MagneGas Corp. (OTCBB: MNGA) Announced Final Delivery of China Refinery

The $855,000 sale of a natural gas refinery machine to Chinese purchase DDI has been closed

, processed and shipped, marking the first major revenue event for the company and the beginning of worldwide commercialization of MagneGas.

MagneGas Corporation is the producer of ametal working fuel and natural gas alternative made from liquid waste. The company's patented Plasma Arc Flow process of gasifying liquid waste creates a clean burning fuel with essentially thesame properties as natural gas, but without the harmful green house gas emissions and damage.

MagneGas can be used for heating or powering bio fuel automobiles, machine cutting, cooking, and other natural gas-powered tasks.

The deal between the company and Beijing-based DDI Industry International has been in the works for the better part of 2010 and has been completed, delivered, and paid for on schedule. The original order called for a 200kw Plasma Arc Flow Refinery to be delivered by August 31st, 2010, with a price tag of $1.9M. DDI made a $950,000 down payment along with the order for the machine. MagneGas would also take a 20% stake in DDI.

During the course of production, DDI decided to leave off a few extra pieces of the machine and the result of the decision forced MagneGas to shave of around $100,000. The final and total receipt of $855,000 has been received by the company, and no matter anyhow; MageneGas has said the decision was cost-effective and had not reduced the profitability of the transaction.

The real story here is that MagneGas has not only landed significant revenue for this year, but now has positioned the Plasma Arc Flow technology in the world's biggest spotlight: China. The world's largest country has a long way to go in overhauling the widespread ecology and environmental cleanliness troubles that plague the cities and country-sides, so bringing in a MagneGas Refinery is certainly a step in the right direction.

According to President of MagneGas Richard Connelly, there are significant benefits beyond revenue booking.

"In addition to the immediate financial benefit to the Company, this milestone also has significant long-term importance. With its Refinery in-hand, DDI will be able to demonstrate the Technology in the China market and begin to capitalize on anticipated demand. DDI has already established a world class manufacturing facility, and awaits only this Refinery as the catalyst for market launch. As 20% owners of this joint venture we look forward to sharing in future China successes."

For more information visit http://www.worldmarketmedia.com/779/section.aspx/2321/post/magnegas-corp-otcbb-mnga-announced-final-delivery-of-china-refinery

MagneGas Corp. (OTCBB: MNGA) Announced Final Delivery of China Refinery

By: Ronald Russo

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