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January 20, 2014
14:39 EDTMNGAMagneGas forms 50-50 joint venture with confidential partner
MagneGas said it formed a subsidiary joint venture with a confidential party. Supplemental Energy Solutions, a 50-50 joint venture, was formed between MagneGas and a confidential partner from the United States on January 16, to pursue coal co-combustion solutions in electric power utility companies. Preliminary internal testing being performed on a larger combustion unit is being observed by the major utility research center and is progressing positively. The 20% Carbon Dioxide reduction and other emission improvements seen in Sydney, Australia and at the MagneGas headquarters in Florida are being replicated consistently. The company believes these results may offer power companies and other industries a significant value.
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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