Contact Information: Contacts Chuck Coppa, CFO or Lyle Jensen, CEO GreenMan Technologies 800-526-0860
GreenMan Technologies, Inc. Subsidiary Awarded More Than $300,000 in Multiple Contracts by State of Iowa
Company Will Provide ADA Playground Surfacing and Green Technology for 15 Parks Through Iowa DNR (IDNR) Grant Program
| Quelle: GreenMan Technologies, Inc.
DES MOINES, IA--(Marketwire - November 10, 2008) - GreenMan Technologies (OTCBB : GMTI ) today
announced that its wholly owned subsidiary, Welch Products, has been
awarded 15 new playground surfacing and ADA compliance services projects
through its Master Agreement with the State of Iowa. A portion of the
funding for these projects is provided by the IDNR Scrap Tire Development
Program, whose funding recipients are required to use recycled products
derived from Iowa scrap tires.
The $300,000 award is split between two projects. One project valued at
approximately $250,000 involves the installation of Welch's DuroMat
"Extended Life®" tile surfacing at 15 city and county recreational parks.
Welch Products' playground compliance staff will oversee these
installations in conjunction with local city and county staff to ensure
full American with Disabilities Act (ADA) and safety compliance.
Additionally, Welch has been awarded an approximately $50,000 contract for
the surfacing and installation of a new ADA compliant playground at the
Honey Creek Resort State Park, the State of Iowa's new $58 Million resort
located on Lake Rathbun in Southeast Iowa.
Tom Anderson, Senior Land Quality Specialist for the Iowa Department of
Natural Resources, stated, "We are very pleased to continue our work with
GreenMan Technologies' Welch Products subsidiary. They have provided
quality work that is on time and within budget and both the Iowa DNR and
the community organizations who are the beneficiaries of these projects
appreciate the efforts and professionalism of Welch's playground compliance
staff."
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "We
have enjoyed a very successful partnership with the State of Iowa this
past year and we thank them for their continued support. The addition of
these new contracts to previous contracts awarded through the State Master
Agreement, will result in Welch's installation of 55 new playground
surfacing and compliance projects, significantly growing our market share
in the State of Iowa."
Jensen added, "Our projects in Iowa have created a great cross section of
satisfied customers that include schools, child care, state, city and
county play areas that all have embraced our value model of delivering
recycling, green technology, and safety and accessibility solutions for
their sites. We look forward to our continued partnership with the State of
Iowa and to providing its taxpayers with innovative and sustainable
solutions.
About GreenMan Technologies
GreenMan Technologies pursues technological processes and unique marketing
programs to transform recycled materials into renewable fuel, alternative
energy, recycled feedstock, and innovative recycled products. Over twelve
million tires are collected and recycled annually into tire-derived fuel,
tire-derived aggregate, and crumb rubber feedstock for playground, athletic
track and field, and road surfacing. 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. 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.