TAMPA, Fla., Aug. 12, 2013 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based fuel, announced today that it hosted a world summit meeting at its headquarters in Tarpon Springs, Florida with several of its key global partners. The purpose of the meeting, which was held from July 30, 2013 to August 5, 2013, was to share and collaborate on a variety of strategic technical advancements made by the partners for the MagneGas systems and fuels
At the World Summit Meeting, presentations from its European partners included the use of the MagneGas technology to process and sterilize sewage within the required irrigation norms of the European Union, presentations from China included the use of the MagneGas system to process human sludge and presentations from Australia included the use of MagneGas Fuel to co-combust coal burning power plants to reduce toxic emissions. MagneGas Corporation presented its recent fuel advances for metal working and other key power and industrial markets. Each partner has spent years developing their individual area of expertise and the presentations resulted in a collaborative effort to bring the technology forward on a global scale in several key markets.
"Our global partners have invested considerable time and resources into developing their specialized use for the MagneGas technology. It has been a dream of mine to gather our partners and share on a collaborative basis the various technological advancements made by each group. We will now take the information shared during this important meeting and put it into immediate use for sales in those particular markets," stated Ermanno Santilli, CEO MagneGas.
"We developed clean coal technology using MagneGas in a post combustion process, lowering emissions and increasing heat, which was presented at the MagneGas world summit. This new technology improves the market use of MagneGas clean burning fuel and we are excited at the future potential of this application," David Johnston, Director, MagneGas Australia
"We have made great advances in the area of sewage sterilization with world-wide applications. We are excited with the business opportunities and new strategic initiatives that came as a result of the collaborative efforts from this important meeting," stated Giovanni Giuseppe Cocchiaro, CEO Nuova MagneGas Italia and Giovanni Era, Managing Director Nuova MagneGas Italia.
"As a long-time partner and friend of MagneGas, I was thrilled at the opportunity to share ideas and find new ways to resolve global issues surrounding the processing of sludge. We have invested considerable effort into this market for China and look forward to furthering our success as a result of the many opportunities that came from this meeting," stated Allen Feng, CEO MagneGas Technology (Beijing) Co. Ltd.
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About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (NASDAQ: MNGA) is the producer of MagneGas™, a 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