TAMPA, Fla., April 29, 2014 /PRNewswire/ -- MagneGas Corporation, www.magnegas.com ("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 Sidney Lee Welding Inc. of Georgia has completed MagneGas Distributor training and has received their first customer order. Sidney Lee recently purchased $10,000 of MagneGas® fuel, which amounted to approximately an entire semi-truck of cylinders. After receiving their order, MagneGas personnel conducted extensive training with the Sidney Lee team who have now started actively selling MagneGas® fuel in the Georgia market.
A large local machine shop was the first customer to place an order after using MagneGas® for cutting a four inch plate on their computerized cutting table. They found improved cutting speeds of 13.5 inches per minute with MagneGas® versus 9 inches per minute with propylene, a 50% improvement. The improved cutting speeds coupled with almost no pre-heating time and visibly cleaner cut resulted in MagneGas getting the order.
"We are very pleased to be working with Sidney Lee Welding in Georgia. Their first customer, which is a very large local machine shop, is exactly the kind of organization which we are targeting for the MagneGas® metal cutting gas," stated Terry Vernille, Executive Vice-President of Industrial Gas Sales for MagneGas.
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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.
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 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