GreenMan Technologies, Inc. Announces Stock Purchases By Outside Board Members and Senior Management; Over 1 Million Shares Pur
09 June 2006 - 4:45AM
Business Wire
GreenMan Technologies, Inc. (AMEX: GRN) a leading recycler of
approximately 20 million scrap tires per year in the United States,
today announced that on June 5, 2006 its outside directors in
conjunction with several officers agreed to convert approximately
$83,000 of amounts due them into approximately 229,000 unregistered
shares of GreenMan's common stock at the closing price on June 5,
2006. GreenMan's outside directors, Dr. Allen Kahn, Nicholas
DeBenedictis and Lew Boyd, agreed to convert approximately $58,000
of amounts due them into approximately 160,000 shares of
unregistered GreenMan common stock. In addition Chairman, Maury
Needham, CEO, Lyle Jensen and CFO, Chuck Coppa agreed to convert
approximately $25,000 of amounts due them into approximately 69,000
shares of unregistered GreenMan common stock. Maury Needham,
GreenMan's Chairman of the Board of Directors, stated, "During the
past 60 days since we announced Lyle Jenson's new role as President
and Chief Executive Officer, our Board of Directors and senior
management have purchased over 1 million unregistered shares of
GreenMan's common stock with a full appreciation that today's
delisting announcement could be a possibility. These actions,
clearly underscore the ongoing long term commitment of our Board of
Directors and senior management team in the future viability and
prosperity of GreenMan." "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 be able to secure the financing
necessary to return to profitability, the pending delisting of our
common stock by the American Stock Exchange, the possibility that
we may not realize the benefits of 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
March 31,2006. The Company disclaims any intent or obligation to
update these "forward-looking" statements.
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