Contact Information: Contacts: Chuck Coppa, CFO or Lyle Jensen, CEO GreenMan Technologies 800-957-9575 www.greenman.biz
GreenMan Technologies Files Registration Statement Associated With December 2003 and June 2006 Financing Transactions
| Source: GreenMan Technologies Inc
SAVAGE, MN -- (MARKET WIRE) -- January 25, 2007 -- GreenMan Technologies, Inc. (OTCBB : GMTI ), a
recycler of over 12 million scrap tires in the United States, today
announced the filing of a registration statement with the Securities and
Exchange Commission with respect to the resale by certain security holders
of up to 4,140,426 shares of common stock including (i) 553,997 shares of
common stock issuable upon exercise of a warrant associated with a December
2003 promissory note and (ii) 3,586,429 shares of common stock issuable
upon exercise of a warrant associated with a June 2006 financing
transaction completed with Laurus Master Fund, Ltd. ("Laurus").
Pursuant to the terms of the June 2006 financing, Laurus has agreed that it
will not, on any trading day, be permitted to sell any common stock
acquired upon exercise of its warrant in excess of 10% of the aggregate
numbers of shares of the common stock traded on such trading day. The
amount of our common stock Laurus may hold at any given time is limited to
no more than 4.99% of our outstanding common stock. These limitations may
be waived by Laurus upon certain notice to us.
A registration statement relating to these securities has been filed with
the Securities and Exchange Commission but has not yet become effective.
These securities may not be sold nor may offers to buy be accepted prior to
the time that the registration statement becomes effective. This release
shall not constitute an offer to sell, or the solicitation of an offer to
buy, nor shall there be any sale of these securities in any jurisdiction in
which such offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
A copy of the preliminary prospectus relating to these securities may be
obtained when available from GreenMan Technologies, Inc., 12498 Wyoming
Avenue South, Savage, Minnesota, 55378, attention Chuck Coppa, CFO.
GreenMan was founded in 1992 and today operates facilities in Iowa and
Minnesota which collect, process and market over 12 million scrap tires in
whole, shredded or granular form. Our products are used as an efficient
alternative fuel by pulp and paper producers and electric utilities; as a
substitute for crushed stone in civil engineering applications, such as
road beds, landfill and septic field construction; or as crumb rubber which
is used for playground and athletic surfaces, running tracks and
landscaping/groundcover applications.
"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.