GreenMan completes sale of Georgia operating assets.

GreenMan Technologies Inc. of Lynnfield, Mass., has sold its Georgia operating assets to two companies for a total of $405,000.

Tires Into Recycled Energy and Supplies Inc. (TIRES), based in Winston Salem, N.C., has purchased from GreenMan: truck tire processing equipment from its Georgia facility; rights and interests in its contracts with suppliers of scrap truck tires; and intangible assets, according to a press release from GreenMan. The company received $155,000 from the sale. TIRES also agreed to terminate previous material supply and equipment lease agreements between the parties.

MTR of Georgia Inc. has purchased from GreenMan: passenger tire processing equipment located at its Georgia facility; rights and interests in its contracts with suppliers of scrap passenger tires; and intangible assets. GreenMan received $250,000 from the sale, and MTR has agreed to assume financial responsibility for disposing of all scrap tires and scrap tire processing residual at the Georgia facility as of the close.

GreenMan also agreed with TIRES and MTR not to compete in the business of providing whole tire waste disposal services or selling crumb rubber material (except to existing GreenMan customers) within certain Southeastern states for a period of three years. In addition, both parties entered into a sublease agreement with GreenMan with respect to part of the Georgia premises.