GreenMan Technologies Granted Extension To Regain Compliance With American Stock Exchange Continued Listing Standards
09 February 2006 - 3:47AM
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 been granted an extension of time to regain
compliance with the American Stock Exchange's (the "Exchange")
continued listing standards. On January 5, 2006, GreenMan received
notice from the Exchange indicating GreenMan was 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 was provided the opportunity to submit a plan
of compliance to the Exchange and on January 18, 2006 submitted its
plan to the Exchange. On February 2, 2006, GreenMan was notified
the Exchange had accepted the company's plan of compliance and
granted GreenMan an extension of time through March 20, 2006 to
regain compliance with the continued listing standards. GreenMan
will be subject to periodic review by the Exchange Staff during the
extension period. If GreenMan fails to make progress consistent
with the plan or to regain compliance with the continued listing
standards by the end of the extension period, the Exchange may
initiate delisting proceedings. GreenMan may 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 we are pleased the
Exchange has accepted our plan of compliance". Mr. Coppa added, "We
intend to file our Annual Report on Form 10-KSB by the end of the
month, in advance of the March 20, 2006 deadline." "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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