iPath Global Carbon (PK) (USOTC:GRNTF)
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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.