TAMPA, Fla., Aug. 27, 2012 /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 the Company has shipped a 150kW refinery to RJ Torching, Inc. ("RJ Torching"), one of the largest scrap yards in Michigan.
In June, MagneGas entered into an agreement with RJ Torching to install a refinery onsite and produce MagneGas™ fuel for their metal working needs. RJ Torching, the environmentally conscious Detroit recycler and inventor of the SPARCS *** metal cutting exhaust gas collection system (www.torchingsolutions.com), agreed to purchase all of their metal cutting gas needs exclusively from the Company after extensive testing.
Ermanno Santilli, CEO of MagneGas commented: "As we continue to execute on our growth strategy, we are excited to deliver the MagneGas refinery and embark on the next phase of our relationship with RJ Torching. Our refineries are small, mobile and easy to install, allowing our customers a painless and cost-effective way to benefit from the superior metal-cutting capabilities offered by our MagneGas™ fuel. After spending much of 2012 educating the marketplace on the benefits of our product, we look forward to ramping up production of our refineries."
For pictures of the refinery, visit http://bit.ly/Ss4XPR
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The MagneGas iPhone App is now available for free at the Apple App store on the iPhone or at http://bit.ly/AfLYww.
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. 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