TAMPA, Florida, January 12, 2016 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company") (MNGA) a leading technology company that counts among its inventions a patented process that converts liquid waste into MagneGas2® fuel, announced today that a major utility company that has been using MagneGas2® fuel for metal cutting, is expanding use of the fuel into multiple locations.
As one of the largest electric holding companies in the United States, safety and productivity are of paramount importance. The utility has been undergoing a training and rollout program with MagneGas2® for several months at one facility and now wishes to expand the use of MagneGas2® into another two facilities. The second facility has placed their initial order and the third facility plans to begin the use of MagneGas in the next 90 days as supply is available.
This utility company, as is required in the industry, each year shuts down its facility and replaces, repairs and/or refurbishes much of its steel and other parts made from various metals. In addition to its increased cutting speed and its ecofriendly attributes, MagneGas 2® has proven itself to be an efficient and cost saving way for this utility to limit the amount of down time required.
"MagneGas continues to execute on its strategy of laying the ground work for future growth by establishing relationships with large marquee customers. As we bring additional MagneGas fuel production facilities online, we anticipate the opportunity to further expand, as most of our marquee customers have multiple locations. We hear time and again that we are the fastest product on the market. This is just another of many examples that validate our performance," 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