TAMPA, Florida, June 20, 2017 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the
"Company") (MNGA), a leading industrial clean technology company in
the renewable resources and environmental solutions industries,
announced today that it has hired a key sales executive from a
Fortune 500 supply chain solutions company. This executive is
anticipated to bring up to 80 distinct automotive fabrication and
manufacturing facility relationships to MagneGas over the next 24
to 36 months. These relationships are expected to help drive sales
including a mixture of proprietary sales of MagenGas2®, as well as
traditional industrial gases and welding supplies-typically
required by metal fabricating facilities in the global automotive
industries. It is estimated that these facilities have an
annual spend on such goods of $75,000 to
$100,000 each. This executive hire is an extension of the
Company's continued focus on leveraging proprietary technology to
effectively compete in the industrial gas and welding supply
industry.
"This hire represents a significant step towards much broader
penetration of the global automotive industry," commented
Ermanno Santilli, Chief Executive
Officer of MagneGas Corporation. "We firmly believe that our
proprietary technology, MagenGas2®, is a critical product
differentiator that enables our sales team to gain access to
clients, big and small. Provided we are able to successfully
leverage these opportunities, we aim to provide clients with a one
stop shop solution, including a wide range of additional
high-margin, non-proprietary products that generate a high degree
of recurring revenues. This is a very exciting step in the
development of our sales capabilities."
"Our ability to leverage MagenGas2® and accelerate organic
growth through incremental sales of additional products is a key
component in our strategy to expand baseline revenues, improve
gross profits, and achieve adequate scale to push MagneGas into an
EBITDA positive position in the near term," commented Scott Mahoney, Chief Financial Officer of
MagneGas Corporation. "We believe that our organic growth
strategy is highly complemental to our acquisition strategy in the
industrial gas and welding supply vertical. We believe this
strategy, combined with our efforts in other high-value sales
channels in the sterilization and combustion services segments,
presents a compelling mix of dependable, low-risk growth combined,
with meaningful upside from our emerging technological
applications."
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.
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Investor Contacts:
Crescendo Communications
T: +1-844-589-8760
mnga@crescendo-ir.com
SOURCE MagneGas Corporation