TAMPA, FL—(Marketwired – April 09, 2018) – MagneGas Corporation (“MagneGas” or the “Company”) (NASDAQ: MNGA), a leading clean technology company in the renewable resources and environmental solutions industries, announced today that it will be opening a new industrial gas and welding supply location to serve the northern Tampa and Pasco County markets in Florida. This will be the 10th location owned and operated by MagneGas across Florida, Louisiana, Texas and California.
“We are excited to launch yet another new location to serve our growing customer base,” commented Ermanno Santilli, CEO of MagneGas. “Our sales team has done an excellent job winning market share in Pascoe County and northern Tampa, using MagneGas2Â® to open doors and establish new relationships. In addition, this move will make it possible to quickly expand several of our largest client relationships, as they have sizable operations further north along the Gulf Coast that will be better served through our expansion.”
“This new branch is a good example of how we are able to grow quickly and profitably,” commented Scott Mahoney, CFO of MagneGas. “We set a sales budget for this market at the end of 2017, with a plan to build a client base, and then add a location by the end of the second quarter. We have witnessed excellent sales growth results in this market, and we are almost a full 90 days ahead of plan. We are now able to quickly launch this location, knowing that it will be profitable from the first day we open our doors in Pasco County.”
About MagneGas Corporation
MagneGasÂ® 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 “MagneGas2Â®” 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 MagneGas2Â® 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 MagneGasÂ® fuels utilizing its high flame temperature for co–combustion of hydrocarbon fuels and other advanced applications. For more information on MagneGasÂ®, please visit the Company's website at http://www.MagneGas.com.
The Company distributes MagneGas2Â® through Independent Distributors in the U.S and through its wholly owned distributors, ESSI, Green Arc Supply, and Complete Welding of San Diego. ESSI has 3 locations in Florida, Green Arc 2 locations in Texas and one location in Louisiana, and Complete Welding has one location in southern California. 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.
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.