LYNNFIELD, Mass. (April 19, 2006) — GreenMan Technologies Inc.'s new president and CEO Lyle Jensen has agreed to purchase 500,000 shares of the company's common stock valued at $140,000.
The company said the stock purchase is in conjunction with Mr. Jensen taking on his new position. Additionally, Nicholas DeBenedictis, an outside director, will convert approximately $76,000 of short-term debt and accrued interest into approximately 273,000 shares of unregistered GreenMan common stock. Issuance of the shares is subject to approval by the American Stock Exchange of GreenMan's application for listing of these shares.
“These action clearly underscore the commitment of Mr. Jensen in assuming his new GreenMan role and the ongoing commitment of our board of directors to positively impact the future viability and prosperity of GreenMan, enhance our working capital position and to increase shareholder value,” said GreenMan Chairman Maury Needham.