TAMPA, Florida, November 28, 2017 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ:
MNGA), a leading clean technology company in the renewable
resources and environmental solutions industries, announced that it
has formally launched a USDA sterilization pilot program at a
leading dairy farm based in Bowling
Green, FL. The primary purpose of the pilot is to evaluate
the efficacy of the MagneGas patented plasma arc sterilization
process for cow manure. The pilot is jointly funded by the USDA
through a $432,000 USDA grant and
provides MagneGas Corporation a unique opportunity to further
validate the sterilization process.
MagneGas previously conducted similar pilot programs for the hog
industry in Indiana in 2016. The
data gathered from that program was submitted to the EPA and USDA
for review. The current grant was a direct result of the prior
pilot study. The Company believes that with the additional data
gathered as a result of the current pilot in Florida, it will be in a position to move
ahead with the broader commercialization of its sterilization
process within the agricultural industry.
"Our USDA pilot program is a major milestone in the progression
of our sterilization business and the culmination of many years of
hard work and engineering," commented Ermanno Santilli, CEO of MagneGas Corporation.
"Sterilization has been a core focus for the MagneGas technology
since our formation. The USDA pilot further validates the progress
we are making, and we believe it will serve as a key catalyst for
market acceptance in the agricultural industry and a major
financial opportunity for MagneGas. We are working diligently
towards completing the setup of this USDA pilot for the dairy
industry and, at the same time, are working towards establishing a
commercialized pilot in North
Carolina to service the hog industry. We also remain on
track to launch our commercial program for the sterilization of
leachates in landfills with our Italian partners in early
2018."
"We are very pleased to take these next steps with the USDA and
our sterilization business," commented Scott Mahoney, CFO of MagneGas. "As we head into
2018, we are focused on accelerating the launch of our
sterilization technology as well as other emerging applications we
are developing. The key financial metric we have imposed in the
commercialization process has been to proactively seek out
non-dilutive capital solutions that enable these programs to move
forward efficiently. The USDA pilot is an excellent example of
these efforts. We will have 50% of all pilot costs offset through
the USDA grant awarded in June of 2017. We will continue to seek
similar grants, joint venture programs and other structures that
will enable MagneGas to advance our technologies in the near
term."
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.
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:
Crescendo Communications
T: +1-844-589-8760
mnga@crescendo-ir.com
SOURCE MagneGas Corporation