Leading Technology company, MagneGas, Corp. (NASDAQ:MNGA), announced that two divisions of the NYC Department of Transportation has selected their fuel for metal cutting and repairs.
TAMPA, FL–(Marketwired – October 19, 2016) – MagneGas Corporation (“MagneGas” or the “Company”) (MNGA) a leading technology company that counts among its inventions a patented process that converts renewable and liquid waste into MagneGas2® fuel, announced today that two divisions of the New York City Department of Transportation have selected MagneGas2® for metal cutting and repairs. The fuel will be sourced by MagneGas New York Distributor AWISCO Corporation.
MagneGas and AWISCO partnered in a marketing effort aimed at expanding the use of MagneGas2® in the New York and New Jersey markets. MagneGas personnel demonstrated the fuels superior metal cutting benefits with assistance from the AWISCO sales team. The demonstrations and training occurred over a period of several days and resulted in many new customers including the NYC Department of Transportation.
“Our partnering efforts with the MagneGas sales team have always been very successful for us. MagneGas2® is an excellent door opener, and customers quickly see the value added benefits of switching to MagneGas2® which we believe is a hotter and cleaner alternative to what they are using now. The Department of Transportation is one example of our successful efforts,” stated Victor Fuhrman, Vice-President of Sales and Marketing for AWISCO.
The MagneGas IR App is now available for free in Apple’s App Store for the iPhone and iPad http://bit.ly/AfLYww and at Google Play http://bit.ly/Km2iyk for Android mobile devices.
To be added to the MagneGas investor email list, please email firstname.lastname@example.org with MNGA in the subject line.
AWISCO is a leading supplier of industrial gas and welding supplies in the tri-state area of New York, Connecticut and New Jersey with an international expansion location in Florida. The Company is a full line supplier for the welding industry and has been in business for over 35 years.
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, ESSI (Equipment Sales and Services, Inc.). 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.
MagneGas, Corp. (NASDAQ:MNGA) shares have moved +12.74% on the news thus far today and have traded in the range of $0.69 – 0.81 during the current session. In order to take a look at where the stock might be headed longer term, investors often look to research firms that cover the stock. Sell-side research firms currently have a consensus one-year price target of $3.00 on the stock. This is according to brokerage analysts polled by Thomson Reuters First Call. The sell-side analysts are projecting earnings per share of $-0.04 for the next fiscal quarter. For the current year, analysts are predicting earnings of $-0.23 per share according to First Call.
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In looking at where the stock is trading on a technical level, the stock is trading +18.46% away from its 50-day moving average of $0.65. Based on the most recent available data, the equity is -69.20% off of its 52-week high of $2.50 and +45.28% away from its 52-week low which is $0.53.
Today, the stock opened at $0.70 and the last bid at the time of writing stood at $0.77. During the session thus far, the equity dipped down to $0.69 and touched $0.81 as the high point. MagneGas, Corp. (NASDAQ:MNGA) has a market cap of $39.08M and has seen an average daily volume of 545840 over the past three months.
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