Magnegas: Securing Future Through Sales Of Cutting Gas
Edison | Jun 19, 2018 09:27AM ET
MagneGas Corp (NASDAQ:MNGA) has recently been transformed through three acquisitions. This has created a platform for selling its alternative metal cutting fuel in California and Texas, which are the two largest consumers of metal cutting fuel in the US. Cash generated from gas sales will be used to commercialize its proprietary technology for plasma sterilization and gasification of waste.
Creating a sales platform in the US and Europe
During Q118, MagneGas announced the acquisition of three distributors of metal cutting gases: Trico in Northern California; Complete Welding in Southern California; and Green Arc in Texas and Louisiana, bringing total annualized revenues to $14M. These acquisitions complement its existing direct sales network in Florida, giving access to the two states with the highest consumption of metal cutting gases in the US. Management intends to double annualized revenues over the next three to five years by strengthening the existing sales team and making further small acquisitions in California and Texas. Management is also developing a direct route into Europe, which is the second largest market for industrial gases globally, focusing on supplying super-ports with hundreds of potential customers.
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