TAMPA, Fla., Jan. 8, 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 a hydrogen-based fuel, announced today that it has received a request to complete a new series of on-site testing at a United States Naval Shipyard which is one of the largest in the world. The Company also announces the receipt of the results of the initial testing completed at the Bremerton Shipyard for the use of MagneGas® for metal cutting.
As part of the company's ongoing testing of MagneGas® fuel with the US Navy, the company is pleased to announce it received a request to deploy fuel for testing from one of the Navy's largest shipyards and industrial complexes in the United States. Officials from the shipyard viewed a live demonstration of MagneGas® in late 2014 and requested on-site testing. Fuel for the test will be deployed shortly and testing is expected to start in the first quarter of 2015.
Separately, on January 7, 2015, for the first time the Company received the results of the on-site testing conducted at a different shipyard in Bremerton, Washington. The results indicated that though MagneGas had lower opacity to propane and cut slower leading to a decision by that shipyard to elect propane for their next project. These results differed dramatically from the independent laboratory test performed for MagneGas by Edison Welding Institute ("EWI") which incidentally was used by the US Navy as the contracted testing laboratory to oversee the Bremerton test. The Company believes the differences in the two results are due to the fact that on-site MagneGas representatives were not allowed to provide hands-on assistance resulting in insufficient training and improper torch setup. A copy of the Edison Welding Institute Report can be found at the link below which indicates MagneGas® cuts over 40% faster than propane, while using less oxygen.
"Yesterday the first US Navy test results from Bremerton were received and do not reflect the more than 40% faster cutting speed of MagneGas® compared to propane as independently confirmed by EWI. Quite simply this reflects the fact that direct assistance and training were not sufficiently permitted during the Bremerton test," stated MagneGas CEO Ermanno Santilli. "We are pleased to announce that we are continuing our US Navy sales efforts with a successful demonstration for officials from a second shipyard, which is one of the largest in the world and potentially an even greater opportunity for MagneGas than Bremerton."
Edison Welding Institute Report http://magnegas.com/wp-content/uploads/2012/07/EWI-Gas-Comparison-Report-2.pdf
The new video can be found on the MagneGas YouTube channel: https://www.youtube.com/watch?v=ohJ9tQ3vjjE&feature=youtu.be
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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.
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