TAMPA, Florida, January 5, 2017 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company") (MNGA) a
leading technology Company that counts among its inventions a
patented process that converts renewable and waste liquids into
MagneGas2® fuel, announced today that it has entered into its
largest equipment sale to date with the signature of definitive
agreements ("Agreements") to manufacture and deliver certain
equipment and supplies to a company based in Germany. MagneGas will receive $2.65 million for its proprietary Gasification
and Sterilization systems and will supply MagnesGas2® fuel and
cylinders.
Under the terms of the Agreements, MagneGas will manufacture and
deliver: 1) A 300KW stationary Gasification system; 2) A 100KW
mobile Sterilization system; 3) 250 cylinders full of MagneGas2®;
and 4) 50 MagneGas regulators. A deposit of $25,000 has been received, with progress payments
totaling $2.625 million to be paid
over the course of the manufacturing and delivery of the various
systems. The first payment of $1.35
million is due in 90 days with progress payments due
thereafter with set construction and delivery milestones. In
addition, the German company has indicated an interest in
negotiating to purchase several additional systems for multiple
markets.
The German company has indicated they will initially utilize the
Gasification system to produce MagneGas2® fuel to sell into the
German market with the potential of other markets coming online
soon after. The Sterilization system is expected be used for
demonstrations and small service contracts with the goal of
entering the agriculture and municipal wastewater treatment markets
in Germany.
Ermanno Santilli, CEO of MagneGas
Corporation stated: "We are thrilled that our original LOI
progressed so quickly to definitive agreements. We believe
MagneGas2® fits very well into the European markets that have been
moving towards clean and renewable fuel alternatives. This is
the largest sale in the history of MagneGas and our first sale in
Europe. We are looking
forward to 2017 and believe this is a great start."
The MagneGas IR App is now available for free in Apple's
App Store for the iPhone or iPad
http://bit.ly/AfLYww and at Google Play http://bit.ly/Km2iyk for
Android mobile devices.
To be added to the MagneGas investor email list, please email
pcarlson@kcsa.com with MNGA in the subject line.
About MagneGas Corporation
MagneGas® Corporation (MNGA) owns a patented process that
converts various renewables and liquid wastes into MagneGas fuels.
These fuels can be used as an alternative to natural gas or for
metal cutting. The Company's testing has shown that its metal
cutting fuel "MagneGas2®" is faster, cleaner and more productive
than other alternatives on the market. It is also cost effective
and safe to use with little changeover costs. The Company
currently sells MagneGas2® into the metal working market as a
replacement to acetylene.
The Company also sells equipment for the sterilization of
bio-contaminated liquid waste for various industrial and
agricultural markets. In addition, the Company is developing a
variety of ancillary uses for MagneGas® fuels utilizing its high
flame temperature for co-combustion of hydrocarbon fuels and other
advanced applications. For more information on MagneGas®,
please visit the Company's website at http://www.MagneGas.com.
The Company distributes MagneGas2® through Independent
Distributors in the U.S and through its wholly owned distributor,
ESSI (Equipment Sales and Services, Inc.). ESSI has four locations
in Florida and distributes
MagneGas2®, industrial gases and welding supplies. For more
information on ESSI, please visit the company's website at
http://www.weldingsupplytampa.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements as
defined within Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. These statements relate to future events, including our
ability to raise capital, or to our future financial performance,
and involve known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity,
performance, or achievements to be materially different from any
future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. You
should not place undue reliance on forward-looking statements since
they involve known and unknown risks, uncertainties and other
factors which are, in some cases, beyond our control and which
could, and likely will, materially affect actual results, levels of
activity, performance or achievements. Any forward-looking
statement reflects our current views with respect to future events
and is subject to these and other risks, uncertainties and
assumptions relating to our operations, results of operations,
growth strategy and liquidity. We assume no obligation to publicly
update or revise these forward-looking statements for any reason,
or to update the reasons actual results could differ materially
from those anticipated in these forward-looking statements, even if
new information becomes available in the future. The Company is
currently using virgin vegetable oil to produce fuel while it
configures its systems to properly process waste within local
regulatory requirements.
For a discussion of these risks and uncertainties, please see
our filings with the Securities and Exchange Commission. Our public
filings with the SEC are available from commercial document
retrieval services and at the website maintained by the SEC at
http://www.sec.gov.
Investor Contacts:
KCSA Strategic Communications
Philip Carlson
+1-212-896-1233
pcarlson@kcsa.com / bnelson@kcsa.com