MagneGas Corporation ("MagneGas" or the "Company") (MNGA) a leading technology company that counts among its inventions a patented process that converts renewable and waste liquids into MagneGas2® fuel, announced today that it has signed a lease that will allow it to open a facility in its fourth location for its subsidiary, Equipment Sales and Services, Inc. ("ESSI"). This new facility will be in Sarasota, Florida and will further expand ESSI's distribution and service of the Company's products in Florida, increasing revenue opportunity through an expanded footprint.
ESSI is a full line distributor of welding gases, welding tools, hardware, welding equipment and safety products. The Company will now be able to directly distribute MagneGas2®, hard goods and other gases across Southwest Florida where some of the Company's growing list of clients are located. MagneGas has fully owned ESSI facilities in Clearwater and Lakeland, Florida with a joint venture facility located in North Florida.
"Right on the heels of opening a facility in our third location in Florida, we had the opportunity to expand further into this fourth location and we acted quickly. This is another step in our aggressive strategy to continue to expand our recurring revenue base by choosing locations in proximity to the underserved markets in the state. We anticipate our grand opening for this location will be within the next 60 days," stated Ermanno Santilli, CEO of MagneGas Corporation.
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 MagneGas® 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 which can potentially eliminate the time and expense of shipping. The Company is planning to sell the equipment or establish joint ventures with third parties to construct these supply facilities and recently sold its first independent unit to a company located in Texas.
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. The company currently works with a number of high-profile customers that include the US military, the Fire Department of New York City, several of the country's largest utilities and one of the world's largest auto manufacturers based here in the US. 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.