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Shelf filing to sell $30 million worth of stock is putting a damper on this one. At least for a while.
Nice to see a reasonable voice here. I've owned ARCAM for quite a while, through the ups and downs. This is a solid little company that has great growth potential. Just buy it and put it away for five years. You won't be disappointed.
Was wondering why I wasn't able to trade ARCM today. LOL
APGI's Technology Nets First Major Order--$1.5 Million
American Power Group Receives $1.5 Million Order From Cudd Energy Services for Hydraulic Fracturing Installation in the Marcellus Shale Region
LYNNFIELD, MA--(Marketwire - Jan 22, 2013) - American Power Group Corporation ( OTCQB : APGI ) announced today that its subsidiary, American Power Group, Inc. ("APG"), has received purchase orders totaling $1.5 million from Cudd Energy Services to upgrade and convert diesel pumps used for hydraulic fracturing to APG's Turbocharged Natural Gas™ Dual Fuel System. APG will provide full turnkey installation including engineering services under an EPA Test Exemption while completing the EPA Memo 1A Testing and Compliance process, similar to the procedure APG completed in June 2012 for a different high-horsepower non-road compression ignition engine family. APG expects the installations to be completed during the next two calendar quarters in conjunction with the scheduled completion of the Memo 1A Testing.
Cudd Energy Services (www.cudd.com), a subsidiary of RPC Inc., is an oilfield service company offering a broad range of technical and specialized oilfield services to companies engaged in the exploration and production of oil and natural gas worldwide.
Prometheus Energy (www.prometheusenergy.com) will manage the onsite supply of liquefied natural gas (LNG) as the primary natural gas fuel source. Prometheus Energy provides turnkey fuel solutions that enable oilfield and other industrial users of diesel and other crude-derived fuels to use secure domestic LNG, reducing fuel cost and emissions. The company is vertically integrated from LNG production, distribution and logistics to onsite storage and vaporization.
Lyle Jensen, CEO of American Power Group, stated, "We are extremely pleased that Cudd Energy Services has selected APG's dual fuel technology for the conversion of a hydraulic fracturing rig in the Marcellus Shale region. This marks our first full hydraulic fracturing rig conversion and our third major customer installation this year in the Marcellus Shale. APG's dual fuel system gives the oil and gas service contractor the maximum flexibility to utilize either liquefied natural gas (LNG), compressed natural gas (CNG), pipeline gas, or qualified well-head gas as a natural gas fuel source to displace diesel for a significant net fuel savings and lower emissions. We are now seeing a dramatic increase in interest across the industry for the use of APG's dual fuel conversion technology in both drilling and hydraulic fracturing applications."
Mr. Jensen further added, "This installation will include our newly developed 'Over Pressure Protection System,' a combined hardware and software solution designed to ensure the safe and reliable use of natural gas when variations in gas pressure occur. We believe that APG delivers the most sophisticated dual fuel solution at the lowest total cost of ownership in the industry."
American Power Group had its fourth quarter and year-end conference call today and a couple of notable items were brought forward. First, the company has finally given guidance, on a yearly basis, for revenues--they expect to do $10 to $12 million for the year ending September, 2013. And, they expect to be cash-flow positive as well, based on the projected revenues.
APGI also revealed that it has received notice of an incoming purchase order for 20 APGI dual-fuel systems and related services for a fracking rig with a value of $1 million. To put that order in context--the run rate at the end of the last quarter was $3 million, which means that APGI just got a boost of 33% to its revenues--with only one order!
The company's revenue growth has been tepid for some time, as the company had been in testing with so many customers for some time, but now that APGI's product has proven reliable and delivers on the promised savings, the company is about to experience rapid growth.
Going from $3 million to $12, and getting to a cash-flow positive status will mean huge rewards to its shareholders over the coming year, and years, imo.
Greenman has raised $8.2 million dollars, picking up a couple of long-term investors and some new directors at the same time. In addition, they just received EPA approval to commence sales of their dual fuel systems for 55 diesel engines--and that is huge--it opens up a market estimated to be at least $30 million.
On the recent conference call, the CEO noted that break-even is somewhere around $8 to $10 million in sales--something well within Greenman's reach within a year.
Things are finally looking up for this micro-cap company.
Another encouraging order for Greenman:
GreenMan Technologies Subsidiary Receives $150,000 International Dual Fuel Vehicular Order
LYNNFIELD, MA -- (MARKET WIRE) -- 11/22/11 -- GreenMan Technologies, Inc. (OTCQB: GMTI) (PINKSHEETS: GMTI) announced that its APG International, Inc. ("APGI") subsidiary has received an initial order from ODIZIM/CNG Technologies Ltd., its local distributor in Africa for the conversion of a portion of international logistics company's local diesel truck fleet to APG's patented Dual Fuel System. The conversions are scheduled to be completed before the end of January 2012.
APG's dual fuel system converts diesel engines and diesel generators to function more efficiently and at a lower operating cost (average net fuel cost savings of 30% - 40%) by seamlessly displacing 40%-70% of the normal diesel fuel consumption with CNG, LNG, well-head gas, or bio-methane. APG's system is non-invasive to the OEM engine and operates within all OEM performance controls with the flexibility to return to 100% diesel operation at any time. APG's dual fuel conversion and emissions reduction systems can help users achieve their sustainability goals through lower carbon monoxide, nitrogen oxide, and particulate matter emissions. In addition, the introduction of natural gas through APG's dual fuel system does not impact diesel engine power or pulling torque and will assist in extending the engine's oil life as natural gas is a cleaner burning fuel compared to diesel.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "We are pleased to have won these initial conversions which provide us with yet another opportunity to introduce the world's logistics community to the economic and environmental benefits of APG's dual fuel technology." Mr. Jensen added, "As global fleet owners look for an economical way to combat increasing diesel fuel and maintenance costs while complying with more stringent emissions standards, our dual fuel technology represents a sensible and readily available alternative."
GreenMan Technologies, Inc. -- Orders for APG's Dual Fuel System Commence:
GreenMan Subsidiary Announces Orders for Dual Fuel Conversion of Twelve Oil Rig Diesel Generators
For Two Leading Independent Oil and Gas Exploration Corporations
LYNNFIELD, MA--(Marketwire -10/31/11)- GreenMan Technologies, Inc. (OTCQB: GMTI.PK - News) (Pinksheets: GMTI.PK - News) announced that its American Power Group Inc. ("APG") subsidiary has received three follow-on orders and one new order to convert twelve more diesel generators on domestic drilling rigs to operate using APG's dual fuel technology. The orders were booked through SourceOne Engine Equipment, LLC, its domestic Dealer/Certified Installer ("SourceOne").
The dollar value of the orders is approximately $343,000. While the end customers were not disclosed for competitive reasons, a recent industry survey ranked the two independent oil and gas exploration corporations in the top 40 oil & gas companies in the United States. Two of the conversions were completed in September and two are scheduled to be completed during GreenMan's first fiscal 2012 quarter (December 2011).
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "During the past 60 days, we have received orders of approximately $374,000 from SourceOne which underscores the notable success we are experiencing in the oil & gas drilling rig industry with our new generation S3000 Series Dual Fuel System." Mr. Jensen added, "At a time when global diesel prices continue to escalate, the ability for oil rig operators to utilize our dual fuel technology with either inexpensive well-head gas or plentiful domestic natural gas as a supplemental fuel is resulting in a less than three month payback in some cases."
Barry Janssen, President of SourceOne Equipment, stated, "We have seen a dramatic increase in our quote activities over the past several weeks given the significant fuel savings and durability performance being realized by oil and gas exploration companies already utilizing APG's dual fuel technology. We believe APG's investment in digital electronics and extensive engine software mapping has set a new standard in dual fuel performance and we are excited to continue introducing this new capability to the oil and gas industry."
GreenMan Subsidiary Completes Conversion for Bhushan Steel Ltd.
Two of the Largest Dual Fuel Generator Conversions in the World
Oct 28, 2011 9:24:00 AM
LYNNFIELD, MA -- (MARKET WIRE) -- 10/28/11 -- GreenMan Technologies, Inc. (OTCQB: GMTI) (PINKSHEETS: GMTI) announced that its American Power Group Inc. (APG) subsidiary has completed the follow-on order for Bhushan Steel Ltd. ("Bhushan Steel"), New Delhi, India, to convert two MAN B&W generators (one 12MW and one 9MW) at their Khopoli industrial site to APG's dual fuel technology. Bhushan Steel Ltd. is India's third largest secondary steel provider with estimated capacity of 2 million tons per annum.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "In the case of Bhushan Steel, we installed our dual fuel technology on two additional generators which are used to supply primary energy for the operation of Bhushan's steel rolling mills and are the size of two greyhound buses stacked on each other. Based on the historical performance of the generators previously upgraded to dual fuel, we anticipate a payback of less than six months on Bhushan's most recent investment with us." Mr. Jensen added, "Our ongoing efforts and investments to enhance the functionality and cost competitiveness of our dual fuel technology are why we can offer cost effective solutions in such diverse markets. India is quickly becoming a large market for both generator and vehicular natural gas dual fuel opportunities. We recently received approval from the Automotive Research Association of India ('ARAI') to upgrade two heavy-duty test vehicles. ARAI is a cooperative industrial research association of the automotive industry and the Ministry of Industries in India. The approval will allow us to start gathering in-country vehicular data as we prepare to commercialize the significant number of heavy-duty trucks and transit buses in India."
About GreenMan Technologies
GreenMan's alternative energy subsidiary, American Power Group, Inc., provides a cost-effective U.S. patented dual fuel aftermarket conversion technology for diesel engines and diesel generators. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and compressed natural gas; (2) diesel fuel and liquid natural gas; (3) diesel fuel and well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces 40% to 60% of the normal diesel fuel consumption and the energized fuel balance is maintained with a proprietary electronic controller system ensuring the engines operate to original engine manufacturers' specified temperatures and pressures. Aftermarket installation on a wide variety of engine models and end-market applications requires no engine modification unlike some invasive alternative fuel systems in the market. See additional information at: www.greenman.biz. and www.americanpowergroupinc.com.
Volume is pathetic since folks are waiting to see how the fundraising turns out.
In the meantime, here's another article on GMTI/APG:
Here's hoping I don't get slapped by Lee for this, but I'd like to call your attention to a cheap stock, one that I own, that's off the radar screen: GMTI.PK
Yup, a pink sheet listed stock. But before you diss it, consider just these two facts: One, GreenMan has signed an exclusive distributorship with Westfarmers of Australia, a $54 billion company, to sell GreenMan's dual-fuel product. Second, GreenMan just announced that they have received EPA approval to begin marketing their dual-fuel add-on system for diesel engines in the United States.
Both of those events are pretty impressive, given that GMTI is such a small company.
You can read more here on the iHub board: http://investorshub.advfn.com/boards/board.aspx?board_id=13313
Also, the company will be having a conference call today to discuss the EPA news.
Westfarmers Contract and now EPA Approval--GreenMan is doing a lot of things well.
Press Release:
GreenMan Subsidiary Receives Its First EPA Engine Family Approval Under the New Conversion Regulations
Provides a Clear Path to Commercialize Its V5000 Dual Fuel Vehicular Turbocharged Natural Gas(TM) Technology in the United States
Conference Call Today at 2 p.m. ET
LYNNFIELD, MA--(Marketwire -09/27/11)- GreenMan Technologies, Inc.("GreenMan") (OTCQB: GMTI.PK - News) (Pinksheets: GMTI.PK - News) announced that its American Power Group, Inc. ("APG") subsidiary has been notified by the U.S. Environmental Protection Agency ("EPA") that its first Clean Alternative Fuel Vehicle and Engine Conversion Submission has been approved per the EPA Final Rule 40CFR Parts 85 and 86: EPA420-F-11-006, for the Outside Useful Life ("OUL") Heavy Duty 2004 Caterpillar C-15 engine family. The submission utilized APG's latest V5000 Dual Fuel Turbocharged Natural Gas™ technology which had to meet specific design, componentry, and emission compliance criteria. This first OUL Heavy Duty Diesel EPA approval provides APG a clear path for additional conversion approval submissions on a wide-array of heavy-duty aftermarket diesel truck engines.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "The magnitude and strategic impact of this initial EPA approval is without a doubt one of the most important events in the Company's history. Our focus over the next several quarters will be to work with interested fleet owners of the most popular OUL model years so that we can expand the number of approved engine families we can sell. With the current approved EPA protocol, we believe we can accelerate the preparation and submission timeline of subsequent vehicle family submissions. In addition, during this timeframe, we also intend to file our initial intermediate age ("IUL") vehicle submission, which will be subject to different regulatory requirements and would expand our product offerings to include IUL vehicles."
Power Systems Research, a global supplier of business information to the engine, power products and components industries, estimates that approximately 4.6 million medium and heavy duty diesel vehicles, representing approximately 93% of all medium to heavy duty vehicles in service, fit into either the IUL or OUL classifications.
Mr. Jensen added, "Based on our research, we believe we have identified the top 40 heavy duty engine families operating on the U.S. roads today, representing nearly 400,000 vehicles and an identified market potential in excess of $3.9 billion. We are first to market with a reliable low-cost system that is generating significant fleet owner interest in EPA approved aftermarket conversions."
In April 2011, the EPA announced it had amended its alternative fuel conversion regulations for light, medium and heavy-duty vehicles which built upon the concept that it is appropriate to either certify or approve conversions differently based on the age of the vehicle or the engine being converted. Under the new regulations, testing and compliance procedures differ based on the age category of the vehicle or engine that is being converted: (1) new or relatively new; (2) intermediate age, or IUL, or (3) outside useful life, or OUL.
APG's aftermarket dual fuel system converts diesel engines (On-Road, Off-Road and Stationary) to function more efficiently and at a lower operating cost (average net fuel cost savings of 20% - 30%) by seamlessly displacing 40%-60% of the normal diesel fuel consumption with compressed natural gas, liquid natural gas, pipeline gas, well-head gas, or bio-methane gas. APG's system is non-invasive to the OEM engine and operates within all OEM performance controls, with the flexibility to return to 100% diesel operation at any time. APG's dual fuel conversion and emissions reduction systems can help users achieve their sustainability goals through lower carbon monoxide, nitrogen oxide and particulate matter emissions. In addition, the introduction of natural gas through APG's dual fuel system does not impact diesel engine power or pulling torque and, because natural gas burns more cleanly than diesel fuel, will assist in extending the engine's oil life.
Conference Call
Please join us today, September 27, 2011 at 2:00 PM ET for a conference call in which we will discuss the impact of our recent EPA approval. To participate, please call 1-877-723-9523 and ask for the GreenMan call using pass code 8336194. A replay of the conference call can be accessed until 11:50 PM on October 14, 2011 by calling 1-888-203-1112 and entering pass code 8336194.
About GreenMan Technologies
GreenMan's alternative energy subsidiary, American Power Group, Inc., provide a cost-effective U.S. patented dual fuel aftermarket conversion technology for diesel engines and diesel generators. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and compressed natural gas; (2) diesel fuel and liquid natural gas; (3) diesel fuel and well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces 40% to 60% of the normal diesel fuel consumption and the energized fuel balance is maintained with a proprietary electronic controller system ensuring the engines operate to original engine manufacturers' specified temperatures and pressures. Aftermarket installation on a wide variety of engine models and end-market applications requires no engine modification unlike some invasive alternative fuel systems in the market. See additional information at: www.greenman.biz. and www.americanpowergroupinc.com.
Greenman Ties up with Westfarmers in Australia:
GreenMan Technologies' Subsidiaries Enter Long-Term Strategic Agreement With Wesfarmers LNG
Wed Sep 21, 2011 9:00am EDT
LYNNFIELD, MA, Sep 21 (MARKET WIRE) --
GreenMan Technologies, Inc.("GreenMan") (OTCQB: GMTI) (PINKSHEETS: GMTI)
announced that its APG International, Inc. ("APGI") and American Power
Group, Inc. ("APG") subsidiaries have signed a distribution agreement
with Wesfarmers LNG Pty Ltd ("Wesfarmers LNG"), a subsidiary of
Wesfarmers Kleenheat Gas Pty Ltd ("Kleenheat Gas"), to exclusively
market, sell and distribute APG's V5000HD Aftermarket Dual Fuel System to
the heavy-duty on-road, and off-road diesel engine truck industry in
Australia. The initial term of the agreement is five years. Wesfarmers
LNG is also entitled to service the light and medium-duty vehicular
market for CNG and biogas applications. Concurrent with signing the
agreement, APGI received a purchase order for six additional vehicular
conversions and certification training services that will be used to
facilitate the training of Wesfarmers LNG's personnel as Certified
Trainers and Certified Installers of APG products in Australia.
Kleenheat Gas extracts, distributes and markets liquefied petroleum gas
and is a leading provider of gas services to residential, commercial,
industrial, rural, and automotive markets across Australia. Through its
subsidiary, Wesfarmers LNG and its EVOL LNG brand, it is the leading
provider of liquid natural gas to the heavy-duty vehicle and remote power
generation markets in Australia. Kleenheat Gas is part of Wesfarmers
Chemicals, Energy & Fertilisers which is a division of the diversified
conglomerate Wesfarmers Limited. Wesfarmers Limited (ASX: WES) is one of
Australia's largest publicly listed companies achieving over $54 billion
(AUD) in annual revenue and employing around 200,000 employees in
Australia and New Zealand.
For this LNG vehicular application, APG's dual fuel aftermarket system
converts diesel engines to function more efficiently and at a lower
operating cost, based on current diesel and LNG prices, and subject to
the particular vehicle characteristics and applicable driving conditions,
by displacing up to 50% of the normal diesel fuel consumption with liquid
natural gas. APG's system is non-invasive to the OEM engine and operates
within all OEM performance controls with the flexibility to return to
100% diesel operation at any time. APG's dual fuel conversion and
emissions reduction systems have lower carbon monoxide, nitrogen oxide,
and particulate matter emissions than equivalent 100% diesel systems. In
addition, the introduction of natural gas through APG's dual fuel system
does not impact diesel engine power or torque and will assist in
extending the engine's oil life as natural gas is a cleaner burning fuel
compared to diesel.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated,
"We are proud to be working with an industry leader such as Wesfarmers
LNG to commercialize our latest turbocharged natural gas dual fuel system
in Australia. The investment made in our Detroit-based automotive
engineering development team has brought an 'OEM-like' discipline to our
aftermarket conversions. APG's digital electronics, software mapping, and
emissions designs are performing safely and reliably on high horsepower
engines in one of the world's most demanding driving environments. In
accordance with the agreement, we are in the process of enhancing the
technology to ensure it is able to achieve the desired operating
parameters across the broad range of vehicles and conditions that are
encountered in Australia. A distinct economical advantage of using our
Turbocharged Natural Gas(TM) technology is the application of our base
design to a wide range of horsepower and engine models from around the
world. We look forward to a long and successful relationship with
Wesfarmers LNG."
Commenting on the agreement, Kleenheat Gas General Manager Graham Smith
stated, "We are very excited to be partnering with APG and introducing
the V5000HD dual fuel system to the Australian market. Our trials have
shown it to be a reliable and versatile system, and with the additional
work that APGI is undertaking to enhance the technology to ensure it has
broader application, it will be just what the Australian market needs.
Combined with EVOL LNG's market leadership in the distribution of LNG for
the domestic Australian market, the APG V5000HD system, with the
enhancements that APGI is currently working on, will assist our customers
to better manage their fuel costs, and take up of this exciting
alternative fuel."
Mr. Jensen concluded, "We believe that a significant number of Australian
vehicles will benefit from APG's dual fuel technology. This next step of
installation training will enable Wesfarmers LNG to train and certify
both in-house and approved third-party partners to safely and reliably
install the APG dual fuel system. We expect the training to be completed
during October and will move into full-scale commercialization shortly
thereafter."
Lynnfield's Alternative Fuel Company – GreenMan Technologies Inc.
Patch talks with company CFO, Chuck Coppa, about an environmentally friendly technology being developed in Lynnfield.
By Jonathan Pickering
The Lynnfield based company, GreenMan Technologies provides customers around the world with an environmentally-friendly alternative to diesel fuel. It's called Dual Fuel Technology and according to the company, it displaces up to 60% of high-emissions burning diesel gas with either natural gas, well-head gas, or bio-methane.
The CFO of GreenMan Technologies, Chuck Coppa, detailed his company's move towards Duel Fuel Technology in a recent interview with Lynnfield Patch.
“Prior to 2009 we operated several large scrap tire recycling stations in the U.S. and in November 2008, we sold this business for about $28 million and began our search for the next chapter of the GreenMan story.”
From here, Coppa and GreenMan went looking for a new green energy technology they could get behind, checking out everything from ethanol to solar wind. In June 2009, GreenMan acquired Iowa based American Power Group, Inc. which held the patent on Dual Fuel Technology.
“A Dual Fuel retrofitted system converts diesel engines and generators to function more efficiently and at a lower operating cost by seamlessly displacing 40%-60% of the normal diesel fuel consumption with compressed natural gas, liquefied natural gas, well-head gas or bio-methane,” explained Coppa.
The applications of Dual Fuel Technology are many. GreenMan has applied it to light and heavy duty vehicles like buses and delivery trucks as well as generators. Coppa mentioned that companies have reported a net fuel cost savings of 25 to 45 percent.
One example of where GreenMan has had great success with their Dual Fuel technology is with the Florida grocery chain, Publix Super Markets, Inc. Publix operates roughly one million square feet of cold-storage facilities and initially used their large CAT diesel generators – whose job was principally for backup power. American Power Group Inc. was hired to retrofit 8 of Publix’s generators to Dual Fuel which allowed them to run the generators as a primary energy sources - saving the company over $300,000 in annual diesel fuel costs. Given the cleaner burning nature of natural gas, the generators operated much cleaner, requiring maintenance once every other year, instead of the usual yearly check-up.
In an email, Coppa stated: “At a time when global oil prices continue to escalate, the ability for fleet owners, oil and gas rig operators, hospitals, data management centers and other critical care facilities to utilize plentiful domestic natural gas or inexpensive well-head gas as a supplemental fuel and reduce their toxic emissions (CO, NOX and Particulate Matter) by 50+% just makes good business and environmental sense.”
GreenMan has also sprung into the international market, teaming up with 7up and Coke in parts of Africa, and around the globe, in Australia, with the Wesfarmers Company. Domestically, GreenMan reportedly works with two of the top 10 refuse companies and two of the top 40 oil and gas exploration companies.
In the U.S. GreenMan also outfitted Pfizer's offices in Manhattan, along with a 2,800 unit condo complex in the same area.
Said Coppa: “It's really a unique opportunity and the best of both worlds for many.”
*********
Greenman's corporate headquarters is located in Lynnfield, Massachusetts.
GreenMan Technologies' Subsidiary Signs Dealer/Certified Installer Agreement With SourceOne Engine Equipment, LLC
Will Sell and Install the Company's New S3000 Dual Fuel Turbocharged Natural Gas(TM) Technology on Aftermarket Generators in the Oil and Gas Drilling and Shale Fracking Industries
LYNNFIELD, MA--(Marketwire -08/30/11)- GreenMan Technologies, Inc. ("GreenMan") (OTCQB: GMTI.PK - News) (Pinksheets: GMTI.PK - News) announced that its subsidiary, American Power Group, ("APG") has entered a multi-year Dealer/Certified Installer agreement with SourceOne Engine Equipment LLC to sell, install and service APG's products in the oil and gas drilling and shale fracking industries.
SourceOne Engine Equipment LLC ("SourceOne") is headquartered in Oklahoma and represents quality OEM lines for engine exhaust, engine cooling systems, emissions reduction equipment, dual fuel solutions, and related fluid and filters. SourceOne's customer list includes several of the top 40 oil and gas companies in the United States.
Lyle Jensen, GreenMan's President and Chief Executive Officer stated, "The oil and gas industry is an exciting and promising new addressed market for APG's products and services. On July 21, 2011, we announced the successful conversion and commissioning of three diesel generators to run on a combination of filtered well-head methane gas and diesel fuel and an additional three generators to operate on pipeline natural gas and diesel fuel. We utilized our new third generation S3000 Series Dual Fuel Aftermarket Conversion System which relies on APG's read-only CAN-bus Turbocharged Natural Gas ™ technology to seamlessly meter and control the various gaseous fuels within all original OEM diesel engine performance parameters. The converted generators continue to average 45%-55% displacement in diesel fuel consumption with excellent up-time and no loss of power. The success of these initial installations led to this new relationship with an industry veteran like SourceOne. With over thirty years of previous industrial generator sales and service experience, SourceOne is the perfect partner to become our certified installer and introduce our new aftermarket systems to the many long-term relationships they have created in Oklahoma and Texas."
Barry Janssen, President of SourceOne Equipment stated, "The fuel savings and durability performance being demonstrated by APG's dual fuel technology is unmatched in our experiences and has created quite a buzz in the industry. We believe APG's investment in digital electronics and extensive engine software mapping has set a new standard in dual fuel performance and we are excited to be able to introduce this new capability to the oil and gas industry."
Jensen concluded, "We will be presenting our new technology this week in Houston at the LNG Fuel Application Seminar organized by Zeus Development Corporation to discuss the Company's recent success in converting oil drilling rig generators to run on either well-head gas and diesel fuel or pipeline gas and diesel fuel. In addition, we have also begun discussions with oil & gas exploration and drilling rig companies in the Marcellus shale region of Pennsylvania/NY/Ohio. The number of quotations for aftermarket dual fuel test generator conversions is increasing and production-related volume opportunities would logically follow in the 2012 calendar year time period."
About GreenMan Technologies
GreenMan's alternative energy subsidiary, American Power Group, Inc., provide a cost-effective patented dual fuel aftermarket conversion technology for diesel engines and diesel generators. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and compressed natural gas; (2) diesel fuel and liquid natural gas; (3) diesel fuel and well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces 40% to 60% of the normal diesel fuel consumption and the energized fuel balance is maintained with a proprietary electronic controller system ensuring the engines operate to original engine manufacturers' specified temperatures and pressures. Aftermarket installation on a wide variety of engine models and end-market applications requires no engine modification unlike the more expensive invasive alternative fuel systems in the market. See additional information at: www.greenman.biz. and www.americanpowergroupinc.com.
***************
Certainly looking as though 2012 will be the year that APG's sales take off--besides the oil patch, Greenman should have EPA approval for sales to the trucking market as well. The growth in sales should be explosive.
GMTI Conference Call notes
First, it does sound as though Lyle Jensen, the CEO, is expecting that by the end of 2011 that the company will be on a run rate to generate $6 million in revenue--that's just the run rate, not a forecast for $6 million in sales in 2011. That's a great sign for 2012 though, since APG should have the EPA permits needed for vehicular sales in the U.S. market of its dual-fuel conversion system for large diesel rigs.
The company is hoping to get qualified with 30-40 diesel engine families before the end of 2011.
Of course, the exciting new market is the oil and gas industry, where APG's S-3000 turbocharged natural gas system is generating a lot of interest. In fact, Jensen noted that in addition to two conferences that he will be attending, that 3 or 4 of the top ten oil and gas drillers have asked him to visit and do presentations. I wouldn't take but one or two of these giants to really drive sales for GMTI.
Jensen was quite upbeat about the company's ongoing relationship with Westfarmers in Australia--a $50 billion company that will be the exclusive dealer for APG in Australia.
Finally, supermarket chains are showing considerable interest in the APG system as a way to reduce costs--and that involves hauling large loads, which APG's system can enable, unlike some of the pure natural gas engines of its competitors.
A very upbeat conference call, and worth listening to, imo.
Greenman's American Power Group Starts Revenue Expansion
GreenMan Technologies Reports 16 Fold Increase in Dual Fuel Sales in Third Quarter of Fiscal 2011
APG Subsidiary Revenues Increase to $542,000 from $33,000
LYNNFIELD, MA--(Marketwire - Aug 8, 2011) - GreenMan Technologies, Inc. (OTCQB: GMTI) (PINKSHEETS: GMTI) today announced results for the three and nine months ended June 30, 2011. Revenues at the company's American Power Group (APG) subsidiary increased to $542,000 from $33,000 for the same quarter last year. The Company has recently made progress in several areas including:
United States
United States Environmental Protection Agency (EPA) announced new regulations for Alternative Fuel Aftermarket Conversions which open up the U.S. aftermarket and enable APG to submit their conversion technology for EPA approval on a broad range of engine model year families.
Completed conversions and put five vehicles into test trials serving the refuse, logistics, and food distribution industries with positive post-install feedback.
Debuted the new S3000 Turbocharged Natural Gas™ system which brings APG's automotive CAN-Bus read-only technology to stationary generators. First six installations were in the demanding environment of oil & gas drilling rigs and performance-to-date has exceeded expectations creating a promising new addressed market.
International
Completed Australian test trials and have taken pre-production orders for additional trucks that will be used to complete our APG Certified Installer and Maintenance Program which is the next step in launching production in Australia.
Entered a dual fuel distribution agreement with Caribbean Power Group CPG S.R.L. in the Dominican Republic. The agreement will cover sales, marketing and installation of APG's dual fuel system for both diesel generators and diesel-powered vehicles.
Corporate
Completed divestiture of Green Tech Products molded rubber recycled products subsidiary allowing the Company to focus its resources solely on the continued growth of APG.
Re-negotiated original APG License Agreement, reducing future royalty fees and applying all paid fees towards the eventual ownership of the patent and technology as certain revenue milestones are achieved.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "We are very pleased with the progress we have made during the third quarter, not only demonstrated by the significant revenue increase from APG, but also in terms of our continued outreach to new addressed markets as well as new geographies. We view the new EPA regulations for Alternative Aftermarket Conversions as a landmark development that will enable the launch of our vehicular strategy in the U.S. and we are very pleased to have successfully completed test trials in Australia that have allowed us to move to the next phase toward beginning production in that country. This is a very exciting time in our Company's development and we believe the cumulative effects of our accomplishments during the last few months will help generate additional revenue growth in the second half of the calendar year."
APG's dual fuel system converts diesel engines and diesel generators to function more efficiently and at a lower operating cost (average net fuel cost savings of 20%-35%) by seamlessly displacing up to 40%-60% of the normal diesel fuel consumption with either CNG, LNG, pipeline gas, well-head gas, or other qualified bio-methane gases. APG's system is non-invasive to the OEM engine and operates within all OEM performance controls with the flexibility to return to 100% diesel operation at any time. APG's dual fuel conversion and emissions reduction systems can help users achieve their sustainability goals through lower carbon monoxide, nitrogen oxide, and particulate matter emissions. In addition, the introduction of natural gas through APG's dual fuel system does not impact diesel engine power or torque and will assist in extending the engine's oil life as natural gas is a cleaner burning fuel compared to diesel.
Conference Call
Please join us today, August 8, 2011 at 11:00 AM ET for a conference call in which we will discuss the results for the three and nine months ended June 30, 2011. To participate, please call 1-877-397-0272 and ask for the GreenMan call using pass code 4764501. A replay of the conference call can be accessed until 11:50 PM on August 31, 2011 by calling 1-888-203-1112 and entering pass code 4764501.
Three Months ended June 30, 2011 Compared to the Three Months ended June 30, 2010
Net sales from continuing operations for the three months ended June 30, 2011 increased $843,000 or 272 percent to $1,153,000 as compared to net sales of $310,000 for the three months ended June 30, 2010. The increase is primarily attributable to a $510,000 or almost 16 times increase in revenue associated with our dual fuel subsidiary during the three months ended June 30, 2011 and a 120 percent or $333,000 increase in our molded recycled rubber products subsidiary.
During the three months ended June 30, 2011, we achieved a gross profit of $173,000 or 15 percent as compared to a negative gross profit of $60,000 for the three months ended June 30, 2010. The negative gross profit during the three months ended June 30, 2010 was primarily due to the inclusion of $160,000 of unabsorbed costs in excess of revenues associated with our dual fuel subsidiary.
Selling, general and administrative expenses for the three months ended June 30, 2011 decreased $54,000 or 5 percent to $1,038,000 as compared to $1,092,000 for the three months ended June 30, 2010. The decrease was primarily attributable to lower travel and professional expenses and the allocation of more internal resources to our ongoing dual fuel research and development efforts during the three months ended June 30, 2011.
Expenses for internal research and development projects relating to the introduction of new dual fuel products, enhancements made to the current family of dual fuel products especially in the area of domestic and international vehicular solutions, and research and development overhead increased $225,000 or 132 percent to $394,000 for the three months ended June 30, 2011 as compared to $169,000 for the three months ended June 30, 2010.
During the three months ended June 30, 2011, interest and financing expense increased $236,000 to $258,000 including $160,000 of non-cash financing costs as compared to $22,000 for the three months ended June 30, 2010 due to increased borrowings.
During the three months ended June 30, 2011, we recognized an income tax benefit of $322,000 associated with refundable federal and state income taxes.
During the three months ended June 30, 2010, we recognized income from discontinued operations of $200,000 associated with a reduction of income tax expense by $176,000 and a $24,000 credit from a former vendor.
Our net loss for the three months ended June 30, 2011 was $1,228,000 or ($.04) per basic share as compared to $1,134,000 or ($.03) per basic share for the three months ended June 30, 2010.
Nine Months ended June 30, 2011 Compared to the Nine Months ended June 30, 2010
Net sales from continuing operations for the nine months ended June 30, 2011 increased $1,861,000 or 187 percent to $2,859,000 as compared to net sales of $998,000 for the nine months ended June 30, 2010. The increase is primarily attributable to a 631 percent or $1,226,000 increase in revenue associated with our dual fuel subsidiary during the nine months ended June 30, 2011 and a 79 percent or $635,000 increase in our molded recycled rubber products subsidiary.
During the nine months ended June 30, 2011, we incurred a negative gross profit of $38,000 as compared to a negative gross profit of $397,000 for the nine months ended June 30, 2010. During the nine months ended June 30, 2011 we recorded a $175,000 non-cash inventory valuation allowance associated with our molded recycled rubber products operations which offset increased revenue from both operations during the nine months ended June 30, 2011. In addition, although revenue levels were higher, they were not sufficient to fully absorb all manufacturing overhead costs which negatively impacted the gross profit for the nine months ended June 30, 2011 and contributed to the negative gross profit during the nine months ended June 30, 2010.
Selling, general and administrative expenses for the nine months ended June 30, 2011 decreased $264,000 or 7 percent to $3,356,000 as compared to $3,620,000 for the nine months ended June 30, 2010. The decrease was primarily attributable to lower travel and professional expenses and the allocation of more internal resources to our ongoing dual fuel research and development efforts during the nine months ended June 30, 2011.
Based on our Board of Directors March 2011 decision to exit the molded recycled rubber product business, management has determined that based on several fair value determination scenarios, the estimated fair value of Green Tech Products to be below its net asset value and we recorded a non-cash impairment during the nine months ended June 30, 2011 of $274,000 and a $175,000 inventory valuation allowance which is included in Cost of Sales. In addition, we recorded an impairment loss of $150,000 during the nine months ended June 30, 2011 associated with a long term deposit for the distribution rights to a tire to energy technology which has not been completed.
Expenses for internal research and development projects relating to the introduction of new dual fuel products, enhancements made to the current family of dual fuel products especially in the area of domestic and international vehicular solutions, and research and development overhead increased $446,000 or 97 percent to $907,000 for the nine months ended June 30, 2011 as compared to $461,000 for the nine months ended June 30, 2010.
During the nine months ended June 30, 2011, interest and financing expense increased $471,000 to $536,000 including $331,000 of non-cash financing costs as compared to $65,000 for the nine months ended June 30, 2010 due to increased borrowings.
During the nine months ended June 30, 2011, we recognized an income tax benefit of $322,000 associated with refundable federal and state income taxes.
During the nine months ended June 30, 2010, we recognized income from discontinued operations of $200,000 associated with a reduction of income tax expense by $176,000 and a $24,000 credit from a former vendor.
Our net loss for the nine months ended June 30, 2011 was $5,018,000 or ($.15) per basic share as compared to $4,449,000 or ($.13) per basic share for the nine months ended June 30, 2010.
Greenman Technologies, Inc. Target Price of $1.22
Solid three-month base has been built between 68 cents to 90 cents. With Greenman now having completed its sale of Green Tech Products subsidiary and management clearly focused on its American Power Group operations, the stock is poised well to respond to good news, i.e., orders, new customers, new financing, or EPA approval to begin marketing.
Greenman Inks Deal with Caribbean Power Group:
July 28, 2011 09:00 ET
GreenMan Technologies' Subsidiary Signs Distributor Agreement for the Dominican Republic
LYNNFIELD, MA--(Marketwire - Jul 28, 2011) - GreenMan Technologies, Inc. (OTCQB: GMTI) (PINKSHEETS: GMTI) announced that its APG International Inc. subsidiary ("APGI") has entered a dual fuel distribution agreement with Caribbean Power Group CPG S.R.L. which has its headquarters in Santo Domingo. The agreement will cover sales, marketing and installation of APGI's dual fuel system for both diesel generators and diesel-powered vehicles.
Dominican Today previously reported that President Leonel Fernandez had launched the "Program to Implement the Use of Compressed Natural Gas In Vehicles" which is a plan to switch at least 20,000 public transport vehicles to natural gas. The objective is to establish four major corridors with natural gas fueling stations from Santo Domingo to different regions of the country. The government wants the use of natural gas to become a national priority.
APG's dual fuel system converts diesel engines and diesel generators to function more efficiently and at a lower operating cost (average net fuel cost savings of 20%-35%) by seamlessly displacing up to 40%-60% of the normal diesel fuel consumption with either CNG, LNG, pipeline gas, well-head gas, or other qualified bio-methane gases. APG's system is non-invasive to the OEM engine and operates within all OEM performance controls with the flexibility to return to 100% diesel operation at any time. APG's dual fuel conversion and emissions reduction systems can help users achieve their sustainability goals through lower carbon monoxide, nitrogen oxide, and particulate matter emissions. In addition, the introduction of natural gas through APG's dual fuel system does not impact diesel engine power or torque and will assist in extending the engine's oil life as natural gas is a cleaner burning fuel compared to diesel.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "It was recently reported that the Dominican government issued 65 new licenses to companies which market natural gas and related natural gas activities underscoring their commitment to implementing the needed infrastructure to make natural gas vehicles a reality. We are also seeing notable interest from the private sector for both power generation and vehicular natural gas applications."
About GreenMan Technologies
GreenMan's alternative energy subsidiary, American Power Group, Inc., provides a cost-effective patented dual fuel conversion technology for diesel engines and diesel generators. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and compressed natural gas; (2) diesel fuel and liquid natural gas; (3) diesel fuel and well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces 40% to 60% of the normal diesel fuel consumption and the energized fuel balance is maintained with a proprietary electronic controller system ensuring the engines operate at engine manufacturers' specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications requires no engine modifications unlike the more expensive invasive alternative fuel systems in the market. See additional information at: www.greenman.biz. and www.americanpowergroupinc.com.
***
Small start for what will hopefully be many more similar arrangements.
Greenman Technologies working with Cimarex Energy Co. to deliver outstanding fuel savings:
GreenMan Technologies' Subsidiary Commissions Dual Fuel Technology to Power Cimarex Energy Co. Oil & Gas Drilling Rig Site Using Pipeline Gas
By: Marketwire Jul. 27, 2011 09:00 AM
LYNNFIELD, MA -- (Marketwire) -- 07/27/11 -- GreenMan Technologies, Inc. (OTCQB: GMTI) (PINKSHEETS: GMTI) announced that its American Power Group, Inc. subsidiary ("APG") has converted and commissioned three Caterpillar 3512 diesel powered generators to run on a combination of pipeline natural gas and diesel fuel at a Cimarex Energy Co. ("Cimarex") Mid-Continent drilling site. APG utilized its new third generation S3000 Series Dual Fuel System which relies on its read-only CAN-bus Turbocharged Natural Gas? technology to seamlessly meter and control the dual fuel within all original OEM diesel engine performance parameters. During commissioning the generators achieved an average 50% displacement in diesel fuel, creating a significant fuel cost reduction as well as decreased emissions. The order was booked and managed through Cactus Drilling Company LLC ("Cactus").
APG's dual fuel system converts diesel engines and diesel generators to function more efficiently and at a lower operating cost (average net fuel cost savings of 20% - 35%) by seamlessly displacing up to 40%-60% of the normal diesel fuel consumption with either CNG, LNG, pipeline gas, well-head gas, or other qualified bio-methane gases. APG's system is non-invasive to the OEM engine and operates within all OEM performance controls with the flexibility to return to 100% diesel operation at any time. APG's dual fuel conversion and emissions reduction systems can help users achieve their sustainability goals through lower carbon monoxide, nitrogen oxide, and particulate matter emissions. In addition, the introduction of natural gas through APG's dual fuel system does not impact diesel engine power or torque and will assist in extending the engine's oil life as natural gas is a cleaner burning fuel compared to diesel.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "We are pleased to have worked with the Cimarex and Cactus field operations personnel on this initial conversion which was completed while the drilling rig was in full operation and was completed with minimal on-site work. The results have exceeded GreenMan's initial expectations and we look forward to additional opportunities to demonstrate how dramatically our dual fuel solution can positively impact the bottom line for oil and gas drillers."
About GreenMan Technologies
GreenMan's alternative energy subsidiary, American Power Group, Inc., provides a cost-effective patented dual fuel conversion technology for diesel engines and diesel generators. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and compressed natural gas; (2) diesel fuel and liquid natural gas; (3) diesel fuel and well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces 40% to 60% of the normal diesel fuel consumption and the energized fuel balance is maintained with a proprietary electronic controller system ensuring the engines operate at engine manufacturers' specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications requires no engine modifications unlike the more expensive invasive alternative fuel systems in the market. See additional information at: www.greenman.biz. and www.americanpowergroupinc.com.
Following up on GMTI's latest press release, I did a little investigating of the prices of the Cat 3512 generator set--a used one with 11 hours on it sells for about $340,000, a new one would presumably be a bit more.
Here's the interesting part--a savings of 1,000 gallons of diesel per day, roughly $4000, will result in savings of $360,000 in three months! For the oil/gas patch, that's a lot of money. In other words, the driller can recover the cost of the Cat 3512 in three months.
Seems to me that GMTI's solution is a no-brainer add-on for the Cat 3512 generator; and I'm sure the device works just fine with other generators also.
While the market for diesel trucks will dwarf the market for the stationery generators, the market size of the oil/gas patch is nothing to sneeze at.
With close to 2000 operational sites, if GMTI can lock up 25% of the business, or 500 installations, that probably would generate revenues of over $35 million--I'm guessing a price of about $75,000 for the APG solution.
If you aren't in GMTI yet, you should at least establish a small position. The company's still awaiting final EPA approval for the sale of its APG system into the diesel truck market, and when that happens, it may be much higher in price.
Greenman Technologies continues to expand usage of its APG technology:
GreenMan Technologies' CEO to Present at Oil & Gas Industry Seminar
Will Debut The Company's New S3000 Dual Fuel Turbocharged Natural Gas(TM) Technology and Discuss Successful Conversion of Six Oil Rig Generators Utilizing Both Well-Head and Pipeline Natural Gas
Press Release Source: GreenMan Technologies Inc. On Thursday July 21, 2011, 9:00 am
LYNNFIELD, MA--(Marketwire - 07/21/11) - GreenMan Technologies, Inc. ("GreenMan") (Pinksheets:GMTI - News) (OTCQB: GMTI) announced that its CEO, Lyle Jensen, will speak at the LNG Fuel Application Seminar to discuss the Company's recent success in converting oil drilling rig generators to run on either well-head gas and diesel fuel or pipeline gas and diesel fuel. The seminar is organized by Zeus Development Corporation, an information clearinghouse and consultancy for rapid-growth energy markets. The seminar will be held at the Hotel Derek in Houston, Texas and GreenMan's presentation will be on August 30, 2011. Please refer to http://www.zeuslibrary.com/events.asp for further information.
GreenMan's subsidiary, American Power Group, Inc. ("APG"), has successfully converted and commissioned three Caterpillar 3512 diesel powered generators to run on a combination of well-head methane gas and diesel fuel and another three generators to operate on pipeline natural gas and diesel fuel. APG utilized its new third generation S3000 Series Dual Fuel System which relies on APG's read-only CAN-bus Turbocharged Natural Gas ™ technology to seamlessly meter and control the various gaseous fuels within all original OEM diesel engine performance parameters. During commissioning, the generators achieved an average 45%-50% displacement in diesel fuel consumption with no loss of power.
APG's dual fuel system converts diesel engines and diesel generators to function more efficiently and at a lower operating cost (average net fuel cost savings of 20% - 35%) by seamlessly displacing up to 40%-60% of the normal diesel fuel consumption with either CNG, LNG, pipeline gas, well-head gas, or other qualified bio-methane gases. APG's system is non-invasive to the OEM engine and operates within all OEM performance controls with the flexibility to return to 100% diesel operation at any time. APG's dual fuel conversion and emissions reduction systems can help users achieve their sustainability goals through lower carbon monoxide, nitrogen oxide, and particulate matter emissions. In addition, the introduction of natural gas through APG's dual fuel system does not impact diesel engine power or torque and will assist in extending the engine's oil life as natural gas is a cleaner burning fuel compared to diesel.
Lyle Jensen, GreenMan's President and Chief Executive Officer, stated, "The oil and gas industry is an exciting and promising new addressed market for APG's products and services. Our turbocharged dual fuel technology is showing
great versatility and reliability using a wide range of natural gas fuel sources. With well-head gas, we can now provide our customers with the ability to utilize a historical waste-stream and convert it into a viable alternative fuel used to power a wide variety of drilling rigs, compressor stations and pumps. Pipeline gas, CNG and LNG fuel sources can also be used with equal to or better results. Depending on the quality of the gas being used and operating load demands, we have seen anywhere from a 40% to a 60% reduction in diesel fuel consumption with no pre-detonation knocking or loss of power output. With some of the larger drilling rigs consuming over 2,000 gallons of diesel fuel per drilling day, APG can deliver a 1,000 gallon per day reduction in diesel fuel consumption resulting in a less than a three month payback based on the number of drilling hours per year."
Jensen further stated, "Given all the recent attention to sourcing of domestic energy and considering the performance and economic metrics of using our dual fuel technology, we anticipate increased quotation activity from the domestic oil and gas industry. As of June 1, 2011, some 873 rigs were drilling for gas in the United States according to industry data and another 1,003 rigs were drilling for oil. This seminar will be a great venue to introduce the industry to our technology and increase awareness around how APG's dual fuel technology can positively impact their bottom line. Internationally, we have an order to convert a primary power generator in South America to operate on well-head gas and diesel fuel and are preparing a well-head gas proposal for an oil drilling rig application in India. We believe that well-head gas, as well as other forms of filtered biogas, has the potential to become a meaningful alternative fuel source of the future while positively impacting an operator's greenhouse gas reduction efforts today."
About GreenMan Technologies
GreenMan's alternative energy subsidiary, American Power Group, Inc., provide a cost-effective patented dual fuel conversion technology for diesel engines and diesel generators. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and compressed natural gas; (2) diesel fuel and liquid natural gas; (3) diesel fuel and well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces 40% to 60% of the normal diesel fuel consumption and the energized fuel balance is maintained with a proprietary electronic controller system ensuring the engines operate to engine manufacturers' specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications requires no engine modification unlike the more expensive invasive alternative fuel systems in the market. See additional information at: www.greenman.biz. and www.americanpowergroupinc.com.
Caution Regarding Forward-Looking Statements
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 risk that we may not be able to complete the transactions described in this release, the fact that we have sold the tire recycling operations which have historically generated substantially all our revenue; the risk that we may not be able to increase the revenue or improve the operating results of our American Power Group division; 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; the risk that we may not be able to increase the demand for our products and services; the risk that we may not be able to adequately protect our intellectual property; and 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 our Annual Report on Form 10-K for the fiscal year ended September 30, 2010. The Company disclaims any intent or obligation to update these "forward-looking" statements
Contact:
Contacts:
Chuck Coppa,CFO
or
Lyle Jensen ,CEO
GreenMan Technologies, Inc.
781-224-2411
Investor Relations Contacts:
John Nesbett or Jennifer Belodeau
Institutional Marketing Services (IMS)
203-972-9200
Interesting move today--finally breaking above the Bollinger band--good be a signal of a strong move coming?
The company's recent 8K filing might have something to do with this--Greenman solidified the licensing agreement that gives it exclusive use of the American Power Group's patent for dual fuel technology.
Time to bring this board into the 21st century!
Greenman Technologies has changed considerably in the past year or so. It is now out of the rubber recycling business and will soon be out of the playground surfacing business also.
That leaves the American Power Group as its main operating unit. APG makes proprietary dual-fuel energy systems. These external fuel systems allow for the easy conversion of diesel engines to dual-fuel use, such as diesel and compressed natural gas. There is no need to rebuild any engines, as the APG system is an add-on, thus reducing costs considerably.
Here's an example from APG's website (http://americanpowergroupinc.com):
"Pigmen's Holiday" might be good.
What's E7??
If the volume remains this anemic, it will be very easy for the algo boyz to push it wherever they want--most likely they want it up, imo.
Ditto--stopped out of my ES, too. Now we know they'll run 'em up.
Indeed.
Long ES at about the same time you took the NQ. Keep upping the stop also--just don't trust this action.
Is there such a thing as a low-volume melt-up, one that sticks?
Ya really think that there could be more volume on the downside?
If they take out 1336.50 on the ES with volume, then I'll play.
This may have triggered the sell-off:
Jeremy Grantham Goes Bearish: "Now Is The Time To Fight The Fed" And "Stocks Trading 40% Above Fair Value Are Badly Overpriced"
by Tyler Durden
Just released from Jeremy Grantham, who has gone, for all intents and purposes, "balls to wall" bearish.
"I do not feel the same degree of confidence that I did, which was considerable, that the Fed could carry all before it until October 1 of this year. A third round of quantitative easing would very probably keep the speculative game going. But without a QE3, there seem to be too many unexpected (indeed unexpectable) special factors weighing against risk-taking in these overpriced times. I had recommended taking a little more risk than was justified by value alone in honor of Year 3, QE2, and the Fed in general. Risk now should be more reflective of an investment world that has stocks selling at 40% over fair value (about 920 on the S&P 500) and fixed income, manipulated by the Fed, also badly overpriced. Although the taking of some “extra” risk by riding the Fed’s coattails has been profitable for six months, I admit to being a bit disappointed: I really felt the market had the Fed’s wind in its sails and would move up deep into the 1400 to 1600 range by October 1, where it would be, once again, over a 2-sigma 1-in-44-year event, or, officially, a bubble. (At least in a world where GMO is the official.) At such a level, I was ready to be a real hero and absolutely batten down the hatches, become extremely conservative, and be prepared to tough out any further market advance (which, with my record, would be highly likely!). The market may still get to, say, 1500 before October, but I doubt it, especially without a QE3, although the chance of going up a little more by October 1 is probably still better than even. And whether it will reach 1500 or not, the environment has simply become too risky to justify prudent investors hanging around, hoping to get lucky. So now is not the time to float along with the Fed, but to fight it. Investors should take a hard-nosed value approach, which at GMO means having substantial cash reserves around a base of high quality blue chips and emerging market equities, both of which have semi-respectable real imputed returns of over 4% real on our 7-year forecast. The GMO position has also taken a few more percentage points of equity risk off the table."
Full must read letter (pdf):
GMO Qtrly Letter
Attachment Size
GMO Qtrly Letter.pdf 52.43 KB
http://www.zerohedge.com/article/jeremy-grantham-goes-bearish-now-time-fight-fed-and-stocks-trading-40-above-fair-value-are-b
Not to be.
Hoping for a W formation to complete.
Manipulation and the importance of stops--at least when trading the ES futures.
Notice the move from 1351.50 to 1352.75 on three (3!!!) contracts. Bullshit manipulation--i.e., I'm now convinced that the POMO BOYZ are just painting not only the tape, but also the bid and asks--they are probably responsible for 75% on each side of the columns.
The Tide Goes Out: NYSE Market Volume Plummets To Second Lowest Of 2011 Following Citi Reverse Stock Split
by Tyler Durden
Now that HFTs are scrambling to find something, anything to replace the rebate-collection piggy bank that was Citi between $4 and $5, so far unsuccessfully, we get a glimpse of just how critical to the overal market HFT non-volume has been. In the first day of Citi trading post-split, total NYSE volume has now plunged to the second lowest level of all of 2011, eclipsing even low volume semi-holidays. And since none of the Citi "volume" was real volume but merely rebate collection churn, the broader public will finally understand what a complete sham "participation" in this centrally planned market has become. And for all those looking for some surprising pick up in commission revenue for the big banks, below is a chart of the inverse.
http://www.zerohedge.com/article/tide-goes-out-nyse-market-volume-plummets-lowest-2011-following-citi-reverse-stock-split
Yeah, nice little wedge on the ES. Still short from 1351.50, although I also shorted at 1350.25 and then covered for 3/4 point gain. Looking to add another short, if something should happen, i.e., hopefully drop out of the wedge.
Short ES at 1351.50; will short another, if it pops higher.
I'm not convinced that the POMO money has gone to work today, so I remain a bit cautious.
Yeah, close to 1350-51 on the ES might be good. Although a break-out above that could run to 1357, if the POMO money goes to work.
NDX -31
You should have made the cut-off time before 8:30 a.m.
IB about to hike their silver margin requirements once again. Must be a lot of people getting margin calls on these daily swings.