GreenMan Technologies, Inc., announced results for the three and six months ended March 31, 2011.
Lyle Jensen, GreenMan’s President and Chief Executive Officer stated , “ We made steady progress during the March quarter both tactically and strategically as we continue our transition to becoming a leader of non-invasive alternative fuel systems for aftermarket diesel engines and generators. During the quarter, our American Power Group (“APG”) subsidiary saw revenue grow to $518,000 which was 438 percent higher than the same period a year ago. APG completed 92 dual fuel conversions for the quarter compared to 6 conversions for the same quarter a year ago. Also during the quarter, the U.S. Environmental Protection Agency (“EPA”) formally amended its alternative fuel conversion regulations providing a clear path to EPA approval for various aftermarket engine families and enabling the start of conversions of medium–duty and heavy-duty diesel trucks in the United States to dual fuel systems like ours .”
Mr. Jensen added, “ During the quarter, our Board of Directors determined it was in the best interest of shareholder value to exit the GreenTech recycled rubber products business and authorized management to commence an immediate effort to identify potential buyers for the business and/or evaluate other strategic alternatives. Based on several fair value determinations, we recorded a non-cash impairment and inventory valuation allowance loss of $449,000 at March 31, 2011 relating to the GreenTech business .”
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Source: GreenMan Technologies, May 20, 2011;