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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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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."

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