MagneGas Awarded “Most Innovative Sustainability Solution”
MagneGas Recognized for Innovation at Maritime2020 Asia Summit
TAMPA, Fla., Nov. 28, 2018 (GLOBE NEWSWIRE) -- MagneGas Applied Technology Solutions, Inc. ("MagneGas" or the "Company") (NASDAQ: MNGA), a leading clean technology company in the renewable resources and environmental solutions industries, announced today that it was granted an award as the “Most Innovative Sustainability Solution” at the 2018 Maritime2020 Asia Summit that was held November 27, 2018 in Singapore.
Scott Mahoney, Chief Executive Officer of MagneGas, commented, “We’re proud to be recognized by global industry players as an innovative sustainability leader. As we develop our fourth-generation gasification unit further and improve our relationships with ports and major industries for metal-cutting fuels and waste-to-energy applications, we can better scale our offerings to improve global environmental waste and energy solutions.”
“We thank the organizers of the Maritime2020 Asia Summit, as well as the shipping and maritime industry for their recognition and vote of confidence in us. We look forward to partnering with many of the government and business organizations we’ve met here in Singapore to further implement MagneGas technologies,” added Mr. Mahoney.
This summit is considered one of the premier events convene C-level representatives of the entire maritime industry supply chain and LNG leader who will share specialist information and engage in discussions about the upcoming regulations, regarding the global cap on sulphur content in shipping fuel, review LNG use in the marine sector and the best bunkering solutions.
About MagneGas Applied Technology Solutions, Inc.
MagneGas Applied Technology Solutions, Inc. (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, Paris Oxygen, Latex Welding Supplies, United Welding Supplies, Trico Welding Supply and Complete Welding of San Diego. The Company operates 13 locations across California, Texas, Louisiana, and Florida.
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.
Released November 28, 2018