MagneGas Launches USDA Sterilization Pilot at a Leading Dairy Farm in Bowling Green, Florida
TAMPA, Florida, November 28, 2017 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), a leading clean technology company in the renewable resources and environmental solutions industries, announced that it has formally launched a USDA sterilization pilot program at a leading dairy farm based in Bowling Green, FL. The primary purpose of the pilot is to evaluate the efficacy of the MagneGas patented plasma arc sterilization process for cow manure. The pilot is jointly funded by the USDA through a $432,000 USDA grant and provides MagneGas Corporation a unique opportunity to further validate the sterilization process.
MagneGas previously conducted similar pilot programs for the hog industry in Indiana in 2016. The data gathered from that program was submitted to the EPA and USDA for review. The current grant was a direct result of the prior pilot study. The Company believes that with the additional data gathered as a result of the current pilot in Florida, it will be in a position to move ahead with the broader commercialization of its sterilization process within the agricultural industry.
"Our USDA pilot program is a major milestone in the progression of our sterilization business and the culmination of many years of hard work and engineering," commented Ermanno Santilli, CEO of MagneGas Corporation. "Sterilization has been a core focus for the MagneGas technology since our formation. The USDA pilot further validates the progress we are making, and we believe it will serve as a key catalyst for market acceptance in the agricultural industry and a major financial opportunity for MagneGas. We are working diligently towards completing the setup of this USDA pilot for the dairy industry and, at the same time, are working towards establishing a commercialized pilot in North Carolina to service the hog industry. We also remain on track to launch our commercial program for the sterilization of leachates in landfills with our Italian partners in early 2018."
"We are very pleased to take these next steps with the USDA and our sterilization business," commented Scott Mahoney, CFO of MagneGas. "As we head into 2018, we are focused on accelerating the launch of our sterilization technology as well as other emerging applications we are developing. The key financial metric we have imposed in the commercialization process has been to proactively seek out non-dilutive capital solutions that enable these programs to move forward efficiently. The USDA pilot is an excellent example of these efforts. We will have 50% of all pilot costs offset through the USDA grant awarded in June of 2017. We will continue to seek similar grants, joint venture programs and other structures that will enable MagneGas to advance our technologies in the near term."
About MagneGas Corporation
MagneGas® 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 "MagneGas2®" 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 MagneGas2® 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 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.
The Company distributes MagneGas2® through Independent Distributors in the U.S and through its wholly owned distributor, ESSI (Equipment Sales and Services, Inc). ESSI has four locations in Florida and distributes MagneGas2®, industrial gases and welding supplies. 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.
SOURCE MagneGas Corporation
Released November 28, 2017