MagneGas Moves into New Headquarters; Expands MagneGas2® Production by Over 200%
New Facility Allows Closer Proximity to Customers, Improved Visitor Experience and Expansion Potential
TAMPA, Florida, April 6, 2016 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA) a leading technology company that counts among its inventions a patented process that converts liquid waste into MagneGas2® fuel, announced today that it has officially moved into its new Company headquarters. The new facility is 18,000 square feet and is located within an industrial area outside of Tampa, Florida with closer proximity to existing and potential customers and within easy access to major highways. The building contains more space to demonstrate the MagneGas technology to potential customers, thereby enhancing the customer experience. In addition, the additional space will allow for Company expansion and includes a larger area for research and development.
"The entire MagneGas team is extremely excited regarding our new headquarters. This new location will provide impressive space to demonstrate MagneGas while allowing room for growth and a sufficient area for research and development. Now that we are finally occupying our new location, we will be bringing three gas production units online over the next ninety days, doubling our current capacity. These units will operate in several shifts, which will allow us to finally meet existing demand and expand our business. Also, we will be holding a grand opening and customer appreciation day on June 15th at 10AM, and further information will be provided soon." Stated Ermanno Santilli, CEO of MagneGas.
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About MagneGas Corporation
MagneGas® Corporation (NASDAQ: MNGA). The Company owns a patented process that converts various liquid wastes 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 MagneGas® 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 in the Government/Military marketplace as fuels can be manufactured on site from raw materials found locally worldwide and eliminates the time and expense of shipping to the specific military theater. The Company is planning to establish joint ventures with third parties to construct these supply facilities worldwide.
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. For more information on MagneGas®, please visit the Company's website at http://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 product demand and business expansion opportunities, 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 virgin vegetable oil to produce fuel while it configures its systems to properly process waste within local regulatory requirements.
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 April 6, 2016