Dallas, Texas 04/28/2014 (FINANCIALSTRENDS) – MagneGas Corporation (NASDAQ:MNGA) saw its share price do down by a huge 7.14 percent during trading on 25th April even as it made a slew of announcements related to filing for proprietary procedures linked to generating additional heat, while it reduces emissions.
The application has given in writing, details of a new flag ship technology which manages to accomplish waste incineration by applying heat, in the first instance and following it up with secondary burning method. The proprietary process has been christened as MagneGas (R) and is expected to boost multiple times the efficiency of destroying waste matter in a manner which is environmentally friendly.
Announcing these new developments to the press, MagneGas Corporation (NASDAQ:MNGA) President, Chief Executive Officer and Director Ermanno Santilli has been quoted to have said that, “As announced earlier this week, the Company has embarked on an aggressive campaign to protect its Intellectual Property. The Company has studied several potential advanced uses of MagneGas to reduce emissions and increase heat in various industrial processes. This provisional patent is for one of those applications.”
In order to increase its foot print so that it can offer its newly patented process to a much larger audience, the Tarpon Springs, Florida based firm has entered into a Joint venture agreement with Future Energy in order to collaborate on “Advance Combustion and Fuel Technologies”.
As per the terms of agreement, the JV vehicle will have a 50 -50 contribution from both the companies and will go into funding research and development geared towards increasing the foot print of the technology, while reducing the cost of energy and address its emissions.
It is interesting to note here that small capped oil and gas firm saw its share price go down on the last day of previous week, even though there was no specific trigger for the sell off.