GreenMan Completes Acquisition

GreenMan Technologies, Inc. has completed the acquisition of all Iowa based tire collection and processing operations of Utah Tire Recyclers, Inc., a Utah based company in the business of collecting, processing and marketing of scrap tires. GreenMan will manage the operations under its newly formed wholly owned subsidiary, GreenMan Technologies of Iowa, Inc.

Utah Tire Recyclers currently processes more than 2 million tires per year, making it Iowa's largest tire processor. Additionally, UT and GreenMan have teamed to process more than 7 million illegally stockpiled tires in Iowa over the past three years.

Mark Maust, GreenMan's vice president of Operations and president of GreenMan of Iowa, said `` The acquisition of UT's Iowa operations is an integral step in our Midwest expansion efforts. Not only does this acquisition solidify our existing market position in the Midwest by adding new processing capacity of up to 5 million tires per year but also provides us with an installed crumb rubber production capacity of over 15 million pounds per year.''