GRNTF iPath Global Carbon (PK)

GreenMan Technologies, Inc. (AMEX: GRN), a leading recycler of over 30 million scrap tires per year in the United States, today announced that it has completed several initiatives intended to improve the performance of its Southeastern tire recycling operations. Robert Davis, GreenMan's President and Chief Executive Officer, said, "There is no higher priority within our corporation than stabilizing and turning around our Southeastern operations. We have therefore refocused our strategy in the Southeast to one of "more from less". During the month of July, we completed an evaluation of our inbound collection infrastructure and determined that we would no longer provide certain levels of service and products at existing rates. During July, we implemented price increases where warranted and terminated service in situations where price increases were not an alternative. We estimate that maintaining this unprofitable business had contributed $40,000 to $75,000 per month to our historical operating losses. While these initiatives will result initially lower inbound tire volumes, we believe they will improve our performance. In addition, these changes should generate further cost reductions in the form of lower labor, parts and maintenance in the Southeast. Our efforts to reduce the operating losses in the Southeast are an ongoing process and we are committed to evaluate all viable alternatives to achieve this objective". Mr. Davis added, "In addition, over the past year, we continued to build a customer base outside of our Jackson, Georgia market in anticipation of delivering whole tires to several new cement kiln locations expected to begin accepting whole tires on a regular basis this month. These tires, while making marginal contributions to our performance when processed at our Jackson location, will have a greater contribution when processed closer to their origin at the respective cement kilns." GreenMan was founded in 1992 and today is comprised of six operating locations that collect, process and market scrap over 30 million scrap tires in whole, shredded or granular form. We are headquartered in Lynnfield, Massachusetts and currently operate tire processing operations in California, Georgia, Iowa, Minnesota, Tennessee and Wisconsin and operate under exclusive agreements to supply whole tires used as alternative fuel to cement kilns located in Alabama, Florida, Georgia, Missouri and Tennessee. "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 the possibility that we may not realize the benefits expected from our new Tennessee operation, product acceptance, economic, competitive, governmental, seasonal, management, 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 quarterly report on Form 10-QSB for the fiscal period ended March 31, 2005. The Company disclaims any intent or obligation to update these "forward-looking" statements.