TAMPA, Fla., June 30, 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, previously announced that during the week of June 22, it would be demonstrating MagneGas® fuel to several utility companies. Those demonstrations were completed last week with decision makers from several top U.S. utility companies in attendance. The Company believes the demonstrations were successful as they have received multiple requests for additional demonstrations as a result of those meetings.
Utility officials representing some of the largest companies in the country, viewed MagneGas2® in hands-on demonstrations and showed strong interest in the fuel, especially its improved productivity and safety features. These demonstrations were conducted for utility officials and department heads, the majority of who have now ordered the next step of introducing the product to their full departments. Initial written feedback from one utility specifically indicated that they found, "MagneGas2® to be environmentally friendly, safer to use, less expensive and more productive than acetylene."
"We are pleased at the outcome of the demonstrations last week. The overwhelming feedback was positive as they compared MagneGas2 to acetylene. The majority of these companies have commenced internal purchasing procedures which, due to the size of these companies, may take up to several months. However, we are thrilled at the positive feedback received and believe it is just a matter of time before we are selling MagneGas to these companies. A key strategy of ours has been to demonstrate our fuel to marquee customers to enable our pull through strategy with local distribution. In addition to adding these new utility customers, we expect a significantly expanded distribution network as a result of these demonstrations," 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.
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