TAMPA, Florida, December 4, 2017 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company")
(NASDAQ: MNGA), a leading clean technology company in the renewable
resources and environmental solutions industries, announced that it
has formed MagneGas Europe, LLC as a wholly owned subsidiary for
the purpose of executing its previously announced joint venture
with a European-based privately-held partner. In addition, the
Company reported it is expanding the scope of its planned joint
venture to include co-combustion marketing opportunities in
Western Europe, Turkey, and select Eastern European markets.
"We are very pleased to report that our partners are making
excellent progress advancing the financing approval process, and
they expect to close their funding by the end of the fourth quarter
in 2017," commented Ermanno
Santilli, Chief Executive Officer of MagneGas. "Based on the
current pace of progress, we anticipate the joint venture to launch
with full funding in the first quarter of 2018."
"Importantly, our joint venture partners have indicated that
they wish to expand the scope of our relationship to immediately
include our co-combustion technology on a non-exclusive basis,"
continued Mr. Santilli. "For example, the German market currently
relies on approximately 40% coal-powered electric generation and is
the 4th largest consumer of coal globally. Consequently,
there is enormous pressure within the European Union to
dramatically curtail emissions over the next 3-5 years which
creates a favorable economic environment for our co-combustion
applications. Our technology has the potential to readily address
this issue at scale and become a major driver for utilization of
our technology within the energy sector in Europe. This enhanced collaboration has the
potential to significantly expand the near-term addressable
opportunities for the joint venture in 2018 and beyond."
Scott Mahoney, Chief Financial
Officer of MagneGas, commented, "It is our understanding that our
partners are close to completing the final steps to secure the
necessary funding for the joint venture, which we anticipate in the
coming weeks. We look forward to completing the joint venture
process and moving forward rapidly with a highly scalable European
strategy."
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.
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.
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
T: +1-844-589-8760
mnga@crescendo-ir.com
SOURCE MagneGas Corporation