TAMPA, FL--(Marketwired - October 03, 2016) - MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA) a leading technology company that counts among its inventions a patented process that converts renewable and liquid waste into MagneGas2® fuel, announced today that a global auto manufacturing company based in the mid-western United States has completed the rollout of MagneGas2® in one factory and has begun the procurement process at a second factory. The automaker has indicated an interest in continuing expansion into other factories as part of a larger rollout program.
The Company previously announced that the auto maker chose MagneGas2® to be its exclusive fuel at one of its mid-western factories and to discontinue using acetylene after several successful demonstrations of the use of MagneGas2®for metal cutting. Since that time, the auto maker conducted extensive testing of MagneGas2® at one of its light truck manufacturing facilities in a nearby state and has indicated that it will also switch this factory to the fuel for metal cutting in the coming weeks.
"This automobile manufacturing company is a leader in adopting renewable and waste reducing technologies. We are excited that not only did we successfully complete the MagneGas2® rollout at the first factory, but they were so happy with its performance that they plan on expanding into a second location. We believe these initial purchase orders will open the door to other larger opportunities with this global customer. This relationship is just one of several marquee customers that have recently selected MagneGas2®," stated Ermanno Santilli, CEO of MagneGas.
The MagneGas IR App is now available for free in Apple's App Store for the iPhone and iPad http://bit.ly/AfLYww and at Google Play http://bit.ly/Km2iyk for Android mobile devices.
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About MagneGas Corporation
MagneGas® Corporation (MNGA) owns a patented process that converts various renewables and liquid wastes into MagneGas fuels. These fuels can be used as an alternative to natural gas or for metal cutting. The Company's testing has shown that its metal cutting fuel "MagneGas2®" is faster, cleaner and more productive than other alternatives on the market. It is also cost effective and safe to use with little changeover costs. The Company currently sells MagneGas2® into the metal working market as a replacement to acetylene.
The Company 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 http://www.MagneGas.com.
The Company distributes MagneGas2® through Independent Distributors in the U.S and through its wholly owned distributor, ESSI (Equipment Sales and Services, Inc). ESSI has four locations in Florida and distributes MagneGas2®, industrial gases and welding supplies. For more information on ESSI, please visit the company's website at http://www.weldingsupplytampa.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 virgin vegetable oil to produce fuel while it configures its systems to properly process waste within local regulatory requirements.
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.