TAMPA, Florida, July 27, 2016 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company") (MNGA) a leading technology company that counts among its inventions a patented process that converts renewable and liquid waste into MagneGas2® fuel, announced today that a global auto manufacturing company based in the mid-western United States has chosen to switch to MagneGas2® as its sole fuel of choice for metal working in one of its top award winning factories.
The company chose MagneGas2® to be its exclusive fuel at one of its mid-western factories and to discontinue using acetylene after several successful demonstrations of the use of the fuel for metal cutting. A local MagneGas distributor has received purchase orders from the auto company for MagneGas2® which will be used for cutting, brazing, and other operations. The company has also indicated an interest in using MagneGas2® at other manufacturing facilities in the future.
"This automobile manufacturing company is a leader in adopting renewable and waste reducing technologies. We believe MagneGas2® will save them money by reducing down time on the assembly line while demonstrating their continued environmental leadership with our fuel which is the only renewable metal working fuel available today. Independent testing shows that MagneGas2® is a faster, hotter replacement to existing cutting fuels. Apart from MagneGas2®' main attributes of increased speed and efficiency, MagneGas2® is made from renewable resources right here in the USA. We have been in various stages of testing with this auto company for over one year and this event is the culmination of significant effort. We believe these initial purchase orders will open the door to other larger opportunities with this customer. This relationship is just one of several marquee customers that have selected recently MagneGas2®," stated Ermanno Santilli, CEO of MagneGas.
About MagneGas Corporation
MagneGas® Corporation (MNGA). The Company owns a patented process that converts various renewable and waste liquids 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 MagneGas2® into the metal working market as a replacement to acetylene.
The MagneGas2®fuel production systems can be set-up locally using various types of feedstock. The Company believes this flexibility can give them an advantage as fuels can be manufactured on site from raw materials found locally and eliminates the time and expense of shipping to the specific end user location. The Company is planning to sell the equipment or establish joint ventures with third parties to construct these supply facilities.
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 MagneGas2® 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.
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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. 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