Greenman sells California subsidiary.GreenMan Technologies, based in Lynnfield, Mass., has announced the sale of its ownership rights in GreenMan Technologies of California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Inc. Vern Mabry bought the company using a stock purchase agreement in mid-July. Mabry was the majority owner of Azusa, Calif.-based Unlimited Tire Technologies, which became GreenMan Technologies of California in 2002 when GreenMan acquired all of the company's outstanding common stock. "While we would have preferred to maintain a presence in the California tire recycling Tire recycling is the process of recycling vehicles tires (or tyres) that are no longer suitable for use on vehicles due to wear or irreparable damage (such as punctures). market, our California subsidiary's performance had not met expectations, and therefore we felt it was in the company's best interest to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. the subsidiary," Lyle Jensen, GreenMan's president and 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. , says. "We can now focus our efforts on maximizing performance of our core Midwestern operations in order to realize their full potential." GreenMan has also announced the completion of a new three-year, $16 million credit facility with Laurus Master Fund Ltd., based in the Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. . |
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