It was reported last week that penny stock Greenman Technologies was running . Apparently this was due to a significant order for future business. This order was on behalf of Nigeria-based soft-drink distributor Seven-Up Bottling Company PLC, for the conversion of approximately 25% of their local delivery truck fleet and the balance of the fleet to be converted over the next 6 to 9 months.
Although the initial order is reported to be about $440 000, the followup order may run up to $1,22 million.
This fleet of vehicles is managed through GMTI's subsiduary AGP International who have managed to improve economies by developing a dual fuel system which converts existing engines to function more efficiently and at a lower operating cost (fuel costs reduced by 25% to 35%) by seamlessly displacing 40% to 60% of the normal diesel fuel consumption with compressed natural gas ("CNG") or biomethane.
This fuel system also reduces toxic emissions such as nitrogen oxide, carbon monoxide and fine particulate matter as well as enhancing the engine's operating life, since natural gas is a cleaner burning fuel source.
The news of the Seven-Up contract caused a significant rise in shares to change hands on July 8, driving the price to a new 52-week intraday high of 69 cents at time of writing, up nine cents or 15%, from the day before. The 52-week low is 20 cents, to which the price sank on June 4. Simply put, this green technology company appears is on the move, and causing its customers, and the small cap market, to do the same
