TAMPA, Fla, April 18, 2012 /PR Newswire/ -- 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 entered into an agreement with Marathon Construction and Demolition, LLC (Marathon) to provide MagneGas™ fuel for metal cutting exclusively on a large demolition project in Tanner, AL. The project involves the demolition of a former large automotive manufacturing plant in Alabama, with over 300 acres of facilities to be demolished and redeveloped.
Marathon C-D used MagneGas™ fuel for an oil tank demolition project in Florida in February and based on those results, has agreed to use MagneGas™ exclusively on this new project in Alabama. Marathon has taken its first delivery of 400 MagneGas™ cylinders and has initiated demolition. Marathon and the Company are also considering placing a mobile MagneGas refinery onsite at the project to produce MagneGas™ fuel locally. In the interim, Marathon has agreed to use MagneGas™ fuel exclusively for 120 days while the fuel is sourced from Company headquarters in Florida.
'We used MagneGas™ fuel for the demolition of a large oil tank in Florida and found the gas to have superior metal cutting properties,' commented Robert Trafford, President of Marathon. 'As a result of our success in Florida, we determined MagneGas™ was the best fit for this new project in Alabama. We found MagneGas™ to have a faster cutting speed than other metal cutting fuels, while also providing cleaner emissions and overall cost savings.'
'As we continue to successfully execute on our growth strategy, we are pleased to provide Marathon with MagneGas™ for metal-cutting, particularly since they are a repeat customer,' stated Scott Wainwright, President of MagneGas. 'A demolition project of this size requires a significant amount of time and effort and we are confident that MagneGas™ will help expedite the project resulting in substantial overall savings for Marathon C-D Construction.'
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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. 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.
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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 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