Contacts: Chuck Coppa, CFO, or Lyle Jensen, CEO
GreenMan Technologies, 800-526-0860
GreenMan Technologies Reports First Quarter Results; 20 Percent Increase in Revenue; Third Consecutive Profitable Quarter
SAVAGE, Minnesota – February 19, 2008-- GreenMan Technologies, Inc. (OTCBB: GMTI), a leading recycler of over 12 million scrap tires per year in the United States, today announced results for the three months ended December 31, 2007.
Lyle Jensen, GreenMan's President and Chief Executive Officer stated: “The fiscal 2008 first quarter results marked another performance milestone which supports our belief that we are taking the company in the right direction, one step at a time. Revenue from the Tire Recycling business segment was up 8 percent over the same quarter a year ago, primarily as a result of increasing demand for our higher priced crumb product, which drove positive incremental results through operating income. Some of those profits were re-invested into additional sales and marketing capabilities for our recently acquired Welch Products, Inc. subsidiary. While we saw several playground installations opportunities move out of the quarter due to the poor weather and delays in school board funding, we are encouraged by the prospective customer interest we are experiencing.”
Mr. Jensen further stated: “During the quarter we successfully launched the National Playground Compliance Group™ which is presenting our patented crumb rubber safety surfacing, equipment design, play/fitness equipment, and turnkey installation capabilities as the ‘Overall Solution’ for schools and other political subdivisions. Along with our school board endorsements, this marketing approach is creating more bid opportunities than originally planned. We remain optimistic that our efforts will be rewarded with stronger order flow in advance of the approaching seasonally stronger installation season. The long-term public interest in an overall solution for viable recycled products that address safety and accessibility continues to be confirmed.”
Please join us tomorrow, February 20, 2008 at 11:00 AM EST for a conference call in which we will discuss the results for the quarter ended December 31, 2008. To participate, please call 1-877-461-2814 and ask for the GreenMan call. A replay of the conference call can be accessed until 11:50 PM on March 14, 2008 by calling 1-800-408-3053 and entering pass code 3252816.
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