Magnegas Corp. - (MM) (NASDAQ:MNGA)
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6 Monate : Von Feb 2017 bis Aug 2017
TAMPA, Florida, April 21, 2017 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company") (MNGA) a leading clean technology company in the renewable resources and environmental solutions industries, announced today that it has appointed Jack Armstrong as President of MagneGas Welding Supply, LLC. This new entity will hold all current and future assets related to the Company's gas and welding supply retail business including Equipment Sales and Services, Inc. ("E.S.S.I").
Jack Armstrong has been employed by MagneGas since 2012 as Executive Vice President of Industrial Gas Sales. In this capacity, Mr. Armstrong has nearly doubled sales of MagneGas' subsidiary E.S.S.I since 2015, opened four new retail locations and expanded the Company's distribution network across the country. Prior to joining MagneGas, Mr. Armstrong worked in various positions in capital markets as a licensed broker and banker with significant experience in mergers and acquisitions.
MagneGas has developed a strategy to grow revenues through organic growth and accretive acquisitions of other welding gas supply companies. The Company is targeting select key U.S. markets as well as Florida and Indiana, where the Company already has a strong sales force in place. The Company believes that Mr. Armstrong's success in scaling the Company's industrial gas business, combined with his capital markets and merger & acquisition experience, positions him well to execute on the Company's new growth strategy.
MagneGas has already identified several high-quality acquisitions. The key criteria for these acquisition targets include; a strong existing management team, a stable customer base, consistent profitability, and a scalable addressable market. To that end, the Company has established MagneGas Welding Supply, LLC as a wholly owned subsidiary to consolidate these operations as it pursues this acquisition strategy.
Ermanno Santilli, Chief Executive Officer of MagneGas, stated, "Jack Armstrong's commitment to our company and his successful execution scaling MagnGas' industrial gas business has been a driving factor for our decision to select him as President of MagneGas Welding Supply. As we embark on a new chapter in our Company, one that is heavily focused on acquiring accretive companies in the industrial gas market, we believe Jack is an ideal fit. The entire MagneGas team congratulates Jack on this new endeavor."
About MagneGas Corporation
MagneGas® Corporation (MNGA) owns a patented process that converts various renewables and liquid wastes into MagneGas fuels. These fuels can be used as an alternative to natural gas or for metal cutting. The Company's testing has shown that its metal cutting fuel "MagneGas2®" is faster, cleaner and more productive than other alternatives on the market. It is also cost effective and safe to use with little changeover costs. The Company currently sells MagneGas2® into the metal working market as a replacement to acetylene.
The Company also sells equipment for the sterilization of bio-contaminated liquid waste for various industrial and agricultural markets. In addition, the Company is developing a variety of ancillary uses for MagneGas® fuels utilizing its high flame temperature for co-combustion of hydrocarbon fuels and other advanced applications. For more information on MagneGas®, please visit the Company's website at http://www.MagneGas.com.
The Company distributes MagneGas2® through Independent Distributors in the U.S. and through its wholly owned distributor, Equipment Sales and Services, Inc. ("ESSI"). ESSI has four locations in Florida and distributes MagneGas2®, industrial gases and welding supplies. For more information on ESSI, please visit the company's website at http://www.weldingsupplytampa.com
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The Company is currently using virgin vegetable oil to produce fuel while it configures its systems to properly process waste within local regulatory requirements.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
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SOURCE MagneGas Corporation