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To: G. Scott who wrote (13905)	5/4/1998 10:35:00 AM
From: Adivino	Read Replies (1) \| Respond to of 34592

Nes out on GMTI Monday May 4, 8:33 am Eastern Time Company Press Release GreenMan Technologies Announces Joint Venture to Extract High-Value Commodities From Scrap Tires Venture With CRTI Will Build Advanced Technology Tire Recycling Plants LYNNFIELD, Mass.--(BUSINESS WIRE)--May 4, 1998-- GreenMan Technologies Inc. (NASDAQ:GMTI - news, GMTW - news; BSE:GMY,GMYW) announced today the signing of a joint venture agreement with Cambridge Recycling Technologies Inc. (CRTI), of Massachusetts, to build multi-site advanced technology tire recycling plants that will use proprietary processing technology to extract high-value commodities from scrap tires, including passenger, truck and off-road tires. The process will efficiently convert scrap tires into marketable components by extracting products such as benzene, carbon black, steel and other related commodities which together represent a multi-billion dollar, multi-channel marketplace. Under the terms of the agreement, a new joint venture company will be incorporated in the State of Delaware. GreenMan will provide land for the new plants at its present and future tire processing facilities and supply the plants with scrap tire feedstocks. CRTI will provide the technology; design and finance construction of the plants; and help to market and sell the commodities produced through defined sales channels to industrial customers. Construction of the first of several planned tire processing plants is expected to begin during the summer of 1998, be operational in the spring of 1999 and consume in excess of 1.5 million tires per year. Bob Davis, GreenMan's CEO stated, ''This joint venture represents a great opportunity to extract efficiently and effectively high-value, higher-margin end products from scrap tires. The commodities produced address a number of large and growing markets -- further expanding GreenMan's diversification into a number of new revenue streams with more value per tire.'' Paul Brauer, president of CRTI, stated, ''The advancements in recycling technologies have led to a paradigm shift whereby recycling entities are no longer feel-good enterprises, but rather sustainable, highly profitable businesses. We are confident that the synergy between GreenMan and CRTI will enable this joint venture to become a leader among this new breed of highly profitable recycling companies.'' GreenMan Technologies Inc. addresses the world-wide issue of tire disposal. Over 250 million tires are discarded in the U.S. annually. Through vertically integrated operations, GMTI recycles scrap tires and plastics into a wide variety of industrial and consumer products and materials. With plants in Savage, Minn., Jackson, Ga., Birmingham, Ala., St. Francisville, La. and headquarters in Lynnfield, Mass., operations include tire remediation services, collection and processing into metal-free chips for civil engineering and alternative fuel applications and for use internally for crumb rubber production; production of super-fine crumb rubber powders for use in markets such as modified crumb rubber for asphalt, new tire manufacture, and for internal use in the manufacture of the company's proprietary GEM-Stock materials (a raw material made from recycled plastics and rubber from tires). GEM-Stock is used in the manufacture of GreenMan end-user products and is marketed to others on a merchant chemical basis. Through its DuraWear subsidiary, the company manufactures and markets wear-resistant ceramic, polymer composite and alloy steel products for bulk material handling systems.