LYNNFIELD, MA--(Marketwire -02/15/12)- GreenMan Technologies, Inc. (OTCQB: GMTI.PK - News) (Pinksheets: GMTI.PK - News),
today announced results for the three months ended December 31, 2011.
Revenues at the company's American Power Group (APG) dual fuel
subsidiary increased to $396,000 from $360,000 for the same quarter last
year.
Lyle Jensen, GreenMan's President and Chief Executive
Officer commented, "Overall, this was a solid quarter for our Company,
in which we continued to drive revenue growth both compared to last year
and sequentially. As our dual fuel technology gains acceptance
domestically and internationally, we are making steady progress toward
profitability and positive earnings performance. On the stationary
front, the use of our technology in aftermarket upgrade applications in
the oil and gas industry has demonstrated successful field performance
and also provides a favorable economic model which has driven demand for
our solution, creating a robust conversion pipeline. In the domestic
vehicular market, we believe that the recent changes in EPA aftermarket
regulations leave us uniquely positioned to capitalize on conversion
opportunities and we currently have three engine families under EPA
exemption that are scheduled to go through emissions testing shortly. We
anticipate fully launching our vehicular conversion strategy during
spring 2012." 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.
