MagneGas files provisional patents MagneGas announced that it has filed provisional patents on the production methods and composition of MagneGas 2. This latest provisional patent is part of MagneGas effort to strengthen and broaden its intellectual property. In this case the application relates to new production methods and designs required to produce gas from high carbon liquid wastes as well as the composition of MagneGas 2.
MagneGas 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.