MAGNEGAS Announces Equipment Sale Contract with Central Asian Company
Gasification System will be used to demonstrate the MagneGas Plasma Arc Technology to the region and facilitate sales
TAMPA, Fla., Nov. 21, 2013 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based fuel announced today that it has received $276,000 towards the aggregate purchase price of $499,000 for a gasification equipment sale to Astana TechCom, Inc., a company located in the capital of Kazakhstan. Astana has purchased a small Plasma Arc Flow gasification system on wheels, custom built to facilitate demonstrations of the MagneGas Technology to local energy industries, medical facilities and universities. Final payment and delivery is expected in February 2014.
"This small and mobile system is an ideal marketing tool for a wide distribution of MagneGas products in our area. I am very pleased that this acquisition allows Astana TechCom the opportunity to have a significant impact on the industrial gas market and in liquid waste treatment for all of Central Asia, starting with the state of Kazakhstan which, since 1991, has strong diplomatic and economic ties with the USA," stated Dr. Ascar Aringazin, University Scientist and Director of Astana TechCom.
"Since transportation of certain liquid wastes is expensive and problematic, providing customers and distributors the ability to verify liquid sterilization or gasification on-site is an invaluable tool which we have found accelerates market penetration tremendously," stated Ermanno Santilli MagneGas CEO. "We are looking forward to our first unit in Central Asia and are eager to share test results from the energy and medical industries in particular."
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About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (NASDAQ: MNGA) is the producer of MagneGas, a natural gas alternative and metal working fuel that can be made from certain industrial, municipal, agricultural and military liquid wastes following the receipt of appropriate governmental permits.
The Company's patented Plasma Arc Flow process gasifies liquid waste, creating a clean burning hydrogen based fuel that is essentially interchangeable with natural gas. MagneGas can be used for metal working, cooking, heating, powering bi fuel automobiles and more. For more information on MagneGas, please visit the Company's website at www.MagneGas.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. The Company is currently using new ethylene glycol to produce fuel until proper permits to process used liquid waste have been obtained.
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.
SOURCE MagneGas Corporation
Released November 21, 2013