MagneGas Corporation ("MagneGas" or the "Company") (MNGA) a leading clean technology Company in the renewable resources and environmental solutions industries, announced today that it has expanded into the Indiana market with direct sales of industrial gases, welding supplies, and MagneGas2® as a result of recurring sales to a Fortune 100 top U.S. automaker in the region.
In July 2016, the Company announced that a U.S. automaker had adopted MagneGas2 for an initial manufacturing facility. This relationship expanded to include a second facility in Indiana in October 2016. The facilities produce light trucks and automobiles, using MagneGas2® for metal cutting and repairs.
As a result of this success, MagneGas hired an experienced industrial gas sales executive to support this key client. This new sales executive will also be responsible for expanding the Company's client base and establishing a new industrial sales and welding supply footprint for MagneGas Welding Supply in the Midwest. In addition, the Company believes this expansion will facilitate other industrial gas sales and related products to the automaker and will attract additional customers in the vicinity.
"We are pleased that this global industrial client has seen the value of MagneGas2 and sought to expand our relationship over the past six months," stated Ermanno Santilli, CEO of MagneGas Corporation. "By adding a highly experienced local market expert to our sales team, we believe we can leverage the opportunity to expand our market presence in the industrial gases and welding supply business in the Midwest. This is key step in our 2017 strategy to expand MagneGas Welding Supply through organic growth and acquisitions."
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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. The Company is currently using virgin vegetable oil to produce fuel while it configures its systems to properly process waste within local regulatory requirements.
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.
KCSA Strategic Communications
SOURCE MagneGas Corporation