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GreenMan Technologies, Inc.: GreenMan Announces Welch Products Inc. Name Change to Green Tech Products, Inc.

^{Published on 2009-03-18 07:12:13, Last Modified on 2009-03-18 07:13:05 - Market Wire}
 

CARLISLE, IA--(Marketwire - March 18, 2009) - GreenMan Technologies, Inc. (OTCBB: [ GMTI ]) today announced that it has changed the name of its Welch Products Inc. subsidiary to Green Tech Products, Inc. which better reflects the nature of their new product-line extension strategy beyond playground safety tiles and equipment.

Lyle Jensen, GreenMan's President and Chief Executive Officer, said, "We have built our business by delivering products that represent the best aspects of recycling, green technology, safety and accessibility. The name Green Tech Products better encapsulates not only where the business is today, but also future growth initiatives. We are currently evaluating additional recycled molded products that may be used in applications such as highway anti-vegetation and field-turf encasement projects. Our playground products will continue to be marketed under our National Playground Compliance Group name which enjoys strong brand recognition within the industry."

About GreenMan Technologies

GreenMan Technologies pursues technological processes and unique marketing programs to transform recycled materials into renewable fuel, alternative energy, recycled feedstock, and innovative recycled products. Through the company's Green Tech Products subsidiary, the company develops and markets branded products and services that provide schools and other political subdivisions viable solutions for safety, compliance, and accessibility. Our Renewable Fuels and Alternative Energy subsidiary supports our strategic objective to pursue opportunities to commercialize green-based technologies that convert waste feedstock into bio-fuels and other waste-to-energy solutions. To learn more about all of the companies, please visit [ www.greenman.biz ].

"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 risks and uncertainties that may individually or collectively impact the matters herein described, including but not limited to the facts that we have sold the tire recycling operations which have historically generated substantially all our revenue and that we will be prohibited from competing in that business on a regional basis until 2013, the risk that we may not be able to increase the revenue of our Welch division, the risks that we may not be able to identify and acquire complementary businesses and that we may not be able successfully to integrate any such acquisitions with our current businesses, 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, and the 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 the Annual Report on Form 10-KSB for the fiscal period ended September 30, 2008. The Company disclaims any intent or obligation to update these "forward-looking" statements.