Contact Information: Contacts: Chuck Coppa CFO Lyle Jensen CEO GreenMan Technologies 781-224-2411
GreenMan Technologies Clarifies Position in Georgia
All Georgia Scrap Tire Operations Divested in March 2006
| Source: GreenMan Technologies, Inc.
SAVAGE, MN -- (MARKET WIRE) -- May 16, 2007 -- GreenMan Technologies, Inc. (OTCBB : GMTI ), a
leading recycler of over 12 million scrap tires per year in the United
States, reconfirmed today in the wake of a recent fire at its former
Jackson, Georgia location, that as previously disclosed in its Securities
and Exchange Commission filings, GreenMan divested all Georgia-based scrap
tire recycling operations in March 2006 (See March 6, 2006 Press Release).
While GreenMan sublets the former facility to the purchasers of the Georgia
operations, GreenMan maintains adequate property coverage as a condition of
its primary lease.
GreenMan collects and recycles over 12 million tires annually into
alternative fuel, alternative energy and innovative products. Today, our
products are used as an efficient alternative fuel in large industrial
boilers, as a substitute for crushed stone in civil engineering
applications and as crumb rubber in playground and sport surfaces,
rubberized asphalt and landscaping applications. We pursue technological
processes and unique marketing programs intended to maximize the value of
each tire we manage. To learn more, please visit our website at
www.greenman.biz
"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 profitability, the possibility that the delisting of our stock by
the American Stock Exchange could substantially limit our stock's future
liquidity and our ability to raise capital, 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 annual report on Form 10-KSB for
the fiscal period ended September 30, 2006. The Company disclaims any
intent or obligation to update these "forward-looking" statements.