TAMPA, Florida, January 19, 2016 /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 MagneGas2® fuel, announced today that due to growing demand for MagneGas2® that has created a substantial backlog, the Company has issued a purchase order to obtain 2,000 additional fuel cylinders. In addition, ESSI, the Company's wholly owned gas distribution company, has put an additional 400 cylinders into service to help accommodate ancillary gas demand.
The Company believes that the additional demand is a direct result of its sales penetration into key vertical market segments including utilities, demolition companies and first responder markets as well as government and military sectors. The Company has also aggressively worked to expand its distribution network and in-house sales and marketing programs. Several existing customers have expanded their use of MagneGas2® into additional facilities and other large potential customers are in the testing or product procurement phase.
MagneGas2® has consistently received positive feedback from end users for its advantages over acetylene, propane and propane blends. Industries ranging from demolition companies and utility companies to first responders and fabricators have been praising and ordering MagneGas2® because of its proven faster cutting speed, demonstrated safety attributes, eco-friendly aspects, smaller heat affected zone and lower cost. In addition, MagneGas2® is produced in the USA versus acetylene which is made from calcium carbide imported primarily from China and other countries.
"MagneGas2 is now being used by several major utility companies, demolition companies, first responders and as most recently announced, at the Kennedy Space Center. This is proof that our strategy is succeeding. We started with independent verifications of our safer, faster and cleaner cutting fuel from prestigious organizations and leveraged those results to sell into these marquee customers. As a result, we are literally almost out of cylinders and this purchase will allow us to continue to expand our market penetration. We look forward to seeing the impact of these new cylinders on revenue in the coming months as we continue to expand nationwide. Finally, as we move into our fantastic new headquarters we will be able to bring our third unit on-line to produce yet more MagneGas2." commented Ermanno Santilli, CEO, MagneGas Corporation.
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About MagneGas Corporation
MagneGas® Corporation (NASDAQ: MNGA). The Company owns a patented process that converts various liquid wastes 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 MagneGas® 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 in the Government/Military marketplace as fuels can be manufactured on site from raw materials found locally worldwide and eliminates the time and expense of shipping to the specific military theater. The Company is planning to establish joint ventures with third parties to construct these supply facilities worldwide.
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.
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.
SOURCE MagneGas Corporation