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TAMPA, Fla., Nov. 06, 2018 (GLOBE NEWSWIRE) -- MagneGas Applied Technology Solutions, Inc. ("MagneGas" or the "Company") (NASDAQ: MNGA), a leading clean technology company in the renewable resources and environmental solutions industries, today announced a series of corporate initiatives designed to support and accelerate the Company’s anticipated growth.
The Company has appointed Scott Mahoney as Chief Executive Officer (CEO) of MagneGas, where he will oversee and manage the Company’s operations, as it completes its transition from a technology research-centric organization to a rapidly scaling commercial competitor in global industrial gas while unlocking additional commercial applications. The Company’s technology strategy also entails leveraging its advanced plasma arc technology to establish a dominant position within key markets and verticals. Mr. Mahoney has served as Chief Financial Officer (CFO) of the Company since December 2016, and replaces Ermanno Santilli, who has been appointed Chief Technology Officer (CTO) in order to focus on a number of advanced technology initiatives. Mr. Santilli is expected to play a key role in advancing emerging technology applications for the Company’s plasma arc patent portfolio.
The Company also announced that it bought back all of the outstanding shares of its Series A Preferred Stock (“Series A Preferred”) for total consideration of $1 million cash and 5 million shares of the company’s common stock on November 2, 2018. The Series A Preferred was a super-majority voting class of stock that gave complete voting control to its holders. Upon completion of the repurchase, the Company terminated the Series A Preferred class of stock and returned voting control of the Company to its common stock shareholders.
Ermanno Santilli commented, “Since joining MagneGas, Scott has been instrumental to our success, helping identify, oversee and integrate our recent acquisitions, as well as implementation of our growth strategy in the US and in Europe. Importantly, we are now operating at a revenue run rate of over $14 million, which represents almost a 500% increase over the same time last year. Moreover, we have undertaken a series of cost-saving initiatives that will further streamline our operations and enhance profitability. I look forward to working closely with Scott as we implement the next phase of our growth strategy.”
