GreenMan Technologies Inc., Lynnfield, Mass., has announced that the American Stock Exchange has approved the listing of it common stock following a review by an Exchange Listing Qualifications Panel.
The panel authorized the listing pursuant to Section 1203 (c) of the American Stock Exchange Company Guide, though GreenMan does not fully satisfy the Exchange regular initial listing standards with respect to the $3 minimum stock price. However, the panel determined that GreenMan satisfies the minimum Alternative Listing Standards, taking into consideration the company’s profitability and continued revenue growth.
GreenMan began trading on the American Exchange to today under the symbol “GRN”. The stock opened at $2.25, a 15-cent increase from yesterday. Chuck Coppa, CFO, says he hopes the increase will continue throughout the day.
GreenMan President and CEO Bob Davis says that the announcement marks a strategic step in the company’s growth. “Over the last four years, we have refocused a company losing over $5 million per year with minimal resources and, with a great deal of determination, turned GreenMan into the profitable leader within our industry,” Davis says.
“While we have prospered over the last year on the OTC Bulletin Board, it was clear that we needed to be part of a higher profile, more efficient market, which is why the American Stock Exchange was our obvious choice,” Davis adds. “The American Stock Exchange represents one of the most technologically advanced, centralized auction markets in the work and has made a strong commitment to support their listed companies.”
“GeenMan’s listing on the American Stock Exchange will increase our visibility and credibility within the investment and media communities and make it easier for current and future investors to purchase or recommend the purchase of GreenMan’s common stock,” Coppa says.
Coppa adds, “During the last six months, we initiated a concerted effort to broaden our shareholder base and create investor interest in GreenMan. Given today’s challenging marketplace, we believe investors are looking for businesses they can easily understand. GreenMan represents just such an opportunity…a profitable company with a simple, environmentally-friendly business plan lead by a committed management team with a clear long-term vision.”