TAMPA, Florida, January 18, 2017 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company") (MNGA) a leading clean technology company in the renewable resources and environmental solutions industries, announced today that it has expanded its product offering to include the commercial sale of Carbon Dioxide (CO2) in Florida.
The Company will initially add CO2 to its industrial gas line of products in the Sarasota and Ft Myers areas of Florida, with plans to expand into other retail locations in the state in the coming months. The Company has identified CO2 as a complimentary product offering to its current industrial gas segment and retail infrastructure. The Company believes that the sale of CO2 will lead to other revenue opportunities in Florida through sales to new customers. The Company plans to initially sell CO2 in the restaurant, travel and leisure markets where there is expansive use of CO2 for beverages, including soda and CO2 enhanced alcoholic beverages.
"We believe we have near term opportunities to accelerate our revenue growth rate organically in Florida. When combined with our strong sales of MagneGas2, industrial gas and welding supplies, we see the CO2 market as a logical next step in our growth plans," stated Scott Mahoney, Chief Financial Officer, MagneGas. "The Florida market in particular has significant sales of CO2 due to the large restaurant, travel and leisure industry which uses CO2 for carbonated beverages. We look forward to the impact this will have on our revenue in the coming months."
About MagneGas Corporation
MagneGas® Corporation (MNGA) owns a patented process that converts various renewables and liquid wastes into MagneGas fuels. These fuels can be used as an alternative to natural gas or for metal cutting. The Company's testing has shown that its metal cutting fuel "MagneGas2®" is faster, cleaner and more productive than other alternatives on the market. It is 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 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. For more information on MagneGas®, please visit the Company's website at http://www.MagneGas.com.
The Company distributes MagneGas2® through Independent Distributors in the U.S and through its wholly owned distributor, ESSI (Equipment Sales and Services, Inc). ESSI has four locations in Florida and distributes MagneGas2®, industrial gases and welding supplies. For more information on ESSI, please visit the company's website at http://www.weldingsupplytampa.com
To be added to the MagneGas investor email list, please email firstname.lastname@example.org with MNGA in the subject line.
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.
KCSA Strategic Communications
SOURCE MagneGas Corporation