TAMPA, Fla., Sept. 30, 2015 /PRNewswire/ -- MagneGas® Corporation ("MagneGas®" or the "Company") (NASDAQ: MNGA) an award winning technology company that counts among its inventions a patented process that converts liquid waste into MagneGas® fuel, announced today that the Company has signed a new gas distribution agreement with AWISCO Corp. of New York ("AWISCO"), a leading industrial gas company.
Under the terms of the agreement, AWISCO will be the exclusive supplier of MagneGas2® fuel in New York, New Jersey and Connecticut. As part of the agreement, AWISCO will be supplying the Fire Department of New York, and several major electric Utility Companies with MagneGas2® fuel. The Company had a previous relationship with AWISCO which has now been renewed and expanded to include new locations and MagneGas2® fuel.
MagneGas2® has consistently received positive feedback from end users such as first responders, utility companies and industrial facilities because of its proven faster cutting speed, its demonstrated safety attributes, its eco-friendly aspects and smaller heat affected zone. The fuel is produced in the USA, from a renewable energy source, as opposed to acetylene which is made from calcium carbide imported primarily from China and other countries. The reduced heat affected zone as compared to acetylene means the potential for less impact on human life in the vicinity of a cut during extractions. In addition, MagneGas2® is lighter than air, so the fuel dissipates in the event of a leak making it safer for use in already dangerous circumstances. These benefits are critical for the first responder and military markets.
"We have worked with MagneGas2 extensively during recent demonstrations at utility companies and other industrial customers. I am thrilled at the opportunity of representing this incredible product in our region. The feedback that we have received has been unanimously positive and we look forward to becoming the leading supplier of MagneGas2 in our region," commented AWISCO President Lloyd Robinson.
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AWISCO is a leading supplier of industrial gas and welding supplies in the tri-state area of New York, Connecticut and New Jersey with an international expansion location in Florida. The Company is a full line supplier for the welding industry and has been in business for over 35 years.
About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas® Corporation (NASDAQ: MNGA) is a technology company that counts among its inventions, a patented process that converts liquid waste into hydrogen based fuels. The Company currently sells MagneGas® into the metal working market as a replacement to acetylene. It 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 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.
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