TAMPA, Fla., June 26, 2013 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today that its 300 kW Recycler at the Cocoa Beach, Florida headquarters of Cut It Up Gas & Supplies, Inc. ("Cut It Up") has gone online. Production and sale of MagneGas™ fuel has begun and will be sold throughout the east coast of Florida.
Cut It Up is a new and dedicated distributor of metal cutting gases servicing the central and eastern parts of Florida from its Cocoa facility. Cut It Up's strategic location allows it to quickly and efficiently distribute MagneGas™ fuel not only locally by truck but also by rail and sea shipments.
"We are thrilled to have this Recycler up and running and believe it will greatly improve Cut It Up's distribution capabilities of MagneGas™ fuel in central Florida and elsewhere," said Ian Meldeau, Managing Partner of Cut It Up Gas & Supplies, Inc. "Based on our own internal testing and our conversations with customers, we believe there is a strong demand for the fuel because of its superior metal cutting capabilities. This Recycler will be crucial to helping us meet that demand."
"We look forward to continuing to strengthen our relationship with Cut It Up and working with the company to help it meet its customers' metal cutting needs," said Ermanno Santilli, CEO of MagneGas. "We believe that building partnerships with distributors is crucial to our Company's growth strategy. By installing recyclers on site, it makes it easier for distributors to better service their customers, which will drive revenue growth for MagneGas."
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About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (NASDAQ: 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. MagneGasTM 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