TAMPA, Florida, April 21, 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
appointed Jack Armstrong as
President of MagneGas Welding Supply, LLC. This new entity
will hold all current and future assets related to the Company's
gas and welding supply retail business including Equipment Sales
and Services, Inc. ("E.S.S.I").
Jack Armstrong has been employed
by MagneGas since 2012 as Executive Vice President of Industrial
Gas Sales. In this capacity, Mr. Armstrong has nearly doubled
sales of MagneGas' subsidiary E.S.S.I since 2015, opened four new
retail locations and expanded the Company's distribution network
across the country. Prior to joining MagneGas, Mr. Armstrong
worked in various positions in capital markets as a licensed broker
and banker with significant experience in mergers and
acquisitions.
MagneGas has developed a strategy to grow revenues through
organic growth and accretive acquisitions of other welding gas
supply companies. The Company is targeting select key U.S.
markets as well as Florida and
Indiana, where the Company already
has a strong sales force in place. The Company believes that Mr.
Armstrong's success in scaling the Company's industrial gas
business, combined with his capital markets and merger &
acquisition experience, positions him well to execute on the
Company's new growth strategy.
MagneGas has already identified several high-quality
acquisitions. The key criteria for these acquisition targets
include; a strong existing management team, a stable customer base,
consistent profitability, and a scalable addressable market.
To that end, the Company has established MagneGas Welding
Supply, LLC as a wholly owned subsidiary to consolidate these
operations as it pursues this acquisition strategy.
Ermanno Santilli, Chief Executive
Officer of MagneGas, stated, "Jack
Armstrong's commitment to our company and his successful
execution scaling MagnGas' industrial gas business has been a
driving factor for our decision to select him as President of
MagneGas Welding Supply. As we embark on a new chapter in our
Company, one that is heavily focused on acquiring accretive
companies in the industrial gas market, we believe Jack is an ideal
fit. The entire MagneGas team congratulates Jack on this new
endeavor."
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
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:
Crescendo Communications
626 RXR Plaza
Uniondale, NY 11556
T: +1-844-589-8760
mnga@crescendo-ir.com
SOURCE MagneGas Corporation