TAMPA, FL -- (Marketwire) -- 06/29/10 -- MagneGas Corporation ('MagneGas' or the 'Company') (OTCBB: MNGA), a producer of a metal working fuel and natural gas alternative made from liquid waste, announced today that it has acquired economic interest in the European and African markets, purchasing 20% of MagneGas Europe (legal name MagneGas Arc Applied Solutions Europe, or 'MAASE') for 250,000 shares of restricted stock. MAASE owns the exclusive intellectual property ('IP') rights for the MagneGas Technology for Europe and Africa.
In addition to its equity ownership in MAASE, MagneGas will participate in profit sharing for the European and African markets through periodic cash dividends.
'We have long sought to participate in the crucial European market,' stated MagneGas President Richard Connelly. 'The European community has been among the world's earliest adopters of clean tech and alternative fuels, and the regulatory incentives to bring new solutions to market make this perhaps the most immediately attractive climate for the MagneGas Technology. Although MAASE is just launching operations, we feel the European market can provide great opportunities.
'As with our China initiative, this acquisition provides us ongoing exposure to a core market without having to create an on-site infrastructure of our own. Moreover, we benefit from an existing and expanding distribution network. This is one more example of MagneGas leveraging partnership synergies to grow efficiently and cost-effectively.'
The MAASE strategy-to-market will mirror that of MagneGas, focusing on three key prospects in rank order: 1) metal working/industrial fuel, 2) liquid waste processing and 3) equipment sales.
Ermanno Santilli, MagneGas Executive Vice President of International Relations, will also serve as CEO of MAASE. Mr. Santilli is based in Brussels, Belgium.
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About MagneGas Corporation (www.magnegas.com)
Founded in 2007, Tampa-based MagneGas Corporation (OTCBB: MNGA) is the producer of MagneGas, a natural gas alternative and metal working fuel made from liquid waste such as sewage, sludge, manure and certain industrial and oil based liquid wastes. The Company's patented Plasma Arc Flowprocess gasifies liquid waste, creating a clean burning fuel that is essentially interchangeable with natural gas, but with lower green house gas emissions. MagneGas can be used for metal cutting, cooking, heating or powering bi fuel automobiles.
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