Online:
Visits:
Stories:
Profile image
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

$MNGA News – MagneGas Signs Definitive Agreements for $2.65 Million Equipment Sale to German Company – Largest Single Sale in Company History

Thursday, January 5, 2017 7:03
% of readers think this story is Fact. Add your two cents.

(Before It's News)

FinancialNewsMedia.com News Alert: $2.65 Million Equipment Contract Includes Sale of Gasification System, Sterilization System, and MagneGas2(R) Fuel; Agreement Includes Royalties and Expansion Rights – TAMPA, Florida, – (http://www.financialnewsmedia.com News Alert) – MagneGas Corporation (NASDAQ: MNGA) (“MagneGas” or the “Company”) a leading technology Company that counts among its inventions a patented process that converts renewable and waste liquids into MagneGas2(R) fuel, announced today that it has entered into its largest equipment sale to date with the signature of definitive agreements (“Agreements”) to manufacture and deliver certain equipment and supplies to a company based in Germany. MagneGas will receive $2.65 million for its proprietary Gasification and Sterilization systems and will supply MagnesGas2(R) fuel and cylinders.

Under the terms of the Agreements, MagneGas will manufacture and deliver: 1) A 300KW stationary Gasification system; 2) A 100KW mobile Sterilization system; 3) 250 cylinders full of MagneGas2(R); and 4) 50 MagneGas regulators. A deposit of $25,000 has been received, with progress payments totaling $2.625 million to be paid over the course of the manufacturing and delivery of the various systems. The first payment of $1.35 million is due in 90 days with progress payments due thereafter with set construction and delivery milestones. In addition, the German company has indicated an interest in negotiating to purchase several additional systems for multiple markets.

The German company has indicated they will initially utilize the Gasification system to produce MagneGas2(R) fuel to sell into the German market with the potential of other markets coming online soon after. The Sterilization system is expected be used for demonstrations and small service contracts with the goal of entering the agriculture and municipal wastewater treatment markets in Germany. Read this and more news for MNGA at: http://financialnewsmedia.com/profiles/mnga.html

Ermanno Santilli, CEO of MagneGas Corporation stated: “We are thrilled that our original LOI progressed so quickly to definitive agreements. We believe MagneGas2(R) fits very well into the European markets that have been moving towards clean and renewable fuel alternatives. This is the…



Source: http://www.financialnewsmedia.com/stock-investing-business-investing-news/featured-news.php?id=943

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.