TAMPA, Florida, December 15, 2015 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company") (MNGA), an award winning technology company that counts among its inventions a patented process that converts liquid waste into MagneGas2® fuel, has recently received over $3 Million in Warrant exercises, placing its current unaudited cash position at approximately $5 Million.
The cash will be used to continue to execute on operational plans and for working capital. The Warrant exercises were received from existing Warrants issued from capital raised in 2014 with specific terms disclosed in public filings with the Securities and Exchange Commission available at http://www.sec.gov.
"We are pleased to announce that going into 2016, we have a strengthened cash position and we do not intend to raise capital in the near term. I believe it is important that we continually update investors on our activities. Keeping investors abreast of our financial position is one such update. We believe that with the additional cash received from these warrants, and our recently announced equipment sale to Green Arc Supply in Louisiana, we will start next year in a position of strength and our focus will be strategy execution," stated Ermanno Santilli, CEO of MagneGas Corporation.
Prior to the Warrant exercises the Company had 41, 215,413 common shares outstanding. The outstanding common share count as of December 14 was 44,191,969.
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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.
There was no charge to MagneGas for the Award Nomination or Selection. Once the Award was presented, MagneGas elected to publish paid advertising in the publication at a cost of $24,863.
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