GreenMan Technologies Acquires Operations of An-Gun, Inc.; Represents Over $1 Million of Accretive Revenue; Strengthens GreenMan's Upper Mid-West Presence

    LYNNFIELD, Mass.--Jan. 23, 2002--GreenMan Technologies, Inc. (OTCBB: GMTI) (BSE: GMY) today announced that it has acquired the operations of An-Gun, Inc., ("An-Gun") a Wisconsin based company in the business of collecting, processing and marketing of scrap tires and will manage the operations under the name of GreenMan Technologies of Wisconsin, Inc.
    An-Gun was founded in 1990 and provides scrap tire collection services in the states of Wisconsin, Illinois, Iowa, Michigan and Indiana. Terms of the transaction have not been disclosed.
    Mark Maust, GreenMan's Vice President of Operations and President of GreenMan of Wisconsin, said " The addition of An-Gun to the GreenMan family complements our existing business base in the upper Mid-West by providing us with a seasoned management team and a solid market presence in greater Milwaukee and surrounding areas. With an estimated 25 million scrap tires generated per year in this portion of the United States, the merged resources of GreenMan and An-Gun, will present numerous opportunities to expand our combined market presence."
    Bob Davis, GreenMan's CEO stated " We believe that the limited successes within our industry are due to industry disaggregation among small and under-capitalized companies for recycling tires. An-Gun has done a great job identifying and securing end markets for their products as well as cultivating a diversified customer base within the surrounding five state area. This is why merging our resources makes good business sense. " Mr. Davis also added, "We firmly believe our company can successfully consolidate numerous opportunities like An-Gun with a focus on superior customer service and ultimately become the benchmark for the tire recycling industry."

    "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 product acceptance, economic, competitive, governmental, results of litigation, 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 report on Form 10-KSB for the fiscal year ended September 30, 2001. The Company disclaims any intent or obligation to update these "forward-looking" statements