MagneGas Generates $1.05 Million in Sales for October
November 12 2018 - 8:00AM
Sales Increase of 180% Compared to Prior
Year
MagneGas Applied Technology Solutions, Inc. ("MagneGas" or
the "Company") (NASDAQ: MNGA), a leading clean technology
company in the renewable resources and environmental solutions
industries, announced today that the Company generated sales of
$1.05 million for the month of October, as compared to $0.37
million in October 2017, representing a 180% increase. The sales
growth was a result of MagneGas’ expansion into California, Texas
and Louisiana through six acquisitions made in 2018.
The fastest growing market for the Company in
October was the Texas and Louisiana combined market, which grew 68%
compared to September sales. This was in part the result of
three acquisitions made in the second half of October, which
doubled the Company’s retail store count and added a market
presence in Paris, TX and Longview, TX.
The Company saw its second fastest growth in the
southern California market, where sales grew 15% compared to
September results. This market continues to show strength and
has been very receptive to both the sales of the MagneGas metal
cutting fuel product, as well as strong new client adoption and
cross sales activities.
The third fastest growing market for the Company
was in Florida, which saw a 9% increase compared to September
sales. The Company has benefitted from expanded marketing
efforts in the Tampa and Pasco County region with the addition of a
4th retail location in that market.
From a revenue comparison perspective, the
Company’s northern California operations are the largest
contributor to overall company revenues. As the company’s
largest and most mature market, it typically is expected to grow at
a more stable, sustained rate. The Company continues to see
strong expansion into the medical and cannabis markets, and grew at
a 5% growth rate compared to September sales.
“We are making good progress in scaling our
business,” commented Scott Mahoney, Chief Executive Officer of
MagneGas. “We have immediately begun the integration of the
three retail locations in acquired in October in East Texas and
Shreveport. Our expanded sales team is doing an excellent job
during this transition, and our new customers are embracing the new
relationship exceptionally well. We are very pleased to
generate 15% month over month growth compared to our September
results.”
Mr. Mahoney continued, “We are also pleased to
confirm that we have begun monthly billing under our consulting
agreement in Germany. We are confident that this is the
beginning of our scalable entry into the European markets for our
renewable metal cutting fuel technology.”
About MagneGas Applied Technology
Solutions, Inc.
MagneGas Applied Technology Solutions, Inc.
(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
distributors, ESSI, Green Arc Supply, Paris Oxygen, Latex Welding
Supplies, United Welding Supplies, Trico Welding Supply and
Complete Welding of San Diego. The Company operates 13 locations
across California, Texas, Louisiana, and Florida.
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.
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:Tirth PatelEdison AdvisorsT:
646-653-7035tpatel@edisongroup.com
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