MagneGas Generates $1.0 Million in Sales for December
15 Janvier 2019 - 2:00PM
Sales Increase of 212% Compared to Prior
Year
MagneGas Applied Technology Solutions, Inc. ("MagneGas" or
the "Company") (NASDAQ: MNGA), a leading clean technology
company in the renewable resources and environmental solutions
industries, announced today that the Company generated sales of
$1.0 million for the month of December, as compared to $0.32
million in December 2017, representing a 212% increase. The sales
growth was primarily a result of MagneGas’ expansion into
California, Texas and Louisiana through six acquisitions it made in
2018.
Overall, December is historically the slowest
sales month for MagneGas, impacted primarily due to the holiday
season. Given both Christmas and New Years’ holidays occurred
mid-week in 2018, MagneGas lost 3 out of 23 business days to
observe those holidays for its employees during the month.
Despite the expected seasonal slowdown, sales
from MagneGas’ California operations were most resilient in
December at a combined $0.45 million across the state’s branches,
which only represented a decrease of 8.5% from November.
In Texas and Louisiana, sales were $0.32 million
for the month, which was at the second highest sales level recorded
for this market under MagneGas management. Sales were in part
impacted during the consolidation of the two Shreveport locations,
which will be fully-consolidated into one location in early
2019.
Sales in Florida were $0.24 million. The
Lutz location continues to show steady growth, as this branch is
effectively penetrating the Tampa market from the north, as well as
gaining access to large utility power client opportunities in the
county.
“With new management in place, I’m proud we
produced solid sales results in a month that we normally expect to
be slow because to the holidays,” commented Scott Mahoney, Chief
Executive Officer of MagneGas. “We’re generating operational
efficiencies as a result of scale and integration of newly-acquired
businesses. For example, our new aligned sales process is
streamlined and driving very efficient sales results that heralds a
busy first quarter in 2019. We already have a series of
MagneGas metal cutting fuel demonstrations scheduled in all major
markets that should stimulate new client growth and existing
customer adoption of our proprietary product set. We are also
looking forward to shifting our focus from internal integration to
a strong outward marketing effort with our newfound scale and
resources.”
About MagneGas Applied Technology
Solutions, Inc.
MagneGas Applied Technology Solutions, Inc.
(MNGA) owns a patented process that converts various renewables and
liquid wastes into MagneGas® fuels. These fuels can be used as an
alternative to natural gas or for metal cutting. The Company's
testing has shown that its metal cutting fuel “MagneGas2®” is
faster, cleaner and more productive than other alternatives on the
market. It is also cost effective and safe to use with little
changeover costs. The Company currently sells MagneGas2® into
the metal working market as a replacement to acetylene.
The Company also sells equipment for the
sterilization of bio-contaminated liquid waste for various
industrial and agricultural markets. In addition, the Company is
developing a variety of ancillary uses for MagneGas® fuels
utilizing its high flame temperature for co-combustion of
hydrocarbon fuels and other advanced applications. For more
information on MagneGas, please visit the Company's website at
http://www.MagneGas.com.
The Company distributes MagneGas2® through
Independent Distributors in the U.S and through its wholly owned
distributors, ESSI, Green Arc Supply, Paris Oxygen, Latex Welding
Supplies, United Welding Supplies, Trico Welding Supply and
Complete Welding of San Diego. The Company operates 13 locations
across California, Texas, Louisiana, and Florida.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking
statements as defined within Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These statements relate to future events,
including our ability to raise capital, or to our future financial
performance, and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of
activity, performance, or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. You should not place undue reliance on forward-looking
statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
our control and which could, and likely will, materially affect
actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects our current views with
respect to future events and is subject to these and other risks,
uncertainties and assumptions relating to our operations, results
of operations, growth strategy and liquidity. We assume no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future.
For a discussion of these risks and
uncertainties, please see our filings with the Securities and
Exchange Commission. Our public filings with the SEC are available
from commercial document retrieval services and at the website
maintained by the SEC at http://www.sec.gov.
Investor Contacts:Tirth PatelEdison AdvisorsT:
646-653-7035tpatel@edisongroup.com
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