MagneGas Corporation (OTCBB:MNGA), a producer of a metal working fuel and natural gas alternative made from liquid waste, today announced operating results for the quarter and six months ended June 30, 2010. Recent Financial Highlights:
Generated record revenue of $1.3 MM in the second quarter, $1.5 MM for the first six months Achieved profitability for the first time: net income of $282,372 and $120,289, respectively In July received the first of two $1.0 MM investment installments from China partner.
Recent Business Highlights:
Entered potentially lucrative China market with 20% ownership of joint venture Acquired 20% of European and African markets Further strengthened competitive advantage through new technological patent.
Business Overview:
"We are proud to announce that we achieved in the second quarter that most fundamental of initial goals: profitability," stated MagneGas Chief Financial Officer, Luisa Ingargiola. "We have done so at such an early stage through spending discipline and a strategically sequenced, two-pronged sales approach. The international community has shown an interest in the MagneGas Technology™, so we have focused abroad on equipment sales that can yield large individual payments and thus accelerate revenue growth. We intend to balance this with recurring revenue gas sales in the U.S. -- beginning first with the $1 billion metal working market. We have built a broad distribution network, and now with the financial resources for a concerted marketing push we believe that our superior product can begin to capture market share."
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