TAMPA, Florida, March 8, 2017 /PRNewswire/ -- MagneGas
Corporation ("MagneGas" or the "Company") (MNGA) a leading clean
technology company in the renewable resources and environmental
solutions industries, announced today that it has successfully
installed a Plasma-Arc Gasification system that was previously
announced as contracted ("Gasifier Agreement") for sale to Green
Arc Supply, LLC of Louisiana
("Green Arc").
As previously announced, Green Arc Supply of Louisiana, purchased a Gasifier to manufacture
and distribute MagneGas2® exclusively in certain regions of
Louisiana and Texas. Pursuant to the terms of the Gasifier
Purchase Agreement, the Company received a total of $775,000 for the purchase of the system. The
Agreement also calls for royalty payments which amount to
$0.02 per cubic foot produced by
Green Arc.
Under the terms of the Gasifier Purchase Agreement, Green Arc
will have exclusive distribution rights for certain regions of
Louisiana and Texas with non-exclusive distribution rights
in remaining regions of Louisiana
and Texas and all of Arkansas, Mississippi and Oklahoma. Green Arc has the right to expand
their exclusivity in those states with the purchase of additional
systems. The Company believes that entering into future agreements
with Green Arc for the distribution of its products will result in
significant capital infusions through additional equipment sales
and receipt of royalty payments.
"We are excited to announce our first ever operating system at a
customer location. We are pleased that our product continues
to gain market acceptance, and we are optimistic that more
equipment sales with distributors will positively impact our
revenue growth in 2017 and beyond," stated Ermanno Santilli, CEO of MagneGas
Corporation.
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,
Equipment Sales and Services, Inc. ("ESSI"). 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
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.
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
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SOURCE MagneGas Corporation