Company Receives Final Shipment of Previously Announced 2,000 Cylinder Purchase Order to Accommodate Growing Demand
TAMPA, Florida -
MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA) a leading technology company that counts among its inventions a patented process that converts liquid and renewable liquid into MagneGas2® fuel, announced today that it has taken receipt of the final shipment of the previously announced purchase order for 2,000 fuel cylinders. This purchase was the result of a growing demand for MagneGas2® which has created a customer backlog.
The Company believes the additional demand is a direct result of its sales penetration into key vertical market segments including utilities, demolition companies, first responder markets and major manufacturing companies. Several existing customers have expanded their use of MagneGas2® into additional facilities. Other large potential customers are currently testing MagneGas2®.
"We have begun to see the end result of our strategy which is to grow our gas distribution business through the use of MagneGas2® as a door opener. We estimate that the industrial gas business grows at approximately a 2% rate. However, our industrial gas segment, which not only includes MagneGas2® but welding supplies and other gases, has increased at an almost 20% rate. We believe this is a direct result of customers' use of MagneGas2® which we believe is a superior product that leads to further sales of the Company's products. We look forward to seeing the impact of these new cylinders on revenue in the coming months as we continue to expand nationwide," commented Ermanno Santilli, CEO of MagneGas Corporation.
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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 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