MagneGas Corporation (OTCBB: MNGA) is currently trading at .10, up .01 or 11.11%. Founded in 2007, this Tampa-based company is the producer of MagneGasTM, a metal working fuel and natural gas alternative made from liquid waste. The Company's patented Plasma Arc Flow™ process gasifies liquid waste, creating a clean burning fuel that is essentially interchangeable with natural gas, but with lower green house gas emissions. MagneGas™ can be used for metal cutting, cooking, heating or powering bi fuel automobiles.
On May 6th, it presented on the topic of waste management at the 18th session of the United Nations (UN) Commission on Sustainable Development (CSD). During this 15-minute presentation, the company introduced its MagneGas™ Technology as an innovative and green liquid waste to fuel solution. Beijing-based DDI Industry International demonstrated its commitment to a partnership with MagneGas by accompanying to its UN speaking opportunity, presenting a unified front to a vital international audience.
Today, it has been announced that DDI has exercised its option to proceed with Phase II of the MagneGas China initiative. In Phase I, DDI signed a Purchase Agreement for a 200kw refinery at a price of $1.9 million, and today has submitted an agreement to formalize this partnership and begin formational next steps. Phase II will result in DDI investing $2.0 MM in MagneGas Corp and acquiring the exclusive MagneGasTM Technology and manufacturing rights for the Greater China market. A new Joint Venture company, “MagneGas China”, would be created and DDI would grant 20% of it to MagneGas Corp, giving the company and its investors a significant and perpetual share of China market operations.
"We have found in DDI a partner not only of substantial resources, but one equally passionate about the MagneGas™ Technology and its potential benefits to both the environment and the fiscal bottom line," stated MagneGas President Richard Connelly. "Negotiations on specific terms are underway, and we are both pleased and encouraged by the progress we have mutually made in the last week. We look forward to reaching a final agreement favorable to both parties and their constituents -- and to MagneGas investors in particular."
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