MagneGas (NASDAQ: MNGA) this morning announced that it has completed construction of the Plasma-Arc Gasification system – a move company CEO Ermanno Santilli calls “the single most important event of the year.” Under the previously announced “Gasifier Agreement,” Green Arc Supply, LLC is contracted to purchase the system and thus far has paid a total of $583,750 toward construction of the system. Upon final payment of $191,500, expected in the next 30 days pending factory acceptance, Green Arc will have exclusive distribution rights to MagneGas2® for certain regions of Louisiana and Texas, as well as non-exclusive distribution rights in remaining regions of Louisiana and Texas and all of Arkansas, Mississippi and Oklahoma. “Reaching this milestone shows that the Company is not only able to perform at a high productivity level but that it has the ability to be an extremely capable manufacturer. I look forward to expanding our relationship with Green Arc as we seek to grow MagneGas2® sales throughout the Gulf Coast region,” Santilli stated in the news release.
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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 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 MagneGas2®, please visit the Company’s website at www.MagneGas.com
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