GreenMan Technologies sells subsidiary to Irish Knight Holdings

Aug 3, 2011 - US GreenMan Technologies Inc (OTC:GMTI) yesterday said it had divested of its moulded recycled rubber products unit Green Tech Products Inc to investment holding company Irish Knight Holdings LLC.

The move was in line with GreenMan's strategy to focus on its diesel dual fuel conversion operations run by its unit American Power Group, the company said.

Under the agreement, Irish Knight Holdings has bought all the assets and assumed all of Green Tech's liabilities, which amounted to some USD 1.6 million (EUR 1.1m) on June 30, 2011. Irish Knight has also provided a promissory note of USD 100,000 and USD 50,000 in inventory credits for the purchase of products and services.

(USD 1 = EUR 0.704)

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