TAMPA, Florida, January 10, 2017 /PRNewswire/ --
Company Experienced a 2016 Growth Rate of 39% in Welding Gas and Supply Segment Versus Estimated Industry Growth Rate of 2%
MagneGas Corporation
("MagneGas" or the "Company") (MNGA) a leading clean technology company in the renewable resources and environmental solutions industries, announced today that its 2016 full year revenue growth rate was 39% over the same period in 2015.
The preliminary unaudited revenue from the welding gas and supply segment was $3.347 million for the period ending December 31, 2016, which represents a 39% increase over the December 31, 2015 revenue of $2.4 million.
The welding gas and supply segment includes MagneGas2®, industrial gases, welding supplies and equipment to produce MagneGas2®. The Company believes that the use of MagneGas2® as a wedge product has been a critical driver of revenue growth and the Company's ability to quickly gain market share.
As a result, MagneGas experienced a 39% growth rate versus the estimated industry rate of 2%. The Company plans to expand the use of this strategy through organic growth into multiple stores and the acquisition of profitable industrial gas companies throughout the United States in 2017 and beyond.
"We spent 2015 and 2016 proving our model, that by using MagneGas2® as a door opener, we are able to achieve growth rates that far surpass our competitors.
Now we intend to focus on an accelerated growth strategy of industrial gas company acquisitions coupled with organic expansion. We are confident this will accelerate our revenue growth through 2017 and beyond.
The Company has adopted an aggressive strategy for 2017 with the use of MagneGas2® as the catalyst and we are excited to see the results," stated Ermanno Santilli, CEO.