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December 19, 2012
09:42 EDTMNGAMagnegas signs $1M fuel pre-purchase agreement
MagneGas announced that Sustainable Green, a Seattle-based distributor of industrial gas, has agreed to pre-purchase $1M worth of MagneGas fuel over a two year period. MagneGas Corporation will install and operate a gasification unit in Seattle and Sustainable Green will become the exclusive distributor of MagneGas fuel in Washington and Oregon for two years and beyond, subject to continued forward purchases. In addition, Sustainable Green will be permitted to sell the MagneGas fuel in any other territories where there is no exclusive distributor.
News For MNGA From The Last 14 Days
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October 28, 2014
12:35 EDTMNGAMagneGas management to meet with Maxim
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October 27, 2014
12:11 EDTMNGAMagneGas acquires independent fuel distribution company for $3M in cash
MagneGas Corporation announced that it has completed the acquisition of Equipment Sales and Service, or ESSI, of Clearwater, Florida. ESSI is an established industrial gas distribution company with estimated 2014 gross revenues of almost $2M earned through the sales of industrial gases and related products. MagneGas has purchased this established local industrial gas distributor to provide a platform to further MagneGas fuel sales and expand its customer product availability. Established more than 20 years ago, this distributor is one of the largest independently owned gas distribution companies in the area offering a broad range of welding gas products and services. MagneGas purchased 100% of the outstanding stock of ESSI in exchange for $3M in cash paid at the closing. The acquisition is expected to bring the overall MagneGas fuel division to a breakeven level in 2015.
October 21, 2014
09:20 EDTMNGAMagneGas signs agreement for $5M financing in gross proceeds
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