GreenMan Technologies, Inc. Announces Formation of GreenMan Renewable Fuel and Alternative Energy, Inc.

GreenMan Technologies, Inc., 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 the formation of a new subsidiary, GreenMan Renewable Fuel and Alternative Energy, Inc. The subsidiary’s primary objective is to pursue licenses, joint-ventures, and long-term contracts focused on the commercialization of existing and late-stage development products and processes in “green-based” technologies including renewable fuels, alternative energy and recycled products.

Lyle Jensen, GreenMan’s President and Chief Executive Officer, stated, “There has been significant global investment made over the past several years in the area of renewable fuels, alternative energy and clean-tech technologies and we do not see this momentum slowing down. Our initial efforts to date have focused on rubber based opportunities such as tire gasification and alternative energy generation, but we have recently begun expanding our focus into several other non-rubber based sectors which we believe have large commercial market potential.” Mr. Jensen added, “We anticipate devoting increasing resources over the next fiscal year to exploring our heightened participation in this fast growing global initiative.”