TAMPA, Fla., June 26, 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 the Company has entered into an agreement with Cut It Up Gas and Supply, LLC. ("Cut It Up") to install a 500 kW unit at Cut it Up's Cocoa, FL facility for the production and distribution of MagneGas™. Cut It Up tested MagneGas™ extensively and has agreed to purchase all of its metal cutting gas exclusively from MagneGas.
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 is essential as it has the capability of distributing MagneGas™ fuel not only locally by truck but also by rail and sea shipments.
"We witnessed the impressive features of MagneGas™ at the Port Canaveral demolition project, which was expected to be completed in 33 days, but took only 8 days with the use of MagneGas™," commented Ian Meldeau, Managing Partner at Cut It Up. "We were so captivated with its superior metal cutting properties, reduced secondary smoke and improved productivity that we have created a new company, Cut It Up, dedicated to the distribution of this innovative gas."
"MagneGas is very pleased to begin our new strategic alliance with Cut It Up as we continue to successfully execute on the second phase of our growth strategy," commented Ermanno Santilli, CEO of MagneGas Corporation. "By producing our superior fuel onsite, we are able to lessen the overall costs for distributors and consumers while further improving overall productivity."
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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