USA: GreenMan Picks Ardour Capital as Financial Advisor

GreenMan Technologies reported today the engagement of Ardour Capital Investments to assist in the Company’s capital raising activities to support its dual fuel marketing and testing initiatives.

Ardour Capital is a leading institution in energy technology/alternative energy and power/clean & renewable technologies. In addition, the Company’s principal secured lender, Iowa State Bank, has agreed to extend the maturity of its $2 million asset-based financing agreement to April 1, 2012. Specific details of this transaction can be found in the Company’s Form 8-K that was filed with the Securities and Exchange Commission on December 22, 2011.

Kerry Dukes, Ardour Capital’s Managing Partner, said, “We are excited to be working with the management team at GreenMan, as they have done a tremendous job at positioning the Company for future growth. Given our familiarity with the alternative energy and power sector, we believe GreenMan’s non-invasive dual fuel technology has broad applicability to both domestic and international markets. The opportunity is not only timely, given the current pricing of natural gas and diesel but also addresses very large, target markets which are constantly looking to reduce emissions and expenses related to fuel costs.”

Chuck Coppa, GreenMan’s Chief Financial Officer, stated, “We look forward to working with Ardour Capital and Iowa State Bank as we align our financing strategies to support the enthusiasm our Turbocharged Natural Gas™ system is experiencing in the marketplace. The oil & gas industry is adopting our technology at an accelerating rate, with eighteen follow-on conversions completed and three additional systems booked into backlog in the past ninety days. The six previously announced additional vehicular conversions completed in Australia are now on the road and performing well, and we have received orders for another forty-two vehicular conversions in Africa. In the United States, the continuing favorable cost spread between diesel fuel and natural gas is creating a growing list of domestic fleet owners who are anxiously waiting for us to get EPA approval for dual fuel conversion of their prime engine families. Our deliverable backlog has grown to $.8 million, supporting our forecast that field testing would begin to transition to follow-production by the end of the calendar year. The 20%-35% net annual fuel savings and the reduction in harmful diesel emissions continue to provide an excellent value proposition for customers around the world.”

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LNG World News Staff, January 4, 2012