GreenMan Technologies Appoints New Board Member

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Mon Jun 29, 2009 9:00am EDT

  LYNNFIELD, MA, Jun 29 (MARKET WIRE) -- 
GreenMan Technologies, Inc. (OTCBB: GMTI), announced that Kevin M.
Tierney, Sr. will join the Company's board of directors, effective July
1, 2009. Mr. Tierney has also been appointed Chairman of the Audit
Committee.

    Maury Needham, GreenMan's Chairman of the Board of Directors stated, "We
are very pleased that Kevin has agreed to join our Board and undertake the
role of Audit Chairman. Kevin has a distinguished background in the
financial and banking industries and we are confident that his knowledge
and expertise will contribute significantly to our Company. His leadership
roles at publicly traded companies, previous experience with the
assimilation of acquired companies and his work with regulatory agencies
and legislative bodies make him a valuable resource for GreenMan as we
execute a new strategy and move forward within new industries."

    Since 2006, Mr. Tierney has served as the President and Chief Executive
Officer of Saugusbank, a $200 million, state chartered community bank
located in Saugus, Massachusetts. In this role, Mr. Tierney works directly
with regulatory agencies and industry associations on supervisory,
oversight and legislative matters. Prior to joining Saugusbank, he was
executive vice president and general manager of BISYS Group's Corporate
Financial Solutions Division, where he led the creation of a new business
unit providing corporate banking services to Fortune 500 treasury
departments as well as to the life insurance and health insurance
industries. Before that, Mr. Tierney was executive vice president and
chief operating officer of Abington Bancorp, a $1.2 billion, publicly
traded bank holding company. At Abington, Mr. Tierney oversaw the
acquisition of several banking franchises that expanded business lines
and grew the company's footprint which, combined with organic growth,
enabled the company to grow from a $400 million to a $1.2 billion
company. Earlier in his career, he served as executive vice president and
general manager of Electronic Data Systems (EDS) where he oversaw 450
employees and was responsible for all aspects of $160 million in business
providing emerging payment technologies to the retail and financial
industries.

    About GreenMan Technologies

    GreenMan Technologies, through its subsidiaries, provides technological
processes and unique marketing programs for 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.
The Company's Renewable Fuels and Alternative Energy subsidiary pursues
opportunities to commercialize and grow green-based technologies and in
June 2009 signed an exclusive worldwide license agreement to
fully-commercialize their patented dual fuel alternative energy system
technology.

    "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.

    

Contacts:
Chuck Coppa
CFO
Lyle Jensen
CEO
GreenMan Technologies
781-224-2411

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