MagneGas (NASDAQ: MNGA) is trading higher this morning after the technology company announced its Letter of Intent (“LOI”) to manufacture and deliver certain equipment and supplies to an undisclosed company based in Germany, marking its largest equipment sale to-date. MagneGas will receive $2.65 million for its proprietary Gasification and Sterilization systems and will supply MagnesGas2® fuel and cylinders. The Gasification system will be used to produce MagneGas2® fuel to sell into the German market with the potential of other markets coming online soon after. The Sterilization system will be used for demonstrations and small service contracts with the goal of entering the agriculture and municipal wastewater treatment markets in Germany. MagneGas said the name of the German company and additional details of the LOI will remain confidential until the signing of definitive agreements.
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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 and are being used by some of the nation’s most recognized businesses and governmental organizations 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 and is working with such recognized leaders as the US Army, US Navy, the Fire Department of New York (FDNY), several of the largest utilities in the United States and most recently, expanded its presence with one of the world’s premier auto manufacturers. MagneGas2® is being touted as the next big thing in the metal cutting and fabrication sectors and as the only truly safe and superior replacement of the legacy fuel 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 MagneGas2®, 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
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