LYNNFIELD, MA -- (Marketwire) -- 05/09/12 -- GreenMan Technologies, Inc. (OTCQB: GMTI) (PINKSHEETS: GMTI) announced that its American Power Group Inc. (APG) subsidiary and Linde North America (Linde) have established a formal business relationship to introduce and expand the use of liquefied natural gas (LNG) for APG retrofitted dual-fuel diesel engines and diesel pumps in the oil and gas industry.
Linde North America is a member of The Linde Group, a leader in the design, construction and operation of the most efficient and reliable hydrogen vehicle fueling systems. The Linde Group is a world-leading gases and engineering company with approximately 50,500 employees in more than 100 countries worldwide. In the 2011 financial year, it achieved sales of EUR 13.787 billion (USD $18.1 billion). The strategy of The Linde Group is geared towards long-term profitable growth and focuses on the expansion of its international business with forward-looking products and services. Linde acts responsibly towards its shareholders, business partners, employees, society and the environment in all of its business areas, regions and locations across the globe. The Linde Group is committed to technologies and products that unite the goals of customer value and sustainable development.
APG and Linde will work together to offer end-use customers a comprehensive solution to use LNG in retrofitted dual-fuel engines safely, economically and efficiently. Areas of cooperation include LNG usage in applications such as horizontal & vertical drilling diesel generators, high-pressure fracturing diesel pumps, and diesel trucks transporting goods and services to the sites. APG and Linde will evaluate the expansion of LNG applications to other fields as the market grows.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, 'We are pleased that Linde has endorsed the expansion of our Turbocharged Natural Gas? Systems in the oil & gas industry. APG is having notable success in converting diesel engines and diesel pumps with well-head and pipeline gas but a majority of the rigs are not logistically close to these sources of fuel so LNG makes perfect sense. We look forward to working with Linde to address this growing market need.'
About GreenMan Technologies
GreenMan's alternative energy subsidiary, American Power Group, Inc., provides a cost-effective patented Turbocharged Natural Gas? conversion technology for aftermarket vehicular and stationary diesel engines and diesel generators. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and compressed natural gas; (3) diesel fuel and pipeline or well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces up to 80% of the normal diesel fuel consumption with the average displacement ranging from 40% to 65%. The energized fuel balance is maintained with a proprietary read-only electronic controller system ensuring the engines operate at original equipment manufacturers' specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications require no engine modifications unlike the more expensive invasive fuel-injected systems in the market. See additional information at: www.greenman.biz and www.americanpowergroupinc.com.
Caution Regarding Forward-Looking Statements and Opinions
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to new markets, development and introduction of new products, and financial and operating projections. These forward-looking statements and opinions are neither promises nor guarantees, but involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to, results of future operations, difficulties or delays in developing or introducing new products and keeping them on the market, the results of future research, lack of product demand and market acceptance for current and future products, adverse events, product changes, the effect of economic conditions, the impact of competitive products and pricing, governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications, the results of litigation, factors affecting the Company's future income and resulting ability to utilize its NOLs, and/or other factors, which are detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 30, 2011 and the Company's quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
GreenMan Technologies, Inc.
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