Press Release Source: MagneGas Corp. On Wednesday August 10, 2011, 9:00 am EDT
TAMPA, FL–(Marketwire -08/10/11)- MagneGas Corporation (“MagneGas” or the “Company”) (OTC.BB: MNGA.OB – News), 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 signed a Memorandum of Understanding (“MOU”) with Grease Depot, Inc. (“GDI”) of Clearwater, FL to establish a waste processing and fuel production operation at GDI’s facility, creating the Company’s first satellite production operation. Under the terms of the MOU, MagneGas will place a 300 kWh Recycler (the “Recycler”) at the facility to process GDI’s liquid waste and produce fuel for the metal working market. MagneGas will continue to own and operate the Recycler, and will lease the floor area from GDI through a profit sharing arrangement. GDI has also agreed to serve as a national demonstration center for the MagneGas Technology™ and its multi-purpose potential. The equipment the Company has placed at GDI consists of the very latest MagneGas Refinery with a horizontal Plasma Arc Through™ module and long life electrodes, as based on the latest patent application owned by MagneGas Corporation.
“This MOU represents a significant strategic leap forward for MagneGas,” stated MagneGas President Scott Wainwright. “By operating our refinery industrially at an independent third party, we will be in a position to demonstrate commercially the various applications of our technology while also providing meaningful validation of our ability to generate revenue outside our own headquarters.”
“In MagneGas we believe we have found an ideal complement to our existing processes, one that both helps eliminate the liquid waste while also monetizing this resource through fuel production and sale,” stated GDI President Frankie Dee. “We look forward to realizing the potential of this unique combination of service and technology.”
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About Grease Depot, Inc. (www.greasedepot.com)
Grease Depot accepts all types of non-hazardous waste as generated by/collected from grease traps, grease interceptors, septic systems, sludge, storm water, lint traps and lift stations. GDI has been effectively processing liquid waste since 1998. GDI treats its wastewater before it is sent to the regulated PTO, while all solids, sludge and sand are dried and sent to Pinellas County (FL) Utilities to be burned and used for energy; in doing so GDI eliminates all waste and leaves the customer free from indemnity.
About MagneGas Corporation (www.magnegas.com)
Founded in 2007, Tampa-based MagneGas Corporation (OTC.BB: MNGA.OB – News) 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. The Company is currently using new antifreeze, vegetable oil and ethylene glycol to produce fuel until proper permits to process used liquid waste have been obtained.
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