American Power Group, Corp. (APGI)

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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."