Taronis Technologies Inc (fka TRNX)

[naturalborninvestor]

MagneGas Announces Board Reconstitution

Emphasis on Fully Independent Board of Directors

MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ:MNGA), a leading clean technology company in the renewable resources and environmental solutions industries, announced today a series of comprehensive changes to the Company’s Board of Directors. Luisa Ingardiola, Carla Santilli and Chris Huntington all submitted their notices to resign from the Company. Ms. Ingardiola submitted her formal resignation and left the Board of Directors on June 12, 2018 and both Mr. Huntington and Ms. Santilli have notified the Company of their resignation plans to leave the Board at the end of June. These changes were made in part to fully address shareholder concerns regarding the independence of the Board of Directors. Luisa Ingardiola, who was the Company’s Chief Financial Officer from 2007 to 2016, and Carla Santilli, are direct family relations of the current Chief Executive Officer, Ermanno Santilli. In addition to these two resignations, Mr. Huntington resigned to pursue other professional and personal endeavors.
“We are very grateful for the long-standing commitment, advice and support Luisa, Carla and Chris brought to MagneGas,” commented Ermanno Santilli, Chief Executive Officer of MagneGas Corporation. “As the Company is undergoing a rapid and pivotal transition, I would like to acknowledge all of our Board members that have made invaluable contributions to our turn-around process. We wish each of these individuals the best in all their future endeavors.”

As part of these changes, the Company also made an equity grant to eliminate all accrued cash compensation due to non-management board members. This grant was made to further improve the Company’s working capital position and to reduce current liabilities. In addition, future Board compensation is expected to be reduced by approximately 50%. The Company has been conducting a comprehensive expense rationalization program in the second quarter as three acquisition made during 2018 are being fully integrated.

“We’re determined to identify high-expense areas throughout our corporate structure and evaluate how we can continue trimming and re-shifting capital assets to not only become a leaner company but ensure that our highest growth drivers continue to fire on all cylinders. We’ve made deliberate measures to operate as a more efficient company that aim to satisfy shareholder concerns and ultimately grow our customer acquisition rate,” added Scott Mahoney, Chief Financial Officer of MagneGas.

https://ih.advfn.com/p.php?pid=nmona&article=77694597