(MENAFN- ProactiveInvestors)Liquid waste-to-gas specialist MagneGas (NASDAQ:MNGA) has received a fuel purchase order from one of the largest gas companies in Mexico. The purchaser will test MagneGas2 an innovative green gas in the Mexican market as a replacement to acetylene and if it receives favorable feedback from the test the purchaser has indicated it would consider acquiring the manufacturing and distribution rights for MagneGas2 in the Mexican market. The fuel for the test has already shipped and the test is expected to occur in the coming weeks MagneGas revealed. The technology company said the purchase order signifies a new era in the company's strategy for industrial gas sales as it is the the first time it has pursued a gas manufacturing license expansion project outside of the United States specifically targeting acetylene replacement. MagneGas's management believes that a successful outcome of the test could lead to additional gas sales and significant equipment sales through a license agreement. "The company continues to execute on its strategy for industrial gas sales expansion. This company in Mexico is highly respected in the industry and is one of the largest in the country. An agreement to expand into Mexico could significantly impact our industrial gas market footprint and sales opportunities" stated Ermanno Santilli chief executive officer of MagneGas Corporation. Shares in MagneGas advanced 5.4% to $1.18 in morning trading on the news.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.