To: Cary C who wrote (13185 ) 1/28/1999 3:46:00 PM From: RCJIII Respond to of 29382
GMTI, unexpected positive news just hit- (BSNS WIRE) GreenMan Technologies Subsidiary Receives Contract to Clean- GreenMan Technologies Subsidiary Receives Contract to Clean-Up 1.35 Million Scrap Tire Pile in Georgia Business Editors LYNNFIELD, Mass.--(BUSINESS WIRE)--Jan. 28, 1999--GreenMan Technologies Inc. (NASDAQ:GMTI, GMTW)(BSE:GMY, GMYW) today reported that its Georgia-based subsidiary, has been awarded a contract from the Georgia Department of National Resources to collect and process an estimated 1.35 million scrap tires piled in a location near Savannah. Financial terms of the contract were not disclosed. "This contract with the state of Georgia is further evidence to shareholders that GreenMan is making significant progress toward profitable use of processing capacity and controlling more raw materials supply in our industry," said Robert H. Davis, president and chief executive officer. "While our based-business is driven by collecting and processing current generation scrap tires from retail stores on a continuing bases, these tire pile clean-up projects provide a means to utilize plant capacity while internal growth continues," added Davis. " This is where our size plays an important role. We can undertake large clean-up projects and still have the 'event' be a relatively small potion of our overall business." James Maust, Vice President and General Manager of the Georgia subsidiary remarked, "We are extremely pleased that the state selected our company to clean-up the tire pile. Our acquisition of United Rubber from Republic Services last September provides GreenMan with increased capacity and our obsession with environmental measures assures the state of a timely and complaint job." Already the second-largest U.S. scrap tire-recycler, GreenMan Technologies intends to become the leading company in the industry. "Safe Harbor" Statement: Under the Private Security Litigation Reform Act With the exception of the historical information contained in this 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 product acceptance, economic, competitive, governmental, results of litigation, 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 report on Form 10-KSB for the transition period ended September 30, 1998. The Company disclaims any intent or obligation to update these forward-looking statements. --30--dm/bos* kf/bos CONTACT: Ronald Trahan Associates Inc. Ronald Trahan Constance Adolph 617/332-0101 or GreenMan Technologies Chuck Coppa Robert Davis 781/224-2411 KEYWORD: MASSACHUSETTS INDUSTRY KEYWORD: ENVIRONMENT ENMED CHEMICALS/PLASTICS Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com