DDI Industry International Signs Agreement to Proceed with Phase II of the Magnegas Corp. (MNGA.OB) China Initiative
MagneGas Corporation announced yesterday that Beijing-based DDI Industry International (DDI) has signed an agreement to proceed with Phase II of the MagneGas China initiative. DDI will acquire the exclusive MagneGas™ Technology and manufacturing rights for the Greater China market, under the terms of the Phase II agreement. DDI will directly invest $2.0 MM in MagneGas in two installments, and will grant to MagneGas 20 percent ownership in a new China-based Joint Venture, as compensation. This will give MagneGas and their investors a significant and perpetual share of China market operations. DDI has pledged $1.0 MM by June 30, 2010 and…