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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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April 20, 2015
08:21 EDTMNGAMagneGas sends letter to shareholders regarding Tarpon Springs accident
In a letter to its shareholders, MagneGas sent a letter to its shareholders. The company said, "As previously announced, we unfortunately experienced a tragic accident at our Tarpon Springs facility on Thursday, April 16, in which one employee died and another was injured... We take this matter very seriously and are dedicating all of the necessary corporate resources to assist in the investigation of this incident. We have been working closely with the appropriate authorities to determine the cause and circumstances surrounding this accident. At this time, we can report that the accident occurred during the tank filling process. In addition to conducting our own thorough investigation, we will continue to work in full cooperation with the Tarpon Springs Fire Department and the Occupational Safety and Health Administration to determine what caused this accident. Until we complete this investigation we have temporarily suspended production of certain products. We plan to resume production of these products once we have isolated and fully addressed the cause of this accident. We also plan to take whatever steps are needed to help prevent another accident from occurring in the future. In the meantime, we have a reserve supply of MagneGas on hand and plan to continue supplying our customers... In terms of our financial strength, we believe that we are well-positioned to move forward in the wake of this tragedy. As of December 31, 2014, we had more than $5 million of cash on hand. We also have comprehensive coverage under our insurance policies. We will continue operating our other business lines, which comprise the majority of our revenues at the present time. These business lines include the sale of sterilization equipment and the sale of a variety of gases through ESSI."
April 16, 2015
18:25 EDTMNGAMagneGas provides statement on fatal accident at Tarpon Springs facility
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08:09 EDTMNGAMagneGas signs Joint Venture for subsidiary expansion in Florida
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April 13, 2015
07:15 EDTMNGAGrowth Capital Expo LLC to hold an expo
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