GreenMan posts $15 mil. loss.Scrap tire recycler GreenMan Technologies, Lynnfield, Mass., has announced its financials for the year ended Sept. 30, 2005. According to GreenMan CFO See Chief Financial Officer. Chuck Coppa, the company recorded an aggregate net loss of $15.2 million. In fiscal year 2004, GreenMan re ported a net loss of $2.6 million. The majority of GreenMan's net loss in fiscal year 2005 can be attributed to discontinuing operations in Georgia and Tennessee, which cost the company more than $11 million. GreenMan has also received notice from the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. (AMEX AMEX See: American Stock Exchange ) stating that it intends to initiate proceedings to delist the company. GreenMan has announced plans to file an appeal. Part of GreenMan's efforts to turn itself around have included appointing a new CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. to replace Robert H. Davis, who resigned "to pursue other interests," according to the company. Lyle E. Jensen, a member of GreenMan's board, was appointed president and CEO in April. "Lyle has been one of our toughest critics with regards to balance sheet management and multi-site operational checks and balances," Maury Needham, GreenMan's chairman of the board, says. "His breadth of operational experience, business acumen and leadership skills make him an excellent choice to lead GreenMan as we begin a new chapter in our history." Jensen's previous experience includes serving as executive vice president and CO0 of Auto Life Acquisition Corp. and as a member Western Capital Holding LLC's board of directors. In related news, Jensen has agreed to purchase 500,000 shares of unregistered GreenMan common stock, valued at $140,000, while Nicolas DeBenedictis, an independent director and a member of the company's compensation committee, has agreed to convert nearly $76,000 of short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. and accrued interest Accrued Interest The interest that has accumulated on a bond since the last interest payment up to but not including the settlement date. There are two methods for calculating accrued interest: 1) 360-day year method, used for corporate and municipal bonds. into approximately 273,000 shares of unregistered GreenMan common stock. |
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