SOURCE: American Power Group Corporation
LYNNFIELD, MA--(Marketwire - Sep 10, 2012) - American Power Group Corporation (OTCQB: APGI), f/k/a GreenMan Technologies, Inc. (OTCQB: GMTI), announced today that its subsidiary, American Power Group, Inc. ("APG") has signed an agreement with The Horizon Strategies Group, LLC ("HSG") for business development and sales support services to introduce APG's Turbocharged Natural Gas™ Dual Fuel Technology to the Department of Defense ("DoD").
HSG is a Washington D.C. based company that identifies emerging technologies and matches them to the problems troubling government customers. The HSG team is comprised of over twenty professionals with over 500 collective years of experience in both the federal government and private industry. Most of the HSG team has spent a large portion of their careers working in the DoD and Intelligence Community and have a solid understanding of the government customer.
Joshua Hartman is HSG's Chief Executive Officer. Prior to his current position, Mr. Hartman served as Staff Director for the National Commission on Research & Development Investment; as Senior Advisor to the Under Secretary of Defense for Acquisition, Technology, and Logistics; as Deputy Assistant Secretary of Defense for Space & Intelligence; and worked on the House Armed Services Committee as well as the House Appropriations Committee of the U.S. Congress. Mr. Hartman has been awarded the Secretary of Defense Outstanding Public Service Award in recognition of his service. He began his career as an officer of the U.S. Air Force and holds a B.S. in Physics from the U.S. Air Force Academy and an M.S. with honors in Strategic Intelligence from the National Intelligence University.
Mr. Hartman commented, "Cuts to the Defense budget are forcing new solutions into our military infrastructure, while the DoD Green Initiatives and the rising cost of fuel have put a big target on the Department's diesel consumption. American Power Group's technology will produce significant and tangible savings now. We are excited about working with APG to help the U.S. military cope with these changing and difficult times."
Lyle Jensen, American Power Group Corporation's President and Chief Executive Officer, stated, "As reported by the DoD, last year their energy bills totaled approximately $20 billion and they consumed an estimated five billion gallons of petroleum. The DoD has ships, planes, vehicles, and generators designed to use one-hundred percent petroleum based fuels for the foreseeable future and are looking for an alternative fuel technology that is compatible with their existing equipment and storage infrastructure. We believe APG's natural gas conversion technology can become a viable solution in reducing the cost and emissions of diesel fuel used in all branches of the federal government. We look forward to working with Josh and his HSG team to develop and penetrate this large addressed market."
About American Power Group Corporation
American Power Group's alternative energy subsidiary, American Power Group, Inc., provides a cost-effective patented Turbocharged Natural Gas™ conversion technology for aftermarket vehicular, stationary and off-road mobile diesel engines. American Power Group's dual fuel technology is a unique non-invasive energy enhancement system that converts existing diesel engines into more efficient and environmentally friendly engines that have the flexibility to run on: (1) diesel fuel and liquefied natural gas; (2) diesel fuel and compressed natural gas; (3) diesel fuel and pipeline or well-head gas; and (4) diesel fuel and bio-methane, with the flexibility to return to 100% diesel fuel operation at any time. The proprietary technology seamlessly displaces up to 80% of the normal diesel fuel consumption with the average displacement ranging from 40% to 65%. The energized fuel balance is maintained with a proprietary read-only electronic controller system ensuring the engines operate at original equipment manufacturers' specified temperatures and pressures. Installation on a wide variety of engine models and end-market applications require no engine modifications unlike the more expensive invasive fuel-injected systems in the market. See additional information at: www.americanpowergroupinc.com.
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With the exception of the historical information contained in this release, the matters described herein contain forward-looking statements and opinions, including, but not limited to, statements relating to new markets, development and introduction of new products, and financial and operating projections. These forward-looking statements and opinions are neither promises nor guarantees, but involve risk and uncertainties that may individually or mutually impact the matters herein, and cause actual results, events and performance to differ materially from such forward-looking statements and opinions. These risk factors include, but are not limited to, results of future operations, difficulties or delays in developing or introducing new products and keeping them on the market, the results of future research, lack of product demand and market acceptance for current and future products, adverse events, product changes, the effect of economic conditions, the impact of competitive products and pricing, governmental regulations with respect to emissions, including whether EPA approval will be obtained for future products and additional applications, the results of litigation, factors affecting the Company's future income and resulting ability to utilize its NOLs, and/or other factors, which are detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended September 30, 2011 and the Company's quarterly reports on Form 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements and opinions, which speak only as of the date hereof. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements and opinions that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.