TAMPA, FL--(Marketwire - 06/17/10) - MagneGas Corporation ("MagneGas" or the "Company") (OTC.BB:MNGA - News), a producer of a metal working fuel and natural gas alternative made from liquid waste, announced today that its construction of the 200kw Plasma Arc Flow™ Refinery ordered by Beijing-based DDI Industry International ("DDI") is on schedule and nearing completion. The Company expects DDI to inspect the unit in person in July, and make its final payment of $950,000 by no later than August 31, 2010. DDI previously made a $950,000 down payment toward the $1.9 MM Refinery purchase price.
For the first time MagneGas is giving investors a window into its workshop -- view photos of the actual China Refinery in progress at http://ir.stockpr.com/magnegas/refinery.
"We are very proud of this latest Refinery -- with it we have advanced the MagneGas™ Technology and have produced our most efficient unit to date, improving both liquid waste processing and clean fuel production," stated MagneGas President Richard Connelly. "We have also demonstrated to future customers that we can build to custom specifications, and do so on time and within budget. This is a positive milestone in our development, both in terms of product and of process."
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