LYNNFIELD, MA — (Marketwire) — 07/21/11 — (PINKSHEETS: GMTI) (OTCQB: GMTI) announced that its CEO, Lyle Jensen, will speak at the LNG Fuel Application Seminar to discuss the Company–s recent success in converting oil drilling rig generators to run on either well-head gas and diesel fuel or pipeline gas and diesel fuel. The seminar is organized by Zeus Development Corporation, an information clearinghouse and consultancy for rapid-growth energy markets. The seminar will be held at the Hotel Derek in Houston, Texas and GreenMan–s presentation will be on August 30, 2011. Please refer to for further information.
GreenMan–s subsidiary, American Power Group, Inc. (“APG”), has successfully converted and commissioned three Caterpillar 3512 diesel powered generators to run on a combination of well-head methane gas and diesel fuel and another three generators to operate on pipeline natural gas and diesel fuel. APG utilized its new third generation S3000 Series Dual Fuel System which relies on APG–s read-only CAN-bus Turbocharged Natural Gas technology to seamlessly meter and control the various gaseous fuels within all original OEM diesel engine performance parameters. During commissioning, the generators achieved an average 45%-50% displacement in diesel fuel consumption with no loss of power.
APG–s dual fuel system converts diesel engines and diesel generators to function more efficiently and at a lower operating cost (average net fuel cost savings of 20% – 35%) by seamlessly displacing up to 40%-60% of the normal diesel fuel consumption with either CNG, LNG, pipeline gas, well-head gas, or other qualified bio-methane gases. APG–s system is non-invasive to the OEM engine and operates within all OEM performance controls with the flexibility to return to 100% diesel operation at any time. APG–s dual fuel conversion and emissions reduction systems can help users achieve their sustainability goals through lower carbon monoxide, nitrogen oxide, and particulate matter emissions. In addition, the introduction of natural gas through APG–s dual fuel system does not impact diesel engine power or torque and will assist in extending the engine–s oil life as natural gas is a cleaner burning fuel compared to diesel.
Lyle Jensen, GreenMan–s President and Chief Executive Officer, stated, “The oil and gas industry is an exciting and promising new addressed market for APG–s products and services. Our turbocharged dual fuel technology is showing
great versatility and reliability using a wide range of natural gas fuel sources. With well-head gas, we can now provide our customers with the ability to utilize a historical waste-stream and convert it into a viable alternative fuel used to power a wide variety of drilling rigs, compressor stations and pumps. Pipeline gas, CNG and LNG fuel sources can also be used with equal to or better results. Depending on the quality of the gas being used and operating load demands, we have seen anywhere from a 40% to a 60% reduction in diesel fuel consumption with no pre-detonation knocking or loss of power output. With some of the larger drilling rigs consuming over 2,000 gallons of diesel fuel per drilling day, APG can deliver a 1,000 gallon per day reduction in diesel fuel consumption resulting in a less than a three month payback based on the number of drilling hours per year.”
Jensen further stated, “Given all the recent attention to sourcing of domestic energy and considering the performance and economic metrics of using our dual fuel technology, we anticipate increased quotation activity from the domestic oil and gas industry. As of June 1, 2011, some 873 rigs were drilling for gas in the United States according to industry data and another 1,003 rigs were drilling for oil. This seminar will be a great venue to introduce the industry to our technology and increase awareness around how APG–s dual fuel technology can positively impact their bottom line. Internationally, we have an order to convert a primary power generator in South America to operate on well-head gas and diesel fuel and are preparing a well-head gas proposal for an oil drilling rig application in India. We believe that well-head gas, as well as other forms of filtered biogas, has the potential to become a meaningful alternative fuel source of the future while positively impacting an operator–s greenhouse gas reduction efforts today.”
GreenMan–s alternative energy subsidiary, American Power Group, Inc., provide a cost-effective patented dual fuel conversion technology for diesel engines and diesel generators. American Power Group–s dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and compressed natural gas; (2) diesel fuel and liquid natural gas; (3) diesel fuel and well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces 40% to 60% of the normal diesel fuel consumption and the energized fuel balance is maintained with a proprietary electronic controller system ensuring the engines operate to engine manufacturers– specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications requires no engine modification unlike the more expensive invasive alternative fuel systems in the market. See additional information at: . and .
With the exception of the historical information contained in this news release, the matters described herein contain “forward-looking” statements that involve risks and uncertainties that may individually or collectively impact the matters herein described, including but not limited to the risk that we may not be able to complete the transactions described in this release, the fact that we have sold the tire recycling operations which have historically generated substantially all our revenue; the risk that we may not be able to increase the revenue or improve the operating results of our American Power Group division; the risk that we may not be able to return to sustained profitability; the risk that we may not be able to secure additional funding necessary to grow our business, on acceptable terms or at all; the risk that if we have to sell securities in order to obtain financing, the rights of our current stockholders may be adversely affected; the risk that we may not be able to increase the demand for our products and services; the risk that we may not be able to adequately protect our intellectual property; and risks of possible adverse effects of economic, governmental, seasonal and/or other factors outside the control of the Company, which are detailed from time to time in the Company–s SEC reports, including our Annual Report on Form 10-K for the fiscal year ended September 30, 2010. The Company disclaims any intent or obligation to update these “forward-looking” statements
Contacts:
Chuck Coppa
CFO
or
Lyle Jensen
CEO
GreenMan Technologies, Inc.
781-224-2411
Investor Relations Contacts:
John Nesbett or Jennifer Belodeau
Institutional Marketing Services (IMS)
203-972-9200