MagneGas Corporation (MagneGas or the company) (MNGA) a leading technology company that counts among its inventions a patented process that converts renewable and waste liquids into MagneGas2® fuel, has announced that it has signed a lease that will allow it to open a facility in its fourth location for its subsidiary, Equipment Sales and Services, Inc. (ESSI). This new facility will be in Sarasota, Florida and will further expand ESSI's distribution and service of the company's products in Florida, increasing revenue opportunity through an expanded footprint.
ESSI is a full line distributor of welding gases, welding tools, hardware, welding equipment and safety products. The company will now be able to directly distribute MagneGas2®, hard goods and other gases across Southwest Florida where some of the company's growing list of clients are located. MagneGas has fully owned ESSI facilities in Clearwater and Lakeland, Florida with a joint venture facility located in North Florida.
"Right on the heels of opening a facility in our third location in Florida, we had the opportunity to expand further into this fourth location and we acted quickly. This is another step in our aggressive strategy to continue to expand our recurring revenue base by choosing locations in proximity to the underserved markets in the state. We anticipate our grand opening for this location will be within the next 60 days," stated Ermanno Santilli, CEO of MagneGas Corporation.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/08082016/magnegas-opens-fourth-facility-3873/