SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): July 21, 1997 (June 30, 1997)
GREENMAN TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-13776 71-0724248
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
7 Kimball Lane
Building A
Lynnfield, Massachusetts 01450
(Address of principal executive offices, including zip code)
(617) 224-2411
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
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Item 5. Other Events
On July 15, 1997, GreenMan Technologies, Inc. ("GreenMan" or the
"Registrant") announced that Robert H. Davis, Vice President, Recycling for
Browning Ferris Industries of Houston, Texas, will join Greenman as Chief
Executive Officer effective July 21, 1997. Further information about the
appointment reported hereby may be found in the Registrant's press release of
July 15, 1997, included as Exhibit 1 to this Report.
Item 7. Financial Statements and Exhibits
(a) Financial Statements and Exhibits
Not applicable
(b) Pro Forma Financial Information
Not applicable
(c) Exhibits
Exhibit 99 Press Release, dated July 15, 1997
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GREENMAN TECHNOLOGIES, INC.
(Registrant)
By: /s/ Maurice E. Needham
Maurice E. Needham
Chief Executive Officer
Date: July 21, 1997
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EXHIBIT 99
PRESS RELEASE
FOR IMMEDIATE RELEASE
CONTACT:
Joseph Levangie or
Cynthia Barker at (617) 224-2411
GREENMAN ANNOUNCES APPOINTMENT OF
NEW CHIEF EXECUTIVE OFFICER -- A FORMER BFI EXECUTIVE
LYNNFIELD, Mass., July 15, 1997 -- GreenMan Technologies, Inc. (NASDAQ:
GMTI, BSE: GMY) announced today that Robert H. Davis, Vice President, Recycling
for Browning Ferris Industries ("BFI") of Houston, Texas, will join GreenMan as
Chief Executive Officer effective July 21, 1997. Mr. Davis, who has over 25
years experience in the recycling industry, most recently headed BFI's $675
million Recycling Division -- one of the largest processor of recyclable
materials in the world.
Maurice E. Needham, outgoing CEO, will remain as Chairman of GreenMan's
Board of Directors and will continue to serve the Company on an active, daily
basis.
On the appointment of Mr. Davis as new CEO, Maury Needham, Chairman,
said: "If we were to characterize all of the qualities of the ideal CEO to lead
GreenMan into its next phase of growth, it would describe Bob Davis. Bob knows
our industry inside and out. He understands where GreenMan has been and has the
vision to see where we can go as a Company. As the early leader of BFI's
Recycling Division, Bob Davis led that organization from start-up to $675
million in profitable revenues. He is a highly regarded recycling industry
expert, interfacing with industry leaders and Wall Street analysts regarding
recycling performance. We are pleased and proud to welcome an individual of
Bob's character, leadership abilities, and experience to our management team."
Bob Davis commented: "GreenMan has in place the basic building blocks
to establish a model vertically-integrated company. Our success will come from
our management ability to orchestrate proven and reliable raw material sourcing
and processing capabilities, with known and new compounding technologies to
manufacture superior durable products. Our
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PAGE 2. PRESS RELEASE: GREENMAN ANNOUNCES APPOINTMENT OF NEW CHIEF
EXECUTIVE OFFICER -- A FORMER BFI EXECUTIVE
keys to success will be product diversity and close linkage between our
customers and our products. GreenMan is poised for an exciting and profitable
future; I am honored and enthused to have been selected to build this Company
into an industry leader."
Joseph Levangie, GreenMan's Executive V.P. and CFO, stated: "As a
company, GreenMan has recently emerged from the development stage into a period
of tremendous growth potential. The Company's recent acquisition of BFI tire
recycling operations (see July 7, 1997 Press Release) is viewed by management as
a major leap forward for GreenMan. Our success in recruiting Bob Davis as CEO on
the heels of such an event, represents a pivotal milestone in the strategic
positioning of the Company in the recycling industry. We are confident that with
Bob's guidance and leadership, GreenMan is now well prepared for the significant
opportunities represented by industry growth and consolidation."
GreenMan Technologies, Inc. manufactures and markets "environmentally
friendly" rubber and plastic-based products for sale to consumer and industrial
end-user markets. GreenMan's products are made using the Company's GEM-Stock
materials, made from recycled plastics and rubber from tires. Through its
DuraWear subsidiary, the Company manufactures and markets wear-resistant
ceramic, polymer composite and alloy steel products for bulk material handling
systems. Through its tire recycling division comprised of GreenMan Technologies
of Minnesota, Inc. and GreenMan Technologies of Georgia, Inc., the Company
provides scrap tire collection services and markets tire chips to the Tire
Derived Fuel ("TDF") and crumb rubber markets.
With the exception of the historical information contained in this
release, the matters described herein contain forward-looking statements that
involve risk and uncertainties that may individually or mutually impact the
matters herein described, including but not limited to product acceptance,
economic, competitive, governmental, results of litigation, technological and/or
other factors, which are outside the control of the Company.
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