TAMPA, Fla., April 25, 2012 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (OTCBB: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today that it has reached an agreement with Suncoast Metals LLC (Suncoast) to provide MagneGas™ fuel for metal working. Suncoast, a full service metal recycling company with over $32 million in annual revenue, has agreed to use MagneGas™ exclusively for their scrap operations and has accepted its first order of MagneGas™ fuel.
"By working with MagneGas, we are demonstrating our level of commitment towards improving the environment," stated Mike Allen, Vice President of Suncoast Metals, LLC. "We found MagneGas™ performance superior to other metal working fuels and this was a major factor in our decision. We are confident that using MagneGas™ will allow us to improve our productivity and reduce costs while continuing to provide our customers with exceptional service."
"Our continued growth is a testament to the fact that we are able to provide our customers with the performance and savings they expect when using MagneGas™ as the primary fuel option for their metal cutting needs," commented Scott Wainwright, President of MagneGas. "We look forward to furthering our relationship with Suncoast by providing the company with MagneGas™ as they continue to expand their metal cutting operations."
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About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (OTC BB: MNGA) is the producer of MagneGas™, a natural gas alternative and metal working fuel that can be made from certain industrial, municipal, agricultural and military liquid wastes following the receipt of appropriate governmental permits.
The Company's patented Plasma Arc Flow™ process gasifies liquid waste, creating a clean burning hydrogen based fuel that is essentially interchangeable with natural gas. MagneGas™ can be used for metal working, cooking, heating, powering bi fuel automobiles and more. For more information on MagneGas, please visit the Company's website at 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 new antifreeze, vegetable oil and ethylene glycol to produce fuel until proper permits to process used liquid waste have been obtained.
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