Press Release Source: MagneGas Corp. On Thursday August 4, 2011, 9:00 am EDT
TAMPA, FL–(Marketwire -08/04/11)- MagneGas Corporation (“MagneGas” or the “Company”) (OTC.BB: MNGA), the producer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today that it has received the final $ 561,248 installment of the $ 1,061,248 commitment made by its China market partner, Beijing-based DDI Industry International (“DDI”). MagneGas executed two Securities Purchase Agreements with DDI in connection with this investment, one in the principal amount of $ 500,000 and the other in the principal amount of $ 561,248. MagneGas has now received both payments.
As DDI CEO Allen Feng previously stated, “This investment is intended to directly capitalize on the considerable strides MagneGas has made in becoming a sought-after metal working fuel alternative.”
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About MagneGas Corporation (www.magnegas.com)
Founded in 2007, Tampa-based MagneGas Corporation (OTC.BB: MNGA) is the producer of MagneGas™, a natural gas alternative and metal working fuel that can be made from industrial, municipal, agricultural and military liquid wastes following the receipt of appropriate governmental permits.
The Company’s patented Plasma Arc Flow™ process gasifies liquid waste, creating a clean burning hydrogen based fuel that is essentially interchangeable with natural gas, but with lower green house gas emissions. MagneGas™ can be used for metal working, cooking, heating, powering bi fuel automobiles and more.
The information contained herein includes forward-looking statements. These statements relate to future events 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 safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
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