MagneGas Corporation (OTCBB: MNGA) announced late yesterday that it had acquired economic interest in the European and African markets, purchasing 20% of MagneGas Europe (“MAASE”) for 250,000 shares of restricted stock. MAASE owns the exclusive intellectual property rights for the MagneGasTM Technology for Europe and Africa. In addition to its equity ownership in MAASE, MagneGas will participate in profit sharing for the European and African markets through periodic cash dividends.
MagneGas has long sought to participate in this 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 MagneGasTM Technology. The MAASE strategy-to-market will mirror that of MagneGas, focusing on 3 key prospects in rank order: 1) metal working/industrial fuel, 2) liquid waste processing, and 3) equipment sales. Ermanno Santilli, MagneGas Executive Vice President of International Relations, will also serve as CEO of MAASE.
MagneGas President Richard Connelly stated, "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."
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