- $100,000 already received, with remainder cash payments contractually defined
- Launches Philippines and Vietnam Markets
Tampa, Florida – May 27, 2009 – MagneGas Corporation (“MagneGas” 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 secured its first equipment purchase order. MagneGas is scheduled to receive a total of $1.2 million in exchange for a proprietary MagneGas Plasma Arc FlowTM refinery, one intended to immediately service the Philippines and Vietnam markets.
MagneGas entered into a Memorandum of Understanding (“MOU”) on May 18, 2009, and has already received a $100,000 deposit from purchaser American Investment Co (American). American will pay MagneGas the remaining $1.1 million according to the following schedule:
- $390,000 to commence construction, payable within 6 months of the signing of the MOU
- Balance of $710,000 due prior to delivery of the refinery
“We are extremely pleased with the prospect of expanding our business to the Philippines and Vietnam,” stated MagneGas President Richard Connelly. “We are moving from platform development to tangible commercial progress. We have leaps yet to make, but with this purchase order we have graduated from the pre-revenue class to a growing alternative fuels influencer.”
As part of the purchase of the refinery, American will be the exclusive distributor for the MagneGasTM Technology for the Philippines and Vietnam markets ” We are thrilled to be the exclusive distributors for this market, as we see a tremendous need for clean water and fuel in the Philippines and Vietnam. We will provide badly needed fuel for metal cutting and cooking, while cleaning the rivers and providing nutrient-rich irrigation water, a commodity currently in very short supply,” stated American President Calvin Suva and co-founder Danilo Suva.
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. To learn more, visit www.magnegas.com.
CONTACT:
Cirrus Financial Communications, LLC Justin K. Davis (866) 330-MNGA (6642)
Justin.Davis@cirrusfc.com
www.cirrusfc.com
FORWARD-LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events 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 safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
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