SOURCE: MagneGas Corp.

MagneGas Corp.

September 01, 2010 16:30 ET

MagneGas Announces Shipment of China Refinery, Receipt of Final $855,000

Process to Commercialize MagneGas™ Technology in China Now Officially Underway

TAMPA, FL--(Marketwire - September 1, 2010) -  MagneGas Corporation ("MagneGas" or the "Company") (OTCBB: MNGA), a producer of a metal working fuel and natural gas alternative made from liquid waste, today announced that it has shipped the China Refinery to purchaser DDI, satisfying all terms of the sale. The Company has accordingly now received the final payment of $855,000, pursuant to the agreement entered into on January 29, 2010.

"We have executed shipment of the China Refinery precisely according to schedule, and are pleased to announce another important revenue event for MagneGas," stated MagneGas President Richard Connelly. "In addition to the immediate financial benefit to the Company, this milestone also has significant long-term importance. With its Refinery in-hand, DDI will be able to demonstrate the Technology in the China market and begin to capitalize on anticipated demand. DDI has already established a world class manufacturing facility, and awaits only this Refinery as the catalyst for market launch. As 20% owners of this joint venture we look forward to sharing in future China successes."

To view the final processing and shipment of the China Refinery, visit

Per the original agreement the final payment was to be in the amount of $950,000. MagneGas and DDI mutually agreed to exclude a certain third-party component from the final shipment, as DDI believes it can purchase the component more cost-effectively in China. As MagneGas intended to pass its own purchase cost on to DDI without markup, the exclusion of this component reduced the payment amount but not the profitability of the transaction. 

To be added to the MagneGas investor email list, please email with MNGA in the subject line.

Become a MagneGas fan and follow the Company on Facebook -- visit

About MagneGas Corporation (
Founded in 2007, Tampa-based MagneGas Corporation (OTCBB: MNGA) is the producer of MagneGas™, a natural gas alternative and metal working fuel made from liquid waste such as sewage, sludge, manure and certain industrial and oil-based liquid wastes. The Company's patented Plasma Arc Flow™ process gasifies liquid waste, creating a clean burning fuel that is essentially interchangeable with natural gas, but with lower green house gas emissions. MagneGas™ can be used for metal cutting, cooking, heating, powering bi fuel automobiles and more.


The information contained herein includes forward-looking statements. These statements relate to future events 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 safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act. 

Contact Information