TAMPA, FL -- (Marketwire) -- 07/11/11 -- MagneGas Corporation ('MagneGas' or the 'Company') (OTCBB: MNGA), the producer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today that it is has amended its non-binding Memo of Understanding ('MOU') with Inmobiliaria Grupo Corporativo S.A. de C.V. ('IGC') of Mexico, now doing business as Green Planet Aid ('GPA'). Pursuant to the amended MOU, GPA reaffirms its intent to purchase its first 300 kW Refinery from the Company, thereby securing exclusive distribution rights for the Mexican market for an initial five-year period.
MagneGas has completed its first next-generation wastewater sterilization Refinery and is currently testing its operation at a local municipality. The Company expects these tests to be complete and their analysis available within the next 30 days. Assuming favorable results, GPA has further expressed its intent to complete the purchase immediately thereafter. GPA engineers and technicians would then receive comprehensive training on the Refinery at Company headquarters in Tarpon Springs, FL; the training would help ensure smooth market introduction and optimal ongoing operation.
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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 that can be made from 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, but with lower green house gas emissions. MagneGas can be used for metal working, cooking, heating, powering bi fuel automobiles and more.
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