Cleantech

MagneGas Corporation (NASDAQ:MNGA), a leading clean technology company announced that the company generated record sales of $1.2 million for the first quarter of 2018. The company said that this represents the highest combined industrial gas and welding supply sales in corporate history. As quoted in the press release: During the first quarter of 2018, the …

MagneGas Corporation (NASDAQ:MNGA), a leading clean technology company announced that the company generated record sales of $1.2 million for the first quarter of 2018.

The company said that this represents the highest combined industrial gas and welding supply sales in corporate history.

As quoted in the press release:

During the first quarter of 2018, the Company made two acquisitions, with the first in San Diego, CA, and the second in Tyler, TX. These acquisitions helped expand the Company’s access to new clients and added additional experienced sales staff to facilitate additional revenue growth.

“We have emphasized the importance of expanding our regional footprint, and these results highlight the success of our strategy,” commented CEO Ermanno Santilli. “This is our first quarter generating sales in excess of $1.0 million, and yet we are still in the early stages of our growth strategy. We have an excellent sales team and a world-class product, MagneGas2®, that is capable of revolutionizing the metal cutting industry. Our main focus now is continuing to drive sales growth and unlocking the potential of our technology in the marketplace.”

“We are pleased to report these results that we believe further validate our growth strategy,” commented Scott Mahoney, CFO of MagneGas. “While a 42% year over year revenue growth is compelling, we are also beginning to benefit from the economies of scale. As such, we are rapidly heading towards sustained, profitable growth.”

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