TAMPA, Fla., Dec. 20, 2012 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today that the Company has entered into an agreement with Allied Recycling to provide MagneGas™ fuel for metal cutting. MagneGas will ship the fuel from its Tarpon Springs, Florida headquarters to Allied Recycling's six facilities across the state of Florida.
"We have been very impressed with the overall effectiveness of MagneGas™," commented Todd Adamson, Vice President of Allied Recycling. "When we began using the fuel, we saw the immediate impact it had as MagneGas™ burned hotter than what we have been currently using and allowed for us to make faster cuts. Coupled with the overall savings we will incur, it was an easy decision for us to begin using MagneGas™."
"Our continued execution of our growth strategy help to provide this nice customer win for MagneGas as Allied Recycling helps to increase our sales footprint in the state of Florida," stated Ermanno Santilli, Chief Executive Officer of MagneGas. "We are looking forward to a successful business relationship with Allied Recycling and are confident MagneGas will be the solution to their metal cutting needs."
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About Allied Recycling
Incorporated in 1992, Allied Recycling is a full service metal recycling company based in Fort Myers, Florida. Allied owns and operates eight yards, including six in Florida, ranging in size from two to 30 acres. Since its inception, Allied Recycling has become one of the leading metal recycling organizations in South Florida, providing invaluable services to builders, commercial businesses, and local residents. Known for offering superior value, Allied continues to develop and expand its products and services to meet the needs of a growing and changing customer base.
About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (NASDAQ: MNGA) is the producer of MagneGas™, as natural gas alternative and metal working fuel that can be made from certain industrial, municipal, agricultural and military liquid wastes following the receipt of appropriate governmental permits.
The Company's patented Plasma Arc Flow™ process gasifies liquid waste, creating a clean burning hydrogen based fuel that is essentially interchangeable with natural gas. MagneGas™ can be used for metal working, cooking, heating, powering bi fuel automobiles and more. For more information on MagneGas, please visit the Company's website at www.magnegas.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. The Company is currently using new ethylene glycol to produce fuel until proper permits to process used liquid waste have been obtained.
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.
SOURCE MagneGas Corporation