EX-99.1
2
ex99-1.htm
ex99-1.htm
Exhibit 99.1
G
REEN
M
AN
TECHNOLOGIES
www.greenman.biz
News
Release
FOR IMMEDIATE
RELEASE
Contacts:
Chuck
Coppa, CFO or Lyle Jensen, CEO
GreenMan Technologies,
781-224-2411
GreenMan
Technologies Completes Divestiture of Its Tire Recycling Operations
For
Approximately $27.5 Million In Cash
-
Company to Focus on Recycled Products, Renewable Fuels, Alternative
Energy
and
Other Green Technologies-
SAVAGE, Minnesota -November 18,
2008-- GreenMan Technologies, Inc. (OTCBB: GMTI),
today announced that it
has completed the divestiture of substantially all of the assets of its two
wholly owned subsidiaries, GreenMan Technologies of Minnesota, Inc. and GreenMan
Technologies of Iowa, Inc. to Liberty Tire Services of Ohio, LLC, a wholly-owned
subsidiary of Liberty Tire Services, LLC for approximately $27.5 million in
cash.
The
sale of the tire recycling business subsidiaries enables GreenMan to focus on
growth opportunities for its remaining subsidiaries, Welch Products and GreenMan
Renewable Fuel and Alternative Energy, Inc. Welch Products
specializes in design, product development, and manufacturing of environmentally
responsible products using recycled materials, primarily recycled rubber.
GreenMan Renewable Fuel and Alternative Energy, Inc.'s primary objective is to
pursue licenses, joint-ventures, acquisitions and long-term contracts focused on
the commercialization of existing and late-stage development products and
processes in green-based technologies including renewable fuels and alternative
energy. GreenMan used approximately $16 million of the proceeds of this sale to
retire certain related obligations including approximately $12.8 million due its
primary secured lender, Laurus Master Fund, Ltd under a June 2006 credit
facility, and will have approximately $7 million of available cash after
estimated transaction related income taxes and other costs.
Lyle
Jensen, GreenMan's President and Chief Executive Officer stated, "During the
past year we have been shifting our focus to better capitalize on the
opportunities we've seen in the development of recycled products and other
green-based technologies. Our team at Welch Products has made great progress
forming partnerships with several states to promote the design and construction
of safe, environmentally sound and ADA compliant recreational areas and
playgrounds. We are enthusiastic about the strides that have been made in the
area of renewable energy and clean-tech technologies and look forward to further
pursuing this new direction for GreenMan".
About GreenMan
Technologies
GreenMan
Technologies pursues technological processes and unique marketing programs to
transform recycled materials into innovative recycled products, renewable fuel
and alternative energy. Through GreenMan's subsidiary, Welch Products, the
company develops and markets branded products and services that provide schools
and other political subdivisions viable solutions for safety, compliance, and
accessibility. The Company's other subsidiary, GreenMan Renewable Fuel and
Alternative Energy pursues opportunities focused on the commercialization of
products and processes derived from green-based technologies. To
learn more about all of the companies, please visit the following websites:
www.welchproducts.com
;
www.nssi-usa.com
;
www.playtribe.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 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 sustained profitability,
our ability to successfully integrate our Welch Products acquisition and realize
the anticipated benefits, 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 Quarterly Report on Form 10-QSB for the fiscal period ended June
30, 2008. The Company disclaims any intent or obligation to update
these "forward-looking" statements.

EX - 99 . 1 2 ex99 - 1 . htm ex99 - 1 . htm Exhibit 99 . 1 G REEN M AN TECHNOLOGIES www.greenman.biz News Release FOR IMMEDIATE RELEASE Contacts : Chuck Coppa , CFO or Lyle Jensen , CEO GreenMan Technologies , 781 - 224 - 2411 GreenMan Technologies Completes Divestiture of Its Tire Recycling Operations For Approximately $ 27.5 Million In Cash - Company to Focus on Recycled Products , Renewable Fuels , Alternative Energy and Other Green Technologies - SAVAGE , Minnesota - November 18 , 2008 -- GreenMan Technologies , Inc . ( OTCBB : GMTI ) , today announced that it has completed the divestiture of substantially all of the assets of its two wholly owned subsidiaries , GreenMan Technologies of Minnesota , Inc . and GreenMan Technologies of Iowa , Inc . to Liberty Tire Services of Ohio , LLC , a wholly - owned subsidiary of Liberty Tire Services , LLC for approximately $ 27.5 million in cash . The sale of the tire recycling business subsidiaries enables GreenMan to focus on growth opportunities for its remaining subsidiaries , Welch Products and GreenMan Renewable Fuel and Alternative Energy , Inc . Welch Products specializes in design , product development , and manufacturing of environmentally responsible products using recycled materials , primarily recycled rubber . GreenMan Renewable Fuel and Alternative Energy , Inc . 's primary objective is to pursue licenses , joint - ventures , acquisitions and long - term contracts focused on the commercialization of existing and late - stage development products and processes in green - based technologies including renewable fuels and alternative energy . GreenMan used approximately $ 16 million of the proceeds of this sale to retire certain related obligations including approximately $ 12.8 million due its primary secured lender , Laurus Master Fund , Ltd under a June 2006 credit facility , and will have approximately $ 7 million of available cash after estimated transaction related income taxes and other costs . Lyle Jensen , GreenMan 's President and Chief Executive Officer stated , " During the past year we have been shifting our focus to better capitalize on the opportunities we ' ve seen in the development of recycled products and other green - based technologies . Our team at Welch Products has made great progress forming partnerships with several states to promote the design and construction of safe , environmentally sound and ADA compliant recreational areas and playgrounds . We are enthusiastic about the strides that have been made in the area of renewable energy and clean - tech technologies and look forward to further pursuing this new direction for GreenMan " . About GreenMan Technologies GreenMan Technologies pursues technological processes and unique marketing programs to transform recycled materials into innovative recycled products , renewable fuel and alternative energy . Through GreenMan 's subsidiary , Welch Products , the company develops and markets branded products and services that provide schools and other political subdivisions viable solutions for safety , compliance , and accessibility . The Company 's other subsidiary , GreenMan Renewable Fuel and Alternative Energy pursues opportunities focused on the commercialization of products and processes derived from green - based technologies . To learn more about all of the companies , please visit the following websites : www.welchproducts.com ; www.nssi-usa.com ; www.playtribe.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 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 sustained profitability , our ability to successfully integrate our Welch Products acquisition and realize the anticipated benefits , 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 Quarterly Report on Form 10 - QSB for the fiscal period ended June 30 , 2008 . The Company disclaims any intent or obligation to update these " forward - looking " statements .
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