MagneGas On Track to Achieve Record Sales
at ESSI in 2017 and Further Expands Sales Force
Adds Three Senior Industry Sales Executives in November to Further Accelerate Growth in 2018
TAMPA, FL – November 30, 2017 — MagneGas Corporation (“MagneGas” or the “Company”) (NASDAQ: MNGA), a leading clean technology company in the renewable resources and environmental solutions industries, today announced that it is expanding its sales team at ESSI, a wholly owned industrial gas and welding supply business with operations on the Gulf Coast of Florida.
The newly hired sales executives consist of three senior industry experts from the fields of advanced welding processes, industrial specialty gases and a highly experienced industrials sales representative who brings a sizeable list of prospective customers.
Ermanno Santilli, Chief Executive Officer of MagneGas, stated, “We have experienced rapid growth at ESSI, and we are tracking to have a record sales year. As a result, we plan to further accelerate our growth by investing in our sales force. We have very high expectations for the coming year, and we expect to see our sales increase substantially in 2018 with the addition of these three industry specialists.
Our first addition to the team has years of experience in specialty gases which are used throughout the energy and utility industries. Our second new team member has advanced welding process expertise to provide the sales team with another technical expert in the metal cutting space. Lastly, our third new sales representative is an industrial gas generalist with an extensive book of customers and comes from a highly respected industry competitor.
We are a dynamic company disrupting the industrial gas market through our product differentiation with MagneGas2® and excellent customer service. Our growing reputation made it possible to attract these talented individuals away from industry competitors.”
“In 2017, we expect to increase our industrial gas sales by approximately 40%, which is significantly higher than the industry average growth rate of approximately 2-3%,” commented Scott Mahoney, Chief Financial Officer of MagneGas.
“We are looking to further accelerate our growth in 2018, and this will require a larger sales force as we look to expand our geographic reach across Florida, while adding new products and services for our existing customers.
Our core strategy in Florida is to leverage our MagneGas2® cutting fuel to gain access to new clients, and aggressively cross sell thereafter to gain market share. The addition of these three professionals improves our ability to accomplish our sales targets for ESSI in 2018.”