Contact Information: Contacts: Chuck Coppa CFO Lyle Jensen CEO GreenMan Technologies 800-526-0860
GreenMan Technologies, Inc. Subsidiary Wins Key Contract in California Market
Welch Products Awarded $500,000 in Playground and Green Technology Projects
| Source: GreenMan Technologies, Inc.
DES MOINES, IA--(Marketwire - September 3, 2008) - GreenMan Technologies, Inc. (OTCBB : GMTI ), a
leading regional tire recycler of over 12 million scrap tires per year and
emerging leader in patented cold-cure recycled rubber molded products,
announced that its wholly owned recycled products subsidiary, Welch
Products, has been awarded two separate contracts in the state of
California, with a combined value of more than $500,000.
One contract is for the design, supply and installation of six playgrounds
in the Orland Unified School District. The second contract is a playground
surfacing contract with the LaTrobe School District. That project was
partially funded by the California Integrated Waste Management Board
("CIWMB") waste tire unit and requires the use of value added products
derived from California tires. To fulfill the CIWMB requirements, Welch's
DuroMat "Extended Life" playground safety tiles were manufactured using
California recycled tires. Welch's subsidiary, The National Safe Surfacing
Initiative ("NSSI"), was awarded the contracts through its branded
"National Playground Compliance Group" ("NPCG"), a partnership with the
California School Board Association (CSBA) and Small School Districts
Association of California.
"The state of California is the recognized leader in the establishment of
public policies related to playground compliance and green technology,
previously thought of as separate issues," stated Tim Mahoney, President of
NSSI. "Our ability to provide a solution that implements the best
practices in safety compliance and uses recycled products positions us very
well in this market."
Larry Moody, NPCG's Senior Advisor for California, stated, "In a year when
California Schools had a more than $10 billion budget shortfall, schools
had to be very selective in their funding of capital projects. We are very
pleased that our integrated offerings are being recognized as a valuable
solution and funding priority."
"California is a key state for us in our overall growth strategy," stated
Lyle Jensen, GreenMan's Chief Executive Officer and President. "These are
the type of projects we expect to win as we continue to develop our market
presence and brand recognition. It is evident through these projects that
we are building a valuable model for our customers and we look forward to
our continued growth in California."
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.