MagneGas (MNGA) Continues Surge After Demolition Project Announcement (Update)
Andrew Meola
03/21/14 - 04:56 PM EDT
Update (4:55 p.m.): Updated with Friday market close information.
NEW YORK (TheStreet) -- MagneGas Corporation (MNGA) continued its surge from Thursday after the company, which converts liquid waste into hydrogen-based fuel, announced it had received contracts for four demolition projects through existing distributors Blue Water Industrial of Michigan and AWISCO Corp of New York.
MagneGas will provide its fuel for torch cutting in the four projects, which include the demolition of a power plant in New York, a bridge in Washington, D.C. bridge and two automobile manufacturing facilities in Ohio and Michigan.
"We are very pleased to be the preferred fuel for cutting on these demolition jobs," said MagneGas Executive Vice President of Sales Terry Vernille in a statement. "With the help of two major distributors, Blue Water Industrial and AWISCO Corp, we have the capability of providing our fuel for these key projects. As word continues spreading in the demolition industry about our superior cutting fuel we expect an increased demand around the country."
The stock surged 59.33% to $2.39 at the close of the trading day.
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