- Also Receives $1 Million Equipment Order
Tampa, Florida – May 13, 2009 – MagneGas Corporation (“MagneGas Corp.” or the “Company”) (OTC BB: MNGA), a producer of a metal cutting fuel and natural gas alternative made from liquid waste, announced today that it has acquired 20% interest in MagneGas Israel, LLC, the exclusive owner of MagneGasTM Technology intellectual property rights for Israel. MagneGas Israel granted MagneGas Corp. this ownership interest in exchange for preferential pricing on equipment and services.
Subsequent to the ownership transaction, MagneGas Israel committed to purchasing from MagneGas Corp. a MagneGasTM Refinery for $1 million in cash. MagneGas Israel intends to utilize the refinery to convert sewage to irrigation water and MagneGasTM.
The asset purchase agreement is conditional on MagneGas Israel securing sufficient funding and completing the purchase on or before October 31, 2009.
“Our goal is to implement the MagneGasTM Technology in Israel and provide immediate environmental solutions for city sewage, farm and industrial waste, while creating a clean burning fuel,” stated MagneGas Israel CEO Prof. Pinchas Mandell. “In treating sewage we expect to provide badly needed irrigation water, especially in light of our severe drought and the disaster looming if this issue is not quickly resolved. Commercially, MagneGas Israel will separate the hydrogen from MagneGasTM and pursue the hydrogen market, while also selling fuel for metal cutting and cooking."
“Few countries in the world have a greater need for clean water and fuel independence than does Israel,” commented MagneGas President Richard Connelly. “We are very pleased to contribute to those goals, and likewise excited to have a significant stake in the commercial upside of the MagneGasTM Technology in Israel.”
To be added to the MagneGas investor email list, please email justin.davis@cirrusfc.com with MNGA in the subject line.
About MagneGas Corporation Founded in 2007, Tampa-based MagneGas Corporation (OTC BB: MNGA) is the producer of MagneGasTM, a natural gas alternative and metal cutting fuel made from liquid waste such as sewage, sludge, manure and certain industrial and oil based liquid wastes. The Company’s patented Plasma Arc FlowTM process gasifies liquid waste, creating a clean burning fuel that is essentially interchangeable with natural gas, but with lower green house gas emissions. MagneGasTM can be used for metal cutting, cooking, heating or powering bi fuel automobiles.
CONTACT:
Cirrus Financial Communications, LLC Justin K. Davis
(866) 330-MNGA (6642)
Justin.Davis@cirrusfc.com
www.cirrusfc.com
FORWARD-LOOKING STATEMENTS
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