MagneGas (MNGA) Names New CFO

October 28, 2016 8:01 AM EDT

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MagneGas Corporation (Nasdaq: MNGA) announced the appointment of Scott Mahoney to the positions of Chief Financial Officer and Secretary of the Company effective December 1, 2016. Mr. Mahoney is a seasoned oil and gas executive with extensive experience as a CFO, including a background in corporate finance, financial planning, mergers and acquisitions, SEC reporting, corporate communications, risk management and strategic planning. Mrs. Luisa Ingargiola, the Company's current CFO, will remain on the Board of Directors and will remain actively involved in operations and capital markets activities for the Company.

Mr. Mahoney has almost 20 years of finance and executive management experience and has held positions at several public and privately held companies in the banking, energy and recycling industries. Prior to joining MagneGas, Mr. Mahoney served as Chief Financial Officer of Phoenix Group Metals, LLC, a recycling company which he grew through various acquisitions. He has also served as Chief Financial Officer of several oil and gas companies and as Vice-President of JP Morgan Chase. Mr. Mahoney is a Certified Financial Analyst (CFA) and obtained his Bachelor Degree from the University of New Hampshire and his Master in Business Administration from the Thunderbird School of International Management.

Ermanno Santilli, Chief Executive Officer of MagneGas stated, "We are pleased to welcome Scott Mahoney, who has an impressive track record in the energy and recycling industries and brings vast skills to MagneGas from his experience at several growing companies where he was instrumental in providing the finance vision, strategy and leadership to help these organizations transition to the next level. In addition, he has extensive experience with mergers and acquisitions which we believe will be instrumental to our growth strategy. We look forward to his contributions as we continue to execute on our strategy and deliver shareholder value"

"I would also like to express our heartfelt appreciation for Luisa's contributions to MagneGas, which have been vital to the success of the company. Luisa's strong and steady leadership has been invaluable to our executive leadership team as we evolved from a developmental stage company to a revenue producing NASDAQ company. Luisa has been offered several public company Board roles and has decided after 10 years at MagneGas, to have a more flexible schedule to allow the pursuit of these opportunities. She will continue to be heavily involved in MagneGas capital market activity and will continue as an active member of the Board of Directors."

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