TAMPA, Fla., June 14, 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 LVI Services ("LVI") has begun purchasing MagneGas™ for use at two of its Florida demolition locations. MagneGas and LVI are actively discussing collaborating on additional similar projects around the United States.
LVI Services Inc, one of the largest and most successful demolition companies in the United States, has selected MagneGas™ for use in the accelerated demolition of two large power plant sites. Large industrial demolition projects typically involve the use of significant quantities of metal cutting fuel. MagneGas™ was chosen after demonstrating to be a faster, safer and cleaner performing metal working fuel than gases currently used by LVI.
"After thorough testing of MagneGas™, we were amazed by the cleanliness of the fuel as well as the speed and precision of its cut," stated Gary Bowman, President of LVI Services, Inc. "To be able to use MagneGas™ on large demolition projects will allow us to provide our customers with quality and expedited services while keeping our operating costs down."
"We instantly saw a reduction in secondary smoke coming from our torches and there is no other gas on the planet that can cut some of these very large castings, we have found that only MagneGas can," stated Frank Baldino, Project Manager at LVI.
"We are pleased to provide LVI Services with a metal cutting fuel of greater quality which is also cost effective and environmentally friendly," commented Scott Wainwright, President of MagneGas Corporation. "We remain focused on successfully executing our growth strategy and will continue to expand our footprint in the metal cutting fuel industry."
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About LVI Services
LVI Services Inc. is the United States' leading provider of a wide array of integrated facility services, including environmental remediation, demolition, fireproofing and related services for commercial, industrial, multi-family residential and governmental facilities. LVI focuses on projects involving asbestos, lead paint, mold, infection control, hazardous materials, fireproofing, emergency services, disaster response services and demolition. Founded in 1986, LVI has more than 25 offices across the United States, is licensed in every state, and is experienced in responding quickly to natural and man-made disasters. The company's annual revenues exceed $300 million. For more information, visit www.lviservices.com.
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