FOR IMMEDIATE RELEASE
Chuck Coppa, CFO or Lyle Jensen, CEO
GreenMan Technologies, 781-224-2411
GreenMan Announces Welch Products
Inc. Name Change to Green Tech Products, Inc.
Iowa - March 18, 2009-- GreenMan Technologies, Inc. (OTCBB: GMTI), today
announced that it has changed the name of its Welch Products Inc. subsidiary to
Green Tech Products, Inc. which better reflects the nature of their new
product-line extension strategy beyond playground safety tiles and equipment.
Lyle Jensen, GreenMan's
President and Chief Executive Officer said, "We have built our business by
delivering products that represent the best aspects of recycling, green
technology, safety and accessibility.
The name Green Tech Products better encapsulates not only where the
business is today, but also future growth initiatives. We are currently evaluating additional
recycled molded products that may be used in applications such as highway
anti-vegetation and field-turf encasement projects. Our playground products will continue to be marketed under our
National Playground Compliance Group name which enjoys strong brand recognition within the industry."
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.
Through the company's Green Tech Products subsidiary, the company develops and
markets branded products and services that provide schools and other political
subdivisions viable solutions for safety, compliance, and accessibility. Our
Renewable Fuels and Alternative Energy subsidiary supports our strategic
objective to pursue opportunities to commercialize green-based technologies
that convert waste feedstock into bio-fuels and other waste-to-energy
solutions. To learn more about all of
the companies, please visit www.greenman.biz.
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 risks and uncertainties that
may individually or collectively impact the matters herein described, including
but not limited to the facts that we have sold the tire recycling operations which have
historically generated substantially all our revenue and that we will be prohibited from competing in that business on a
regional basis until 2013, the risk that we may not be able to increase the revenue of our Welch division, the risks that
we may not be able to identify and acquire complementary businesses and
that we may not be able successfully to integrate any such acquisitions with
our current businesses, the risk that we may not be
able to return to sustained profitability, the risk that we may not be
able to secure additional funding necessary to grow our business, on acceptable
terms or at all, the risk that, if we have to sell securities in order to
obtain financing, the rights of our current stockholders may be adversely
affected, and the risks of possible adverse effects of economic, governmental, seasonal 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, 2008. The Company disclaims any intent or obligation to update
these "forward-looking" statements.