MagneGas System Successfully Initiates Operation in Central Asia
Production of MagneGas® Fuel for Metal Cutting and University Research Begins in Kazakhstan
TAMPA, Fla., June 17, 2015 /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 MagneGas® fuel, announced today that its customer in Kazakhstan, Astana TechCom ('Astana") has successfully initiated operation and production of MagneGas fuel. The fuel produced will be marketed for metal cutting and used by a local university for research.
Astana purchased a Plasma Arc Flow gasification system in 2014, custom built to produce fuel for metal cutting and demonstration of the MagneGas Technology to local energy industries, medical facilities and universities. Astana intends to market the systems and fuel to local customers. All equipment sales will be custom built and sourced from MagneGas in the U.S. and shipped to Kazakhstan as ordered.
"We are pleased to announce that Astana has initiated operation in Central Asia. We intend to sell the fuel produced from the system for metal cutting. In addition, our local university has expressed an interest in studying the unique properties of the fuel for advanced applications. This small and mobile system is an ideal marketing tool for a wide distribution of MagneGas products throughout Central Asia," stated Dr. Ascar Aringazin, University Professor and Director of Astana TechCom.
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.
FORWARD-LOOKING STATEMENTS
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 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
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