MagneGas Generates $1.06 Million in Sales for April 2018; 263% Year over Year Revenue Growth
TAMPA, FL / ACCESSWIRE / May 7, 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 the Company generated record sales of $1.06 million for April 2018, representing the highest combined industrial gas and welding supply sales in the Company's history. The record growth was largely due to recent acquisitions that expanded the Company into California, Texas and Louisiana, as well as accelerated organic growth in Florida.
''We are pleased to see our growth strategy achieving strong results,'' commented Ermanno Santilli, CEO of MagneGas. ''We have seamlessly integrated three separate companies in diverse end markets across California, Texas and Louisiana in the first few months of 2018. We more than tripled our sales force and now have access to tens of thousands of clients and new prospective customers in the best industrial gas markets in the United States. Our team is doing an excellent job growing our already strong client relationships, while aggressively going out into the market and adding new clients every day. We are confident that our strategy will continue to generate strong results going forward.''
''Clearly our recent acquisition strategy is having a positive impact on our ability to generate growing sales, with a clear path to scale in the key domestic markets,'' commented Scott Mahoney, CFO of MagneGas. ''As our pace of acquisitions slows, we are able to devote significant resources to optimizing our operations and improving our bottom line. We continue to make meaningful progress towards a profitable and self-sustaining growth model.''
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 distributors, ESSI, Green Arc Supply, Trico Welding Supply and Complete Welding of San Diego. ESSI has 3 locations in Florida, Green Arc 2 locations in Texas and one location in Louisiana, Trico has two locations in northern California, and Complete Welding has one location in southern California.
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 May 7, 2018