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GreenMan Technologies Signs Joint Venture Agreement With Crumb Rubber Technologies, Inc.

15 September 1997

GreenMan Technologies Signs Joint Venture Agreement With Crumb Rubber Technologies, Inc.

    LYNNFIELD, Mass., Sept. 15 -- GreenMan Technologies, Inc.
announced today that it has signed a Joint Venture
Agreement with Crumb Rubber Technologies, Inc. of Jamaica, New York ("CRT"),
to process disused tires in the state of New York, and market the resultant
crumb rubber primarily to the asphalt industry and local rubber product
manufacturers.  The Joint Venture will do business under the name "Tire
Disposal Services, Inc.".
    Through a grant from the New York State Department of Economic
Development, Office of Recycling Market Development, Tire Disposal Services,
Inc. has been awarded a $250,000 grant which will be managed and apportioned
through the Jamaica Economic Growth Corporation (a not-for-profit industrial
development organization).  The state of New York has allocated funds through
a number of state agencies to address the growing problem of tire disposal and
landfills.  This funding gives Tire Disposal Services important start-up
capital to cover equipment and commercialization set-up costs.  As part of the
Joint Venture Agreement, the Company has allocated its CRT crumb rubber
production equipment, formerly located in Jackson, GA, for the New York
project.  CRT will manage and direct the day-to-day operations of the Joint
Venture and contribute critical equipment, facilities, permits, licenses and
technical support staff.
    Bob Davis, GreenMan's CEO said, "This joint venture represents a splendid
vehicle for the Company's expansion into an additional and key market region
-- New York State/the Northeast, which may have remained unexploited for some
time in our future were it not for this 'win-win' arrangement with CRT."
    Mike Reali, CRT's President said, "This arrangement presents a great
opportunity for CRT and GreenMan to work together to address New York's tire
waste problem.  In this united effort, we bring to New York a unique
combination of expertise -- tire collection, processing, and end product uses
and markets for the crumb rubber produced by our Joint Venture, Tire Disposal
Services."
    GreenMan Technologies, Inc. manufactures and markets "environmentally
friendly" rubber and plastic-based products for sale to consumer and
industrial end-user markets.  GreenMan's products are made using the Company's
GEM-Stock materials, made from recycled plastics and rubber from tires.
Through its DuraWear subsidiary, the Company manufactures and markets wear-
resistant ceramic, polymer composite and alloy steel products for bulk
material handling systems.  Through its tire recycling division comprised of
GreenMan Technologies of Minnesota, Inc., and GreenMan Technologies of
Georgia, Inc., the Company provides scrap tire collection services and markets
tire chips to the Tire Derived Fuel ("TDF") and crumb rubber markets.
    With the exception of the historical information contained in this
release, the matters described herein contain forward-looking statements that
involve risk and uncertainties that may individually or mutually impact the
matters herein described, including but not limited to product acceptance,
economic, competitive, governmental, results of litigation, technological
and/or other factors, which are outside the control of the Company.
SOURCE  GreenMan Technologies, Inc.