MagneGas Purchases 2,000 Additional Fuel Cylinders to Accommodate Accelerating Demand for MagneGas2®
TAMPA, Florida, January 19, 2016 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA) a leading technology company that counts among its inventions a patented process that converts liquid waste into MagneGas2® fuel, announced today that due to growing demand for MagneGas2® that has created a substantial backlog, the Company has issued a purchase order to obtain 2,000 additional fuel cylinders. In addition, ESSI, the Company's wholly owned gas distribution company, has put an additional 400 cylinders into service to help accommodate ancillary gas demand.
The Company believes that the additional demand is a direct result of its sales penetration into key vertical market segments including utilities, demolition companies and first responder markets as well as government and military sectors. The Company has also aggressively worked to expand its distribution network and in-house sales and marketing programs. Several existing customers have expanded their use of MagneGas2® into additional facilities and other large potential customers are in the testing or product procurement phase.
MagneGas2® has consistently received positive feedback from end users for its advantages over acetylene, propane and propane blends. Industries ranging from demolition companies and utility companies to first responders and fabricators have been praising and ordering MagneGas2® because of its proven faster cutting speed, demonstrated safety attributes, eco-friendly aspects, smaller heat affected zone and lower cost. In addition, MagneGas2® is produced in the USA versus acetylene which is made from calcium carbide imported primarily from China and other countries.
"MagneGas2 is now being used by several major utility companies, demolition companies, first responders and as most recently announced, at the Kennedy Space Center. This is proof that our strategy is succeeding. We started with independent verifications of our safer, faster and cleaner cutting fuel from prestigious organizations and leveraged those results to sell into these marquee customers. As a result, we are literally almost out of cylinders and this purchase will allow us to continue to expand our market penetration. We look forward to seeing the impact of these new cylinders on revenue in the coming months as we continue to expand nationwide. Finally, as we move into our fantastic new headquarters we will be able to bring our third unit on-line to produce yet more MagneGas2." commented Ermanno Santilli, CEO, MagneGas Corporation.
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