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GreenMan Announces Restructuring of Class B Convertible Stock

11 September 2000

GreenMan Technologies, Inc. Announces Restructuring of Class B Convertible Preferred Stock

    LYNNFIELD, Mass.--Sept. 11, 2000--GreenMan Technologies, Inc. (OTCBB: GMTI, GMTIW) (BSE: GMY, GMYW) today announced that it has reached an agreement with Republic Services of Georgia, Limited Partnership ("RSLP") (as successor to United Waste Services, Inc.) whereby RSLP has agreed to extend the conversion date of the $3.2 million of Class B Convertible Preferred Stock held by RSLP for an additional year or until March 2002. The new agreement also provides GreenMan the opportunity to repurchase the $3.2 million of Class B Convertible Preferred Stock for $1.5 million plus 100,000 shares of GreenMan's Common Stock prior to March 2002.
    "The restructuring of the Class B Convertible Preferred is an important step in the turnaround of GreenMan. It provides us with relief from the near term pressure of the original conversion date and allows us to focus our resources on enhancing the proven profitability of our tire recycling operations and our continuing efforts to strengthen the financial condition of GreenMan," said Charles E. Coppa, chief financial officer of GreenMan Technologies. "The buyback provision is significant as it provides us an opportunity to mitigate the dilutive impact of the March 2002 Class B Preferred conversion."