiently and at a lower operating cost (average net fuel cost savings of 20%-35%) by seamlessly displacing up to 40%-60% of the normal diesel fuel consumption with either CNG, LNG, pipeline gas, well-head gas, or other qualified bio-methane gases. APG's system is non-invasive to the OEM engine and operates within all OEM performance controls with the flexibility to return to 100% diesel operation at any time. APG's dual fuel conversion and emissions reduction systems can help users achieve their sustainability goals through lower carbon monoxide, nitrogen oxide, and particulate matter emissions. In addition, the introduction of natural gas through APG's dual fuel system does not impact diesel engine power or torque and will assist in extending the engine's oil life as natural gas is a cleaner burning fuel compared to diesel.

Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "It was recently reported that the Dominican government issued 65 new licenses to companies which market natural gas and related natural gas activities underscoring their commitment to implementing the needed infrastructure to make natural gas vehicles a reality. We are also seeing notable interest from the private sector for both power generation and vehicular natural gas applications."

About GreenMan Technologies
GreenMan's alternative energy subsidiary, American Power Group, Inc., provides a cost-effective patented dual fuel 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 at engine manufacturers' specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications requires no engine modifications unlike the more expensive invasive alternative fuel systems in the market. See additional information at: www.greenman.biz. and www.americanpowergroupinc.com.

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
    CFO
    Lyle Jensen
    CEO
    GreenMan Technologies, Inc.
    781-224-2411

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