TAMPA, Florida, January 14, 2016 /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 MagneGas® fuel, announced today that a previously announced major waste to energy company, which had placed initial orders of MagneGas2® fuel, has now expanded use of the fuel into multiple facilities.
The Company has been using MagneGas2® for steel refurbishment and repairs and has decided to expand the use of MagneGas2® into a total of 6 facilities. In addition, they have requested MagneGas2® for additional locations in states in which the Company intends to service as additional fuel production facilities come online. The waste to energy company has facilities throughout the world that process large volumes of solid waste into renewable energy. Their name is being held confidential until completion of the roll out.
"This is just another example of execution on our strategy to attract marquee customers that we believe will create a solid platform for future growth as additional MagneGas fuel production facilities come online. These major companies have access to every single cutting fuel on the market, and yet they select MagneGas fuel time and again. It is our opinion that this is one of many clear indications from the market of the superior performance of our fuel," commented 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 location. 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