GreenMan Technologies, Inc. To Establish New Tennessee Facility; Plant Will Initially Process Over 4 Million Tires Per Year; Strengthens GreenMan's Southern Presence

    LYNNFIELD, Mass.--Feb. 5, 2003--GreenMan Technologies, Inc. (AMEX: GRN) today announced its intent to open a new high-volume tire processing facility southeast of Nashville in LaVergne, Tennessee. GreenMan will operate the facility under a new wholly-owned subsidiary, GreenMan Technologies of Tennessee, Inc. Management estimates the LaVergne facility will commence operations during April 2003, pending delivery and installation of shredding/size reduction equipment.
    Tom Carter, GreenMan's Southern Regional Vice President, said "Our investment in the Tennessee facility significantly strengthens our southern market position in terms of geographic presence and expanded tire processing capacity. We have worked diligently over the last two years to double our Tennessee-sourced scrap tire base to an annualized volume of over 4 million passenger tire equivalents and are now at a point where our Tennessee scrap tire volumes justify the capital commitment necessary to establish a high volume tire processing facility". Mr. Carter also added, "The plant will initially produce tire-derived materials for expanding markets in the southeast but we intend to install GreenMan's fourth waste wire processing line in Tennessee during fiscal 2003 in order to maximize our performance and meet market demand for our products".
    Bob Davis, GreenMan's President and Chief Executive Officer, said "During the last two years, virtually all Tennessee-sourced tires have been sent to our Georgia processing and kiln location while tire volumes were being developed. Our southern performance has been and continues to be negatively impacted by these additional transportation costs, which has exceeded $65,000 in some months." Mr. Davis also added, "These short-term costs will, however, pave the way for enhanced long-term performance at both our Tennessee and Georgia plants (i.e. similar to the commitment we have made with our $1.5 million Iowa upgrade (December 2, 2002)) locations and allow us to continue our on-going growth initiatives throughout the southern United States."
    Please join us at our 2003 Annual Shareholders' meeting to be held Thursday, February 20, 2003 at 9:30 A.M., in the Franklin Room at the Sheraton Colonial Hotel, One Audubon Road, Wakefield, Massachusetts, 01880.

    "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, 2002. The Company disclaims any intent or obligation to update these "forward-looking" statements.