GreenMan Technologies, Inc. Receives Notice Related To Listing Requirements
12 January 2006 - 9:00AM
Business Wire
GreenMan Technologies, Inc. (AMEX: GRN), a leading recycler of over
20 million scrap tires per year in the United States, today
announced it has received notice from the American Stock Exchange
(the "Exchange") indicating GreenMan is not in compliance with the
Exchange's requirements for continued listing set forth in Sections
134 and 1101 of the Exchange's Company Guide with respect to
GreenMan's failure to file its Annual Report on Form 10-KSB for the
year ended September 30, 2005 with the Securities and Exchange
Commission. GreenMan previously announced the delayed filing of its
Annual Report on January 4, 2006. In order to maintain its listing
on the Exchange, GreenMan must submit a plan by January 19, 2006
advising the Exchange of action it has taken, or will take, that
would bring the company into compliance with Sections 134 and 1101
of the Company Guide by no later than March 20, 2006. If the plan
is accepted by the Exchange, GreenMan will remain listed during the
plan period. If GreenMan's plan is not accepted or if GreenMan is
not in compliance with the continued listing standards by March 20,
2006, the Exchange may initiate delisting proceedings. GreenMan my
appeal any determination to initiate delisting proceedings. Chuck
Coppa, GreenMan's Chief Financial Officer stated, "Our American
Stock Exchange listing is very important to us and our efforts to
build long term shareholder value. We will submit our compliance
plan with the Exchange by the January 19, 2006 deadline and intend
to release our financial results as soon as practical thereafter
and file our Annual Report on Form 10-KSB within the next 30 days.
" "Safe Harbor" Statement: Under the Private Securities Litigation
Reform Act With the exception of the historical information
contained in this news release, the matters described herein
contain 'forward-looking' statements that involve risk and
uncertainties that may individually or collectively impact the
matters herein described, including but not limited to the
possibility that we may not realize the benefits expected from our
new Tennessee operation, product acceptance, economic, competitive,
governmental, seasonal, management, technological and/or other
factors outside the control of the Company, which are detailed from
time to time in the Company's SEC reports, including the quarterly
report on Form 10-QSB for the fiscal period ended June 30, 2005.
The Company disclaims any intent or obligation to update these
"forward-looking" statements.
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