TAMPA, Fla., May 19, 2015 /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 it successfully completed a MagneGas2® presentation to a second top ten utility company in the United States. Formal demonstration and testing has been scheduled for June. In February, MagneGas2® was accepted by one of the nation's top 5 utilities as a replacement for acetylene because of its improved productivity and safety features.
Officials for the company viewed a MagneGas presentation and indicated an interest in MagneGas® productivity and safety features. A formal demonstration and testing is scheduled for June, during which time the utility company indicated they would invite other local utility companies in the area to attend. They specified that they were interested in using MagneGas® for repairs and demolition projects.
"We continue to have major industry leaders contact us to learn about MagneGas. The industrial gas market is clearly open to innovative, disruptive products that can positively impact our environment and the workplace. MagneGas2 is one of those new products that is expanding our market share with the growing demand and recognition for our products. We are excited at the enormity of these opportunities presented to us in just the last 30 days. Our commitment for our shareholders is to continue to establish MagneGas as the standard for safety and usability," stated Ermanno Santilli, CEO Magnegas Corporation.
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 is also selling 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.
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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.
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SOURCE MagneGas Corporation