MagneGas gasification system begins operation in Gulf Coast
TAMPA, Florida -- MagneGas Corporation, a clean-technology company in the renewable resources and environmental solutions industries, announced that it has installed a Plasma-Arc Gasification system that was previously announced as contracted for sale to Green Arc Supply, LLC of Louisiana.
As previously announced, Green Arc Supply of Louisiana, purchased a Gasifier to manufacture and distribute MagneGas2 exclusively in certain regions of Louisiana and Texas. Pursuant to the terms of the Gasifier Purchase Agreement, the Company received a total of $775,000 for the purchase of the system. The Agreement also calls for royalty payments which amount to $0.02 per cubic foot produced by Green Arc.
Under the terms of the Gasifier Purchase Agreement, Green Arc will have exclusive distribution rights for certain regions of Louisiana and Texas with non-exclusive distribution rights in remaining regions of Louisiana and Texas and all of Arkansas, Mississippi and Oklahoma. Green Arc has the right to expand their exclusivity in those states with the purchase of additional systems.
"We are excited to announce our first ever operating system at a customer location. We are pleased that our product continues to gain market acceptance, and we are optimistic that more equipment sales with distributors will positively impact our revenue growth in 2017 and beyond," said Ermanno Santilli, CEO of MagneGas Corporation.
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