MagneGas Secures Large Michigan Customer In RJ Torching To Commence On-Site Production Of MagneGas
Company to provide full service scrap and metal processor with MagneGas™ for use at its Michigan facilities
TAMPA, Fla., June 18, 2012 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (OTCBB: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today that the Company has entered into an agreement with RJ Torching, Inc. ("RJ Torching") to provide MagneGas™ fuel for metal cutting exclusively at RJ Torching's recycling facilities in Flint, MI.
RJ Torching, the environmentally conscious Detroit recycler and inventor of the SPARCS *** metal cutting exhaust gas collection system (www.torchingsolutions.com), tested MagneGas™ extensively and has agreed to purchase all of their metal cutting gas needs from MagneGas. In addition, MagneGas will install a 150kW unit onsite to produce MagneGas™ and supply RJ Torching and the surrounding area its superior metal cutting gas.
"The ability to cut metal quickly, cleanly and in an environmentally-friendly way is crucial to the success of our business," commented Jason Roughton, President of RJ Torching. "After extensive testing, we determined MagneGas™ exceeded our expectations with its superior metal cutting properties, reduced secondary smoke while also increasing our savings on operating costs."
"MagneGas is delighted to offer RJ Torching an innovative solution that will help meet the environmental challenges currently affecting the recycling industry," commented Marc Cuffaro, Executive Vice President of Business Development at MagneGas. "RJ Torching is seen as a leader in the industry as an early adopter of new technologies and we look forward to a long and successful working relationship."
Ermanno Santilli, CEO of MagneGas commented: "MagneGas has spent the first half of this year showing the metal cutting industry that we have a superior metal working gas based on direct and wholesale distribution. As we commence the second phase of our growth strategy, we will show the industry that our unique technology is capable of producing superior metal working fuel on-site and on-demand to virtually eliminate cylinder and distribution costs. We are confident that this unique solution will appeal to large users of metal cutting gas nationally as well as globally."
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About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (OTC BB: MNGA) is the producer of MagneGas™, a natural gas alternative and metal working fuel that can be made from certain industrial, municipal, agricultural and military liquid wastes following the receipt of appropriate governmental permits.
The Company's patented Plasma Arc Flow™ process gasifies liquid waste, creating a clean burning hydrogen based fuel that is essentially interchangeable with natural gas. MagneGas™ can be used for metal working, cooking, heating, powering bi fuel automobiles and more. For more information on MagneGas, please visit the Company's website at www.magnegas.com.
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 new antifreeze, vegetable oil and ethylene glycol to produce fuel until proper permits to process used liquid waste have been obtained.
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.
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