TAMPA, Florida, December 15, 2015 /PRNewswire/ --
MagneGas Corporation ("MagneGas" or the "Company") (MNGA), an award winning technology company that counts among its inventions a patented process that converts liquid waste into MagneGas2® fuel, has recently received over $3 Million in Warrant exercises, placing its current unaudited cash position at approximately $5 Million.
The cash will be used to continue to execute on operational plans and for working capital. The Warrant exercises were received from existing Warrants issued from capital raised in 2014 with specific terms disclosed in public filings with the Securities and Exchange Commission available at https://www.sec.gov.
"We are pleased to announce that going into 2016, we have a strengthened cash position and we do not intend to raise capital in the near term. I believe it is important that we continually update investors on our activities. Keeping investors abreast of our financial position is one such update. We believe that with the additional cash received from these warrants, and our recently announced equipment sale to Green Arc Supply in Louisiana, we will start next year in a position of strength and our focus will be strategy execution," stated Ermanno Santilli, CEO of MagneGas Corporation.
Prior to the Warrant exercises the Company had 41, 215,413 common shares outstanding. The outstanding common share count as of December 14 was 44,191,969.
The MagneGas IR App is now available for free in Apple's App Store for the iPhone or iPad https://bit.ly/AfLYww and at Google Play https://bit.ly/Km2iyk for Android mobile devices.
To be added to the MagneGas investor email list, please email pcarlson@kcsa.com with MNGA in the subject line.
About MagneGas Corporation
MagneGas® Corporation (MNGA). The Company owns a patented process that converts various liquid wastes into hydrogen based fuels. These fuels can be used as a replacement to natural gas or for metal cutting. The Company's testing has shown the fuels are faster, cleaner and more productive than other alternatives on the market. They are also cost effective and safe to use with little changeover costs. The Company currently sells MagneGas® into the metal working market as a replacement to acetylene.
The MagneGas fuel production systems can be set-up locally using various types of feedstock. The Company believes this flexibility can give them an advantage in the Government/Military marketplace as fuels can be manufactured on site from raw materials found locally worldwide and eliminates the time and expense of shipping to the specific military theater. The Company is planning to establish joint ventures with third parties to construct these supply facilities worldwide.
The Company also sells equipment for the sterilization of bio-contaminated liquid waste for various industrial and agricultural markets. In addition, the Company is developing a variety of ancillary uses for MagneGas® fuels utilizing its high flame temperature for co-combustion of hydrocarbon fuels and other advanced applications. For more information on MagneGas®, please visit the Company's website at https://www.MagneGas.com.