TAMPA, Fla., March 31, 2014 /PRNewswire/ -- MagneGas Corporation, www.magnegas.com ("MagneGas" or the "Company") (NASDAQ: MNGA), a leading technology company that counts among its inventions a technology that converts liquid waste into a hydrogen-based fuel, today announced it signed an expanded joint venture agreement with technology partner Future Energy Pty Ltd of Australia. Under the terms of the agreement, both parties will own 50% of a new Company formed for the purpose of developing, licensing and commercializing new intellectual property for co-combustion of MagneGas fuels with hydrocarbon fuels to reduce emissions and increase energy. This agreement includes and extends beyond the existing partnership of coal co-combustion to include other current and future developments such as the combustion of MagneGas with diesel, heavy oil, aviation fuels, and liquid petroleum gas.
"We believe there are several significant new energy applications by combining MagneGas with existing fuels each with the possibility of reducing emissions and improving combustion efficiency thereby extracting more energy. We are pleased to have expanded our relationship with MagneGas to pursue these confidential opportunities," commented David Johnston and Lindsay Pukallus, partners of FutureEnergy.
"Future Energy and MagneGas have identified and are already working on several new energy opportunities which leverage the unique properties of MagneGas fuel and the combustion expertise of FutureEnergy. We at MagneGas are pleased to extend our successful relationship and will reveal these new opportunities as they approach certification stage," stated CEO Ermanno Santilli.
Media interested in learning more and speaking with MagneGas officials either on site or by phone can contact Shelby Malvestuto at 727-934-3448 and firstname.lastname@example.org.
About FutureEnergy Pty Ltd
Founded in 2011, the Australian partnership was formed to leverage over 20 years of gas industry and combustion centric experience of the partners. FutureEnergy has been performing practical and well documented combustion trials with MagneGas and several other hydrocarbon fuels independently and at the request of MagneGas and potential customers.
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