Exception OutofMemoryError dalvik.system.VMRuntime.newNonMovableArray(Native Method)

I am using the OpenGl Es library to rendered the 3D object. I am getting exception OutofMemoryError I tried and searched on google but could not get success

Please help me to solve this issue.

package com.amplimesh.models;

import java.io.BufferedReader;
import java.io.IOException;
import java.io.InputStream;
import java.io.InputStreamReader;
import java.nio.ByteBuffer;
import java.nio.ByteOrder;
import java.nio.FloatBuffer;
import java.util.ArrayList;
import java.util.StringTokenizer;

import javax.microedition.khronos.opengles.GL10;

import android.content.Context;
import android.graphics.Bitmap;
import android.graphics.BitmapFactory;
import android.opengl.GLUtils;
import android.util.Log;

import com.amplimesh.util.Point3;

public class ObjModel {

    public void bindTextures(Context context, GL10 gl) {
        Bitmap bitmap;
        try {
            InputStream is = context.getAssets().open("textures/"+mTextureName);
            bitmap = BitmapFactory.decodeStream(is);
            if (bitmap == null) {
                Log.v("ObjModel", "err loading bitmap!");
            }
        } catch (java.io.IOException e) {
            Log.v("ObjModel", "err loading tex: "+e.toString());
            return;
        }

        mTextures = new int[1];
        gl.glGenTextures(1, mTextures, 0);
        gl.glBindTexture(GL10.GL_TEXTURE_2D, mTextures[0]);
        gl.glTexParameterf(GL10.GL_TEXTURE_2D, GL10.GL_TEXTURE_MIN_FILTER, GL10.GL_LINEAR);
        gl.glTexParameterf(GL10.GL_TEXTURE_2D, GL10.GL_TEXTURE_MAG_FILTER, GL10.GL_LINEAR);
        gl.glTexParameterf(GL10.GL_TEXTURE_2D, GL10.GL_TEXTURE_WRAP_S, GL10.GL_CLAMP_TO_EDGE);
        gl.glTexParameterf(GL10.GL_TEXTURE_2D, GL10.GL_TEXTURE_WRAP_T, GL10.GL_CLAMP_TO_EDGE);
        GLUtils.texImage2D(GL10.GL_TEXTURE_2D, 0, bitmap, 0);
        bitmap.recycle();
    }

    public void draw(GL10 gl) {
        gl.glEnableClientState(GL10.GL_VERTEX_ARRAY);
        gl.glEnableClientState(GL10.GL_TEXTURE_CO