LYNNFIELD, Mass. - GreenMan Technologies, Inc. (OTCBB: GMTI) (BSE: GMTI) today announced it has completed the acquisition of all Iowa based tire collection and processing operations of Utah Tire Recyclers, Inc. ("UT"), a Utah based company in the business of collecting, processing and marketing of scrap tires. GreenMan will manage the operations under its newly formed wholly-owned subsidiary, GreenMan Technologies of Iowa, Inc. Terms of the transaction have not been disclosed.

UT established it's Iowa presence in 1993 and currently processes over 2 million tires per year making it Iowa's largest tire processor. In addition, UT and GreenMan have teamed to process over 7 million illegally stockpiled tires in the state of Iowa over the past three years.

Mark Maust, GreenMan's Vice President of Operations and President of GreenMan of Iowa, said " The acquisition of UT's Iowa operations is an integral step in our Mid-West expansion efforts. Not only does this acquisition solidify our existing market position in the Mid-West by adding new processing capacity of up to 5 million tires per year but also provides us with an installed crumb rubber production capacity of over 15 million pounds per year." Mr. Maust also added, " The Iowa acquisition is accretive on a stand-alone basis but even more so when considering the synergies to be realized between our Minnesota, Wisconsin and Iowa operations."

"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 product acceptance, economic, competitive, governmental, results of litigation, 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 report on Form 10-KSB for the fiscal year ended September 30, 2001 and Form 10-QSB for the quarter ended December 31, 2001. The Company disclaims any intent or obligation to update these "forward-looking" statements.

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