TAMPA, Fla., May 6, 2014 /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 a hydrogen-based fuel, today announced that it has expanded its capability to sell MagneGas® metal cutting fuel into California with Placer Power LLC. Under the terms of the agreement, Placer Power will be selling MagneGas® fuel into the California market for the metal cutting and fabrication markets. The agreement allows for expansion into other territories based on sales volume and performance requirements.
"We at MagneGas are very excited to have a partner on the West Coast which has been an area of particular interest for us," stated Terry Vernille, Executive Vice President of Sales for MagneGas. "California in particular with its enhanced environmental regulations and higher cost of industrial gases is ideally suited for MagneGas® fuel."
"I believe that the advantages of MagneGas® including safety, cutting speed and lower emissions will result in a rapid adoption rate in progressive states such as California," stated Chris Du Pont, President Placer Power. "I am very impressed with the technology and compact design of their gas production units. I am looking forward to ultimately placing a MagneGas system on the West Coast to produce MagneGas® fuel locally."
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About Placer Power LLC
Placer Power LLC is a California Company formed to be a re-seller of MagneGas® and related hard goods. More information can be found at the Company's website http://placerpower.com.
About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (NASDAQ: MNGA) is a technology Company that counts among its inventions, a patented process that converts liquid waste into hydrogen based fuels. The Company currently sells MagneGas® into the metal working market as a replacement to acetylene. It 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 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