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Credit Union Iowa has developed one of the more successful tire recycling programs in the midwest and they didn't do it by turning tires into dollars through subsidies or grants.

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By Card Credit Debt Debt Guide December 16, 2003 (AXcess News) Des Moines IA - Iowa has developed one of the more successful tire recycling programs in the Midwest and they didn't do it by turning tires into dollars through subsidies or grants.According to Mr. Mel Pins, environmental specialist with the Energy & Waste Mgmt. Bureau of the Iowa Dept. of Natural Resources, "Iowa only has $300,000 statewide for recycling and landfill so we had to come up with programs that would solve our waste tire problems and we realized that grants and loans weren't the answer.""Getting people to collect them (tires) was easy, but they weren't doing anything with them, just creating more piles" said Pins.

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Credit Repair According to Pins Iowans generate 3 million waste tires annually. That equals to one tire per person, per year. Today, thanks to cooperative programs enacted by the Iowa Department of Natural Resources the state has a capacity to dispose of 135% of the waste tires being recycled.

Active Credit Credit Guide It took Iowa seven years to clean up its stock piles of waste tires. The Grell site in Ft. Dodge was one of the largest, containing over 2 million tires.GreenMan Technologies, a nationwide tire recycler with a processing plant in Iowa, cleaned up the Grell site in less than one year.

Credit Score According to Pins, GreenMan has cleaned up 80% of Iowa's waste tire dumps and has shown an ability to meet the state's environmental requirements; that they have the ability, the experience and the market to dispose of them.

Bad Car Credit Guide Loan Pins credits much of Iowa's environmental waste tire recycling programs success to GreenMan Technologies because the tire recycler has contracts with instate sources to consume the shredded tires as alternative fuels while converting what's not consumed as fuel into crumb rubber for athletic tracks and other similar applications.

Bad Credit Loan Mark Maust, Midwest regional vice president for GreenMan Tech. said, "We collect tires from throughout the Midwest and many of them are brought here to Iowa to be processed and sold as alternative fuel and in manufacturing crumb rubber which we in turn sell as athletic track surfacing material."

Credit Definition Derivative Over the last year GreenMan has invested over $2.75 million to upgrade the shredding and waste wire processing capabilities of its Minnesota and Iowa facilities. Those investments doubled their crumb rubber capacity in the Midwest to over 40 million pounds a year.Bob Davis, GreenMan Tech's President said, "The Minnesota and Iowa upgrades were capital-intensive but strategically critical to our reinvestment and re-entrenchment initiatives, which are to improve GreenMan's long-term corporate performance."Much of Maust's work involves traveling throughout the Midwest in proposal processes similar to those in Iowa with the Department of Natural Resources. In Missouri Maust worked closely with Dan Hindiman a state coordinator for a six county tire recycling program where local residents could bring their tires to collection points and avoid paying any disposal fees. In that one program, GreenMan collected over 14,000 tires which were hauled to the company's Iowa facilities.While GreenMan has developed a reputation for completing tire clean up programs its also faced hardships while attempting to continue its expansion. In April the company experienced a fire at its Jackson, Georgia plant causing damage to its waste-wire equipment recently installed there.

Bad Credit Mortgage The plant was expected to be back online in 30 days but that stretched out into months, causing the company to haul its waste tires longer distances and rotate equipment from other plants. Meanwhile its lender was closed by the FDIC over losses unrelated to GreenMan which caused the company to lose its working capital line of credit.

The Insider Guide To Credit GreenMan's shares began a slow downward slide dropping over 25% since May while the company reported losses at a time when it had expected earnings.

Business Credit Card In an exclusive interview with GreenMan's President, Bob Davis, AXcess News learned that the tire recycler was managing to buildout its capacity to meet what Davis called "future positioning".

Banker Complete Credit Guide Davis, like Capital Environmental Resource's (NASDAQ: CERI) president, Henk, came from a background of M&A having built the recycling division of Brown Ferris Industries in Houston TX into a $650 million a year business from a startup.

Credit Card Application When Davis stepped into the President's slot GreenMan Tech was losing money and trading on the over-the-counter bulletin board. Since taking the helm GreenMan has grown through acquisition and moved to the American Stock Exchange where it trades under the symbol GRN.

Credit Guide Managing Future Positioning is not idle chatter for Davis. The Company is due to release its yearend figures and has yet to announce the recovery of over $1 million dollars from its insurance company after the Georgia plant's fire. If Davis' comments in his interview with AXcess News hold true then investors are facing annual growth that should meet or exceed Market Guide's Waste Management Services Fundamental report described in Saturday's story about PDG Environmental in 2004.And Iowa's Mel Pins? Maust said that at a clean up operation when there was a shortage of help Pins moved in with his own vehicle and pitched in. On his own time Mr. Pins has stayed over on Saturdays at local fairs to offer assistance and explanations of the various state programs being deployed. Mr. Pins is more than a state employee according Maust, "he lives here too".Through a special series of articles announced last week Thursday to our news list members, AXcess News is covering a group of environmental stocks, releasing one story every day.

Credit Card Offer This marks the fourth story in that series. Next, Itronics Inc. (OTCBB: ITRO), a photochemical recycler, turned the corner operationally, cutting losses over process development costs by 26% and now looks to step to profitability in the near term.

Merchant Credit Guide Company Series stories include:

Bad Credit Article IV: Itronics Goes Green In Photochemical Recycling

Collection Collection Complete Article III: Turning Tires Into Dollars

Credit Counseling Article II: Capital Environmental Continues Expansion Drive

Complete Credit Guide Higher Article I: Waste Management Services Group showing strong fundamentals

Chase Credit Card Feature: Bennett TSX Index listing fueling green industry values

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