SOURCE: MagneGas Corp.

MagneGas Corp.

October 05, 2010 09:00 ET

MagneGas Receives Final $1.0 MM Investment Installment From China Partner DDI

TAMPA, FL--(Marketwire - October 5, 2010) -  MagneGas Corporation ("MagneGas" or the "Company") (OTCBB: MNGA), a producer of a metal working fuel and natural gas alternative made from liquid waste, announced that it received on September 30th the second and final $1.0 million investment installment from Beijing-based DDI Industry International ("DDI"). The Company has now received the full $2.0 million equity investment committed to in the original agreement.

MagneGas will employ these funds to manufacture and sell gas into the metal working market, while exploring the research and development of hydrogen separation in order to sell this broadly-applicable gas for commercial use.

"We have now closed on all of the anticipated financial milestones of our China partnership creation," stated MagneGas President Richard Connelly. "We have received the full payment of $1.8 million for the Refinery now shipped, and we have recorded the total $2.0 million investment previously committed. We are proud to announce that we have recognized each expected capital event -- on schedule and in full -- and are now in a financial position from which to grow the MagneGas business."

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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 or powering bi fuel automobiles.


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