Greenman completes financing

Recycling Today, August, 2004

GreenMan Technologies Inc., Lynnfield, Mass., has completed $9 million in financing with Laurus Master Fund Ltd., a New York-based institutional fund that specializes in direct investments in growing small-cap companies.

The new $9 million financing consists of a $5 million convertible revolving working capital line of credit and a $4 million convertible term loan with more than $1 million earmarked for full implementation of its new high-volume tire processing facility in Tennessee.

"The Laurus Funds financing removes the constraints under which we have been operating since the failure of our previous primary lender in February 2003," Chuck Coppa, GreenMan CFO, says. "This financing provides us with an immediate capital injection that not only allows us to positively impact our working capital situation but also provides the resources necessary to aggressively move forward in efforts to implement our Tennessee project."

Bob Davis, GreenMan president and CEO, says, "We now have access to the capital necessary to not only complete our southeastern initiatives, but to address other accretive opportunities as they may arise and lay the groundwork for further corporate growth."