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News Breaks
August 19, 2014
08:26 EDTMNGAMagneGas to purchase gas distribution company
MagneGas announced that it has signed a Letter of Intent to purchase an established industrial gas distribution company with estimated 2014 gross revenues of approximately $2M. It also separately signed an agreement to purchase an industrial building nearby for expansion and relocation of its headquarters. MagneGas has signed a non-binding Letter of Intent to purchase a well-established local industrial gas distributor in Florida providing a platform to grow sales of MagneGas while offering a wider range of services to industrial gas customers.
News For MNGA From The Last 14 Days
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November 13, 2015
09:01 EDTMNGAMagneGas signs agreements for expansion into Gulf Coast
MagneGas announced that the company has signed a "Gasifier Purchase Agreement" and "Distribution and License Agreement" with Green Arc Supply to manufacture and sell a $775,000 100kw Plasma-Arc Gasification system. This agreement represents the first time in the history of the company that an equipment sale has been made inside the United States and signifies a new era in the company's expansion strategy. The company believes this is the most significant event this year as the agreements call for extensive expansion with the potential for substantial capital infusion through additional equipment sales in the coming months. Under the terms of the Gasifier Agreement, the company will manufacture and sell to Green Arc a 100kw Plasma-Arc Gasification System to distribute MagneGas2 fuel for the metal cutting market as a replacement to acetylene. Under the terms of the Gasifier Agreement, $10,000 was paid at the signature of the original Memorandum of Understanding on July 24, 2015, $382,500 was paid at the time of the execution of the Gasifier Agreement, with $191,500 due and payable upon 75% construction completion of the System, and the balance due and payable upon completion of construction of the System. Under the terms of the Distribution Agreement, MagneGas will receive royalty payments that equate to approximately 6% of gross sales. Green Arc will have exclusive distribution rights for certain regions of Louisiana and Texas with non-exclusive distribution rights in remaining regions of Louisiana and Texas and all of Arkansas, Mississippi and Oklahoma. Green Arc has the right to expand their exclusivity in those states with the purchase of additional systems. Green Arc has notified the Company that they plan to expand aggressively with the purchase of several additional systems in the coming months and in response, the Company has begun expanding its manufacturing capability at its headquarters.

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