SOURCE: MagneGas Corp.

MagneGas Corp.

November 15, 2010 18:35 ET

MagneGas Provides Third Quarter 2010 Operating Results

TAMPA, FL--(Marketwire - November 15, 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 operating results for the quarter and nine months ended September 30, 2010.

Recent Financial Highlights:

  • Generated revenue of $444,232 in the second quarter, $1.9 MM for the first nine months
  • Received $150,000 for interim Mexico distribution rights
  • Received the second $1.0 MM investment installment from China partner DDI
  • New cash balance of $1.7 MM, as compared to $7,338 for the period ended December 31, 2009

Recent Business Highlights:

  • Completed manufacture and shipment of China Refinery on schedule and within budget
  • Made national independent media debut on CNNMoney.com (http://bit.ly/c6y6ll)
  • Began manufacture of dedicated fuel-producing Refinery to meet demonstrated product demand

Business Overview:
"This was a very productive, foundational quarter for MagneGas," stated CFO Luisa Ingargiola. "We are now in regular production and sale of equipment and fuel, and we began the development of our domestic brand with our national media debut on CNNMoney.com and industry debut at the FABTECH Expo. This quarter also demonstrated that we can achieve gross margins on equipment sales of over 60%1. As we continue to evolve our sales efforts we can confidently predict solid gross returns on sales closed."

Please visit www.sec.gov to view full financial results.

To be added to the MagneGas investor email list, please email justin.davis@magnegas.com with MNGA in the subject line.

Become a MagneGas fan and follow the Company on Facebook -- visit www.facebook.com/MagneGas.

About MagneGas Corporation (www.magnegas.com
Founded in 2007, Tampa-based MagneGas Corporation (OTCBB: MNGA) is the producer of MagneGas™, a natural gas alternative and metal working fuel made from industrial, municipal, agricultural and military liquid wastes following the reception of appropriate governmental permits.

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.

1This figure is unaudited and thus subject to change.

FORWARD-LOOKING STATEMENTS

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. 

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