TAMPA, Fla. -- MagneGas® Corporation ('MagneGas' or the 'Company') (NASDAQ: MNGA), a technology company that includes among its inventions a patented process that converts liquid waste into a hydrogen-based fuel, announced today it has signed a Letter of Intent ('LOI') with Pioneer Recycling, LLC ('Pioneer'), a Tampa-based waste disposal provider, to test and treat liquid medical waste and expired pharmaceuticals.
'Today's announcement marks the next step in MagneGas' strategy of pursuing opportunities in the liquid sterilization market by forging relationships with key stakeholders in the industry. Working with partners like Pioneer is crucial to helping us penetrate this lucrative market,' said Ermanno Santilli, CEO of MagneGas. 'We are excited to work with Pioneer on this key Company initiative and to pursue similar opportunities to leverage our technology for other treatment applications such as manure and fish farm water.'
The agreement calls for Pioneer to provide initial testing of medical waste and expired pharmaceuticals. After that, the waste will be processed in a MagneGas recycler located at Pioneer's facility. Current treatment of medical waste includes the use of incineration systems. The Company believes the MagneGas process will treat waste at a lower cost and with fewer potential emission complications.
Ultimately, the companies want to form a joint venture to market a comprehensive treatment solution. According to a May 26, 2014 report by Transparency Market Research, the medical waste industry is expected to grow 5% annually from 2013-2019, reaching $20.1 billion by 2019.
'The LOI with MagneGas will give us a unique opportunity to develop what we believe will be a cost-effective and highly efficient process for sterilizing, treating and recycling all types of medical and pharmaceutical waste. The recent Ebola outbreak underscores the need for new and more efficient ways to treat these waste streams. We have established a great working relationship with MagneGas and we are excited to pursue this opportunity,' commented Carl Dilley, CEO of Pioneer.
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About Pioneer Recycling, LLC
Pioneer Recycling, LLC is a Florida based industrial and commercial recycler formed in 2001. Pioneer has become a leader in developing new technologies in pursuit of completely closed loop recycling programs for Industrial and commercial businesses. Its mission is 'Recycling Today for Our Children Tomorrow' and the Company actively pursues advanced recycling technologies.
About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (NASDAQ: MNGA) is a technology Company that counts among its inventions, a patented process that converts liquid waste into hydrogen based fuels. The Company currently sells MagneGas® into the metal working market as a replacement to acetylene. It is also selling equipment for the sterilization of bio-contaminated liquid waste for various industrial and agricultural markets. In addition, the Company is developing a variety of ancillary uses for MagneGas® fuels utilizing its high flame temperature for co-combustion of hydrocarbon fuels and other advanced applications. For more information on MagneGas®, please visit the Company's website at www.MagneGas.com.