American Power Group Inc. Signs Agreements for Launch of Its EPA Intermediate Age Heavy-Duty Vehicle Conversion Initiative
LYNNFIELD, MA -- (Marketwire) -- 07/23/12 -- GreenMan Technologies, Inc. (OTCQB: GMTI) announced that its American Power Group, Inc. (APG) subsidiary has signed agreements with Valley Truck Parts (Valley Truck) and the University of Houston Texas Diesel Testing and Research Center (UH-TDTRC) for required testing to commence dual fuel upgrades of intermediate useful life (IUL) heavy-duty engines in the United States. The testing will be performed in accordance with the Intermediate Age requirements of the EPA Clean Alternative Fuel Vehicle and Engine Conversion Final Rule as amended in April 2011 which requires engines to be tested outside of the vehicle on an engine dynamometer.
Valley Truck, our regional Authorized Dealer and Certified Installer located in the Grand Rapids, Michigan area is a fifty-eight year old company specializing in remanufacturing and repairing of heavy-duty trucks. Valley Truck will be responsible for securing and delivering the targeted IUL engines to UH-TDTRC for testing.
APG will conduct the required testing utilizing UH-TDTRC's test facility and heavy-duty engine dynamometer under the terms of a twelve-month agreement. Within the next eight to ten weeks, the university will complete the upgrade to their facility for natural gas testing and procure additional emission analysis equipment. APG and UH-TDTRC are targeting September 2012 to begin formal testing and expect to test nine to fifteen engine families during the initial term of the agreement with a goal of securing the first EPA IUL approval before the end of the calendar year.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, 'The IUL addressed market is comprised of heavy-duty trucks with engines two model years old or older and less than 435,000 miles. Many of the larger corporate fleets fall in this addressed market due to their ability to frequently replenish their fleets with newer trucks. Based on market data from Power Systems Research, we believe there are more than 400,000 trucks in the 2007 to 2010 model year age category that would be IUL conversion opportunities. We are currently talking with fleet owners who represent more than 60,000 trucks or approximately 15 percent of our estimated IUL available market and expect this number to increase given the proven economic and environmental benefits of our dual fuel solution. In addition to the IUL opportunity, the Outside Useful Life (OUL) addressed market is estimated to exceed an additional 500,000 candidate vehicles. APG currently has fifty-nine (59) OUL EPA engine family approvals with more on the way.'
Mr. Jensen added, 'APG's V5000 Aftermarket Upgrade System is being referred to as a 'game-changing technology' in the natural gas vehicle market because it allows fleet owners to economically upgrade existing fleets to run on our natural gas dual fuel technology without compromising the power and torque of a diesel engine. Corporate fleets can install the APG system on their IUL vehicles and when they reach their fleet life cycle, the V5000 system can be transferred to another approved engine family. We anticipate heavy adoption of our aftermarket technology in the years to come as the CNG and LNG fill-station infrastructure continues to develop.'
About GreenMan Technologies and American Power Group
GreenMan's alternative energy subsidiary, American Power Group, Inc., provides a cost-effective patented Turbocharged Natural Gas? conversion technology for aftermarket vehicular and stationary diesel engines and diesel generators. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and compressed natural gas; (3) diesel fuel and pipeline or filtered well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces up to 80% of the normal diesel fuel consumption with the average displacement ranging from 40% to 65%. The energized fuel balance is maintained with a proprietary read-only electronic controller system ensuring the engines operate at original equipment manufacturers' specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications require no engine modifications unlike the more expensive invasive fuel-injected systems in the market. See additional information at: www.greenman.biz and www.americanpowergroupinc.com.
Caution Regarding Forward-Looking Statements and Opinions
With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to new markets, development and introduction of new products, and financial and operating projections. These forward-looking statements and opinions are neither promises nor guarantees, but involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to, results of future operations, difficulties or delays in developing or introducing new products and keeping them on the market, the results of future research, lack of product demand and market acceptance for current and future products, adverse events, product changes, the effect of economic conditions, the impact of competitive products and pricing, governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications, the results of litigation, factors affecting the Company's future income and resulting ability to utilize its NOLs, and/or other factors, which are detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 30, 2011 and the Company's quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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