GreenMan Technologies Strengthens Financial Condition

GreenMan restructures $1,500,000 in long-term debt.

Published May 14, 2002

GreenMan Technologies Inc., Lynnfield, Mass., announced today that it has restructured $1,500,000 in long-term debt due to Republic Services of Georgia Limited Partnership.

 

As the company announced Feb. 14, 2002, GreenMan repurchased and retired all Class B Convertible Preferred stock held by Republic in return for a $1,500,000 promissory note bearing 10 percent interest due March 2007 and 100,000 shares of GreenMan’s unregistered common stock.

 

Republic agreed to retire the promissory note May 6 in return for 300,000 shares of GreenMan unregistered common stock valued at $750,000 and a promissory note bearing 10 percent interest due March 2007.

 

“We are appreciative of the continued cooperation from the management of Republic in assisting our efforts to strengthen GreenMan’s financial condition,” Bob Davis, GreenMan’s president and CEO, says. “This restructuring not only impacts our financial condition today, but also on a going forward basis by allowing us to retain valuable capital within our corporation in order to continue our business development efforts as we enter the strongest half of our fiscal year.”
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