MagneGas signs $1 million fuel pre-purchase agreement
Thursday, Dec 20, 2012
TAMPA, Fla., Dec. 19, 2012 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today that Sustainable Green, a new Seattle-based distributor of industrial gas, has agreed to pre-purchase $1 million worth of MagneGas™ fuel over a two year period.
MagneGas Corporation will install and operate a gasification unit in Seattle and Sustainable Green will become the exclusive distributor of MagneGas™ fuel in Washington and Oregon for two years and beyond, subject to continued forward purchases. In addition, Sustainable Green will be permitted to sell the MagneGas fuel in any other territories where there is no exclusive distributor.
"We are very pleased to enter into this partnership with Sustainable Green and expand our market presence in the Pacific Northwest," said Ermanno Santilli, CEO of MagneGas. "Today's announcement shows that our sales efforts are paying off and that there is a strong demand for our fuel. More importantly, it demonstrates our viable business model that will generate significant revenue growth and drive shareholder value."
"We are extremely excited at the opportunity to be at the forefront of what we feel is a game changing and innovating technology in an industry that has long needed more efficient and green methods in which to operate. We believe MagneGas is that solution. We are excited and honored to open this important market with MagneGas," said Zachary Lark, President of Sustainable Green.
To be added to the MagneGas investor email list, please email email@example.com with MNGA in the subject line.
The MagneGas IR App is now available for free in Apple's App Store for the iPhone or iPad http://bit.ly/AfLYww and at Google Play http://bit.ly/Km2iyk for Android mobile devices.
About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (NASDAQ: 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.
About Sustainable Green
Sustainable Green Corporation (SGC) is an energy development company. We leverage our partnerships and experience with an understanding of the global marketplace to introduce eco-intelligent, financially viable solutions for global industries. We are committed to the advancement of environmentally responsible alternatives that provide competitive advantages to traditional industrial methodologies.
SOURCE MagneGas Corporation
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