Yesterday, MagneGas Corporation announced that they have acquired economic interest in the European and African markets. The Company purchased 20 percent of MagneGas Europe for 250,000 shares of restricted stock. The legal name of MagneGas Europe is MagneGas Arc Applied Solutions Europe, or (MAASE).
MAASE owns the exclusive intellectual property rights for the MagneGas™ Technology for Europe and Africa. MagneGas will participate in profit sharing for the European and African markets through periodic cash dividends, in addition to their equity ownership in MAASE.
Ermanno Santilli, MagneGas Executive Vice President of International Relations, will also serve as CEO of MAASE. Mr. Santilli is based in Brussels, Belgium.
The MAASE strategy-to-market will be the same as MagneGas. This means focusing on three key prospects in rank order. The first is metal working/industrial fuel, the second is liquid waste processing and the third is equipment sales.
MagneGas President, Mr. Richard Connelly stated, “We have long sought to participate in the crucial European market. The European community has been among the world’s earliest adopters of clean tech and alternative fuels, and the regulatory incentives to bring new solutions to market make this perhaps the most immediately attractive climate for the MagneGas™ Technology. Although MAASE is just launching operations, we feel the European market can provide great opportunities.”
“As with our China initiative, this acquisition provides us ongoing exposure to a core market without having to create an on-site infrastructure of our own. Moreover, we benefit from an existing and expanding distribution network. This is one more example of MagneGas leveraging partnership synergies to grow efficiently and cost-effectively.”
MagneGas Corporation is the producer of MagneGas™, a natural gas alternative and metal working fuel made from liquid waste. This liquid waste includes sewage, sludge, manure and certain industrial and oil based liquid wastes. MagneGas’s patented Plasma Arc Flow™ process gasifies liquid waste. This creates a clean burning fuel that is essentially interchangeable with natural gas. It also has lower green house gas emissions. MagneGas™ can be used for metal cutting, cooking, heating or powering bi fuel automobiles. Founded in 2007, MagneGas Corporation has their headquarters in Tampa, Florida.
For more information visit: www.magnegas.com
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