MNGA - MagneGas Reports Financial Results For 1st Quarter 2014
TAMPA, Fla., May 12, 2014 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (MNGA), an energy and technology company that counts among its inventions a patented process that converts liquid waste into a hydrogen-based fuel, today announced its financial results for the fiscal quarter ended March 31, 2014. During the period, the Company continued to implement its new strategy with a focus on the following areas:
Industrial Gas Sales for Metal Working Market; Equipment Sales for Liquid Waste Processing; Use of MagneGas® for the Co-Combustion of Hydro-Carbon Fuels to Reduce Emissions
In addition, the Company continued an aggressive Research and Development campaign which included a thorough review of its intellectual property and the creation of a framework for several additional patents.
"The first quarter of 2014 was marked by solid progress in our MagneGas® fuel sales with the addition of several new customers and distributors with a corresponding steady increase each month in revenue. We unveiled our new mobile sterilization system for biomass processing and made steady progress in our Co-Combustion verification projects around the world. We were also able to raise approximately $9 million in capital which affords us 18 to 24 months of cash to implement our Company strategy," stated Ermanno Santilli CEO of MagneGas. "Overall I am very satisfied with our progress so far in 2014."
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