MagneGas (MNGA) Receives Final Fuel Cylinders from Latest Order
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MagneGas Corporation (Nasdaq: MNGA) announced that it has taken receipt of the final shipment of the previously announced purchase order for 2,000 fuel cylinders. This purchase was the result of a growing demand for MagneGas2® which has created a customer backlog.
The Company believes the additional demand is a direct result of its sales penetration into key vertical market segments including utilities, demolition companies, first responder markets and major manufacturing companies. Several existing customers have expanded their use of MagneGas2® into additional facilities. Other large potential customers are currently testing MagneGas2®.
"We have begun to see the end result of our strategy which is to grow our gas distribution business through the use of MagneGas2® as a door opener. We estimate that the industrial gas business grows at approximately a 2% rate. However, our industrial gas segment, which not only includes MagneGas2® but welding supplies and other gases, has increased at an almost 20% rate. We believe this is a direct result of customers' use of MagneGas2® which we believe is a superior product that leads to further sales of the Company's products. We look forward to seeing the impact of these new cylinders on revenue in the coming months as we continue to expand nationwide," commented Ermanno Santilli, CEO of MagneGas Corporation.
The MagneGas IR App is now available for free in Apple's App Store for the iPhone or iPad http://bit.ly/AfLYww and at Google Play http://bit.ly/Km2iyk for Android mobile devices.
To be added to the MagneGas investor email list, please email email@example.com with MNGA in the subject line.
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