TAMPA, Fla., April 10, 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 initiated formal operations in Michigan and it has added new customer Ajax Paving Industries, Inc. The Company has completed the installation of its 300kw refinery in Michigan and it has obtained the necessary permits to begin operations. In addition, the Company announced today that Ajax Paving Industries began its initial rotation of MagneGas™ fuel as it switches from acetylene to MagneGas™ throughout its manufacturing plants in Michigan.
Based in Michigan, with operations that extend to the west coast of Florida, Ajax Paving Industries has become an industry leader in concrete and asphalt manufacturing. Metal cutting is an important segment of its overall business, and as a cost reducing and performance enhancing measure, Ajax has agreed to begin rotations of MagneGas™ cylinders for metal working in one of its Michigan locations with plans to expand across all locations.
"As we began testing MagneGas™, we were amazed by its absolute precision and performance in metal cutting," stated Rick Sparkman, Equipment Operations Manager for Ajax Paving Industries. "We are very excited to begin using MagneGas™ as it not only presents a viable 'green' option for our company, but it will also help us reduce costs and improve overall efficiency in our metal cutting operations."
"Adding Ajax Paving Industries to our growing list of customers is another significant win for MagneGas," commented Scott Wainwright, President of MagneGas. "As we continue to successfully execute on our growth strategy, we will further expand upon the strong foundation we have already built in the metal cutting market."
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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