TAMPA, Fla., Jan. 23, 2012 /PRNewswire/ -- MagneGas Corporation ('MagneGas' or the 'Company') (OTCBB: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today the Company has been retained by King Metal Recycling & Processing of Miami, in partnership with Marathon Construction and Demolition of Fort Lauderdale, to supply cutting fuel needed for the dismantling of a 13,300,000 Gallon oil tank located in Port Canaveral, FL.
For this project, MagneGas will be the lone cutting fuel used in the breakdown of the oil tank. The fuel for this venture will be delivered directly from the Company's headquarters located in Tarpon Springs, FL, as MagneGas Corporation estimates over 1,000 cylinders of MagneGas will be required to complete this undertaking. King Metal and Marathon have successfully partnered on various projects throughout the Southeast and have agreed to use MagneGas later in the year for another large joint venture project based in Alabama.
'After seeing a demonstration of MagneGas, we recognized immediately that this environmentally friendly alternative fuel is the ideal choice for this assignment,' commented Pete Amador, President of King Metal Recycling & Processing. 'By using the MagneGas fuel on this project, we will be able to complete the demolition of the oil tank much faster, more efficiently and at a lower cost when compared to other metal cutting fuels.'
'As we continue to successfully execute on our growth strategy, new customers are beginning to see the advantages and effectiveness of using MagneGas,' stated Scott Wainwright, President of MagneGas Corporation. 'We are excited to be partnering with King Metal Recycling & Processing and Marathon Construction and Demolition on such an endeavor and look forward to a fruitful ongoing business relationship.'
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About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (OTC BB: 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, but with lower green house gas emissions. 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.
The information contained herein includes forward-looking statements. These statements relate to future events, including our ability to raise capital, 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. The Company is currently using new antifreeze, vegetable oil and ethylene glycol to produce fuel until proper permits to process used liquid waste have been obtained.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
SOURCE MagneGas Corporation