TAMPA, Florida, January 10, 2017 /PRNewswire/ --
Company Experienced a 2016 Growth Rate
of 39% in Welding Gas and Supply Segment
Versus Estimated Industry Growth Rate of 2%
MagneGas Corporation ("MagneGas" or the "Company") (MNGA) a
leading clean technology company in the renewable resources and
environmental solutions industries, announced today that its 2016
full year revenue growth rate was 39% over the same period in 2015.
The preliminary unaudited revenue from the welding gas and supply
segment was $3.347 million for the
period ending December 31, 2016,
which represents a 39% increase over the December 31, 2015 revenue of $2.4 million.
The welding gas and supply segment includes MagneGas2®,
industrial gases, welding supplies and equipment to produce
MagneGas2®. The Company believes that the use of MagneGas2® as a
wedge product has been a critical driver of revenue growth and the
Company's ability to quickly gain market share. As a result,
MagneGas experienced a 39% growth rate versus the estimated
industry rate of 2%. The Company plans to expand the use of this
strategy through organic growth into multiple stores and the
acquisition of profitable industrial gas companies throughout
the United States in 2017 and
beyond.
"We spent 2015 and 2016 proving our model, that by using
MagneGas2® as a door opener, we are able to achieve growth rates
that far surpass our competitors. Now we intend to focus on an
accelerated growth strategy of industrial gas company acquisitions
coupled with organic expansion. We are confident this will
accelerate our revenue growth through 2017 and beyond. The Company
has adopted an aggressive strategy for 2017 with the use of
MagneGas2® as the catalyst and we are excited to see the results,"
stated Ermanno Santilli, CEO.
The MagneGas IR App is now available for free in Apple's
App Store for the iPhone and iPad
http://bit.ly/AfLYww and at Google Play http://bit.ly/Km2iyk for
Android mobile devices.
To be added to the MagneGas investor email list, please email
pcarlson@kcsa.com with MNGA in the subject line.
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
FORWARD-LOOKING STATEMENTS
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. The Company is
currently using virgin vegetable oil to produce fuel while it
configures its systems to properly process waste within local
regulatory requirements.
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.
Investor Contacts:
KCSA Strategic Communications
Philip Carlson
+1 212.896.1233
pcarlson@kcsa.com
SOURCE MagneGas Corporation