GreenMan Completes Divestiture of Tire Recycling Operations

GreenMan Technologies, Inc. has completed the divestiture of substantially all of the assets of its two wholly owned subsidiaries, GreenMan Technologies of Minnesota, Inc. and GreenMan Technologies of Iowa, Inc. to Liberty Tire Services of Ohio, LLC, a wholly-owned subsidiary of Liberty Tire Services, LLC for about $27.5 million in cash.

The sale of the tire recycling business subsidiaries enables GreenMan to focus on growth opportunities for its remaining subsidiaries, Welch Products and GreenMan Renewable Fuel and Alternative Energy, Inc. Welch Products specializes in design, product development, and manufacturing of environmentally responsible products using recycled materials, primarily recycled rubber.

GreenMan Renewable Fuel and Alternative Energy, Inc.'s primary goal is pursuing licenses, joint-ventures, acquisitions and long-term contracts focused on the commercialization of existing and late-stage development products and processes in green-based technologies, including renewable fuels and alternative energy.

Lyle Jensen, GreenMan's president and CEO, stated, "During the past year we have been shifting our focus to better capitalize on the opportunities we've seen in the development of recycled products and other green-based technologies. Our team at Welch Products has made great progress forming partnerships with several states to promote the design and construction of safe, environmentally sound and ADA compliant recreational areas and playgrounds. We are enthusiastic about the strides that have been made in the area of renewable energy and clean-tech technologies and look forward to further pursuing this new direction for GreenMan."