MagneGas Corporation ("MagneGas" or the "Company") (MNGA) a leading technology company that counts among its inventions a patented process that converts renewable and waste liquids into MagneGas2® fuel, announced it has signed a lease that will allow it to open a facility in its fourth location for its subsidiary, Equipment Sales and Services, Inc. ("ESSI"). This new facility will be in Sarasota, Florida and will further expand ESSI's distribution and service of the Company's products in Florida, increasing revenue opportunity through an expanded footprint.
ESSI is a full line distributor of welding gases, welding tools, hardware, welding equipment and safety products. The Company will now be able to directly distribute MagneGas2®, hard goods and other gases across Southwest Florida where some of the Company's growing list of clients are located. MagneGas has fully owned ESSI facilities inClearwater and Lakeland, Florida with a joint venture facility located in North Florida.
"Right on the heels of opening a facility in our third location in Florida, we had the opportunity to expand further into this fourth location and we acted quickly. This is another step in our aggressive strategy to continue to expand our recurring revenue base by choosing locations in proximity to the underserved markets in the state. We anticipate our grand opening for this location will be within the next 60 days," stated Ermanno Santilli, CEO of MagneGas Corporation.
About MagneGas Corporation
MagneGas® Corporation (MNGA). The Company owns a patented process that converts various renewable and waste liquids into hydrogen based fuels. These fuels can be used as a replacement to natural gas or for metal cutting. The Company's testing has shown the fuels are faster, cleaner and more productive than other alternatives on the market. They are 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 MagneGas® fuel production systems can be set-up locally using various types of feedstock. The Company believes this flexibility can give them an advantage as fuels can be manufactured on site from raw materials found locally which can potentially eliminate the time and expense of shipping. The Company is planning to sell the equipment or establish joint ventures with third parties to construct these supply facilities and recently sold its first independent unit to a company located in Texas.
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. The company currently works with a number of high-profile customers that include the US military, the Fire Department of New York City, several of the country's largest utilities and one of the world's largest auto manufacturers based here in the US. For more information on MagneGas®, please visit the Company's website at http://www.MagneGas.com.
The MagneGas IR App is now available for free in Apple's App Store for the iPhone or iPad http://bit.ly/AfLYww and at Google Play http://bit.ly/Km2iyk for Android mobile devices.
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