MagneGas Completes Sale of System to Central Asian Company Gasification System Construction Complete and System Ships on Schedule
TAMPA, Fla., Aug. 4, 2014 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), a technology company that counts among its inventions a patented process that converts liquid waste into a hydrogen-based fuel, announced today that it has completed construction of the gasification system purchased by Astana TechCom, Inc., a company located in the capital of Kazakhstan. Astana has purchased a small Plasma Arc Flow gasification system on wheels, custom built to facilitate demonstrations of the MagneGas Technology to local energy industries, medical facilities and universities. The total price paid for the system and other components was $518,000 and the initial purchase was originally announced in November 2013.
"I am very proud of our team. We completed the construction of this system as scheduled and were very pleased at the quality of the team that came from Kazakhstan for training. We are confident that this system will open new opportunities for the technology throughout central Asia," stated Ermanno Santilli MagneGas CEO.
"This small and mobile system is an ideal marketing tool for a wide distribution of MagneGas products in our area. I am very pleased that this acquisition allows Astana TechCom the opportunity to have a significant impact on the industrial gas market and in liquid waste treatment for all of Central Asia, starting with the state of Kazakhstan which, since 1991, has strong diplomatic and economic ties with the USA," stated Dr. Ascar Aringazin, University Scientist and Director of Astana TechCom.
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About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (NASDAQ: MNGA) is a technology Company that counts among its inventions, a patented process that converts liquid waste into hydrogen based fuels. The Company currently sells MagneGas® into the metal working market as a replacement to acetylene. It is also selling 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 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