MagneGas Signs $1 Million Fuel Pre-purchase Agreement Sustainable Green Signs Two-Year Deal to Become Exclusive Distributor in Pacific Northwest; MagneGas Will Install a Refinery at Distributor's Seattle Facility
TAMPA, Fla., Dec. 19, 2012 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today that Sustainable Green, a new Seattle-based distributor of industrial gas, has agreed to pre-purchase $1 million worth of MagneGas™ fuel over a two year period.
MagneGas Corporation will install and operate a gasification unit in Seattle and Sustainable Green will become the exclusive distributor of MagneGas™ fuel in Washington and Oregon for two years and beyond, subject to continued forward purchases. In addition, Sustainable Green will be permitted to sell the MagneGas fuel in any other territories where there is no exclusive distributor.
"We are very pleased to enter into this partnership with Sustainable Green and expand our market presence in the Pacific Northwest," said Ermanno Santilli, CEO of MagneGas. "Today's announcement shows that our sales efforts are paying off and that there is a strong demand for our fuel. More importantly, it demonstrates our viable business model that will generate significant revenue growth and drive shareholder value."
"We are extremely excited at the opportunity to be at the forefront of what we feel is a game changing and innovating technology in an industry that has long needed more efficient and green methods in which to operate. We believe MagneGas is that solution. We are excited and honored to open this important market with MagneGas," said Zachary Lark, President of Sustainable Green.
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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.
About Sustainable Green
Sustainable Green Corporation (SGC) is an energy development company. We leverage our partnerships and experience with an understanding of the global marketplace to introduce eco-intelligent, financially viable solutions for global industries. We are committed to the advancement of environmentally responsible alternatives that provide competitive advantages to traditional industrial methodologies.
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 antifreeze, vegetable oil and 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