TAMPA, Fla., July 16, 2015 /PRNewswire/ -- MagneGas Corporation, ("MagneGas" or the "Company") (NASDAQ: MNGA), a technology company that counts among its inventions a patented process that converts liquid waste into MagneGas® fuel, joined Panexus Haiti S.A. (Panexus), a major general contracting firm specializing in design, build and civil engineering projects, in Port-au-Prince Haiti this week to give a presentation and demonstration of MagneGas 2® to government officials including Minister of Energy Rene Jean Jumeau and Minister of National Education and Professional Training Nesmy Manigat.
MagneGas has been focusing on expansion in the Caribbean to better assist in the overall development and sustainability of communities in the area. The company is currently making strides to assess and implement MagneGas® in the industrial sector as a clean alternative to current fuels, as well as a sustainable natural gas alternative for cooking stoves in Haiti. Currently, almost all Haitians rely on inefficient char-burning, or expensive propane fuel to prepare food.
Haiti is at a disadvantage developmentally due to the country having no natural source of oil derived fuels, making them 100% reliant on imports and unable to influence the market volatility. High fuel costs, low wages, and lack of jobs has created an inability to afford imported energy sources, which has led to deforestation, since wood is the cheapest fuel at the moment. As the second largest country in the Caribbean with 10.4 million citizens, the opportunity to create jobs and turn waste into a Haitian controlled fuel source has the potential to have a significant impact on the area, both environmentally as well as economically.
"Haiti is in need of an industry that can create local jobs and improve access to energy. The added benefit of this system is that it enables Haiti to develop in a more sustainable manner, ensuring the ability to thrive for future generations," says Panexus CEO Gilbert Hippolyte. "We are excited to work with MagneGas on many different initiatives."
With fuel already being a significant expenditure for households, it is important that more affordable solutions be created. Every 1% improvement in efficiency or cost will save the 10.4 million Haitians millions of dollars each year; money that can be reinvested back into the community. Mr. Hippolyte believes MagneGas to be a progressive step towards breaking free from the current limitations gas importation causes.
On Tuesday, July 14th, The MagneGas demonstration commenced with a digital presentation of their product lineup given by Ermanno Santilli, CEO of MagneGas Corporation. Following the presentation, the group gathered in Panexus headquarters to witness the product in action as experts cut steel using the seamless effectiveness and efficiency of MagneGas 2. The afternoon ended with a final presentation by Spyro Vassiliou, MagneGas Assistant Vice President of Sales, and an assessment of the efficiency of MagneGas for use in stoves.
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About Panexus Haiti S.A.
Panexus Haiti S.A. (Panexus) is a general contracting firm specializing in design, build and civil engineering projects. The company has in-depth experience in general construction projects including renovation and maintenance in the public and private sector. As one of the largest construction companies in Haiti, Panexus' portfolio includes two local airports, the Port-au-Prince Public Market (Marche en Fer) and Digicel Building among others. Following the devastating earthquake of 2010, Panexus became a proven leader and major player in the construction industry while building and strengthening public and commercial infrastructure, including one of their multi-million dollar signature projects being the restoration of the Toussaint L'ouverture International Airport. Founded by Randall Toussaint and Gilbert Hippolyte in 2009, Panexus Haiti S.A. is successfully implementing 'Professionalism, Dedication and Value' on all of its construction projects and is recognized as one of the largest, fastest growing dependable construction firms in Haiti. The Company is the first Haitian firm to be awarded a major U.S. State Department contract as well as secure financing from The Overseas Private Investment Corporation (OPIC). Panexus also works closely with reputable organizations such as The United Nations Children's Fund (UNICEF), World Vision, Islamic Relief, The United States Agency for International Development (USAID), the French Government and more.
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 is also selling 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.
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