TAMPA, Florida, February 12, 2016 /PRNewswire/ --
MagneGas® Corporation ("MagneGas®" or the "Company") (NASDAQ: MNGA) a leading technology company that counts among its inventions a patented process that converts liquid waste into MagneGas2® fuel, announced today that it believes it has identified the source of the anonymous short attack blog published in December of 2015. The Company has initiated legal action and plans to pursue the individual to the fullest extent of the law. Company management believes this blogger is one of several individuals who acted in collusion with others to receive ill-gotten gains through short selling in combination with false and misleading "anonymous" publications.
The forensic IT investigation revealed that one of the suspects has been previously fined and ordered to cease and desist operation of an unlicensed investment advisory firm and had his investment advisory license revoked. The Company believes it knows the full names, home addresses, work history, employment locations and other personal details of the individuals involved.
Company legal counsel has strongly advised management against providing any further details regarding legal action already taken, future plans surrounding legal action, future plans regarding regulatory action or timing of any such action. Company legal counsel also has advised MagneGas to not respond directly to any of the claims sited in the anonymous blog in order to preserve the strategy details of the legal action.
"MagneGas Corporation will not tolerate these kind of false and misleading reports or blog posts from individuals colluding to obtain fraudulent gains off of the backs of our loyal shareholders. These bloggers believe they are anonymous, but what they don't understand is that no matter how hard they try to hide their actions, they leave a long trail of cyber evidence that can easily be obtained when working with the right government law enforcement agencies and forensic investigators. We will continue to work diligently to the greatest extent of the law to pursue those individuals trying to harm our shareholders. In the meantime, we will continue to focus on execution of our strategy to expand the sale of MagneGas2 to marquee customers, who would never even consider our product if it wasn't in their opinion the best on the market," stated Ermanno Santilli, CEO of MagneGas Corporation
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About MagneGas Corporation
MagneGas® Corporation (MNGA). The Company owns a patented process that converts various liquid wastes into hydrogen based fuels. These fuels can be used as a replacement to natural gas or for metal cutting. The Company's testing has shown the fuels are faster, cleaner and more productive than other alternatives on the market. They are also cost effective and safe to use with little changeover costs. The Company currently sells MagneGas® into the metal working market as a replacement to acetylene.
The MagneGas fuel production systems can be set-up locally using various types of feedstock. The Company believes this flexibility can give them an advantage in the Government/Military marketplace as fuels can be manufactured on site from raw materials found locally worldwide and eliminates the time and expense of shipping to the specific military theater. The Company is planning to establish joint ventures with third parties to construct these supply facilities worldwide.
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.
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.
SOURCE MagneGas Corporation