MagneGas Strengthens Management Team And Board Of Directors With Industry
MagneGas Corporation adds leadership from Metal Cutting, Oil & Gas and
Military Industries, Founder to Focus on Science
TAMPA, Fla., May 2, 2013
TAMPA, Fla., May 2, 2013 /PRNewswire/ --MagneGas Corporation ("MagneGas" or
the "Company") (NASDAQ: MNGA), the manufacturer of a technology that converts
liquid waste into a hydrogen-based metal working fuel and natural gas
alternative, announced today it is making several changes to its management
team and Board of Directors to better position itself for growth in targeted
Dr. Ruggero Santilli, having completed the industrial advancement of the
MagneGas technology, has resigned his position as Chief Scientist for MagneGas
Corporation. As discussed below, these duties will be assumed by Dr.
Santilli's protege Dr. Yun Yang and the Company is negotiating a mutually
beneficial consulting agreement with Dr. Santilli. Some of Dr. Santilli's
many significant achievements during the past year include:
1.The completion of a new series of automatic recyclers with touch screen
controls for remote operation;
2.The filing of a new basic patent (irrevocably assigned to MagneGas
Corporation) on the novel chemical structure of MagneGas and the new clean
class of Hydrogen;
3.A significant advancement to the process for the gasification of heavy
4.The establishment of a state of the art laboratory for analysis of
5.The production and organization of manufacturing facilities, operations
and mechanical drawings for the complete production of fuels,
manufacturing of refineries and testing of outputs.
In view of the above achievements, Dr. Santilli believes his contribution to
the industrial advancement of the MagneGas technology is complete and his
scientific knowledge should now be directed to pure scientific discoveries.
All MagneGas intellectual property developed by Dr. Santilli is owned
irrevocably and without condition by MagneGas Corporation and a mutually
beneficial consulting agreement is being negotiated with Dr. Santilli to
support further development activities related to the underlying science of
the MagneGas Technology.
"My work at MagneGas has been one of the greatest adventures of my life.
However, I feel that the MagneGas technology has reached its utmost industrial
maturity and is ready to achieve worldwide success. It is with sincere regret
that I am leaving. However, I have been called to pursue research in advanced
areas of fusion without harmful radiation. I will always remain available to
MagneGas Corporation for any further development related to advancing the
technology," stated Dr. Santilli.
Since 2012 Dr. Santilli has been working with his protege who is now being
appointed as Chief Scientist:
YUN YANG – CHIEF SCIENTIST: Dr. Yun Yang is one of the world's leading experts
in Plasma Technology and has been working with Dr. Santilli since 2012. He
was a Senior Research Engineer at Atlantic Hydrogen, Inc., which develops ways
to reduce greenhouse gas emissions connected to natural gas production, from
2005 until 2012. From 2002 until 2004, Dr. Yang was a Post Doctoral and
Research Associate at Wolfson School of Mechanical and Manufacture Engineering
at Loughborough University. From 1993 to 1998, Dr. Yang was a Research Fellow
at Institute of Mechanics at the Chinese Academy of Sciences. Dr. Yang holds
a Ph.D in experimental Plasma Physics from Ernst-Moritz-Arndt University, a
Master of Mathematics and Mechanics in Engineering from Beijing Science &
Technology University, and a Bachelor of Science in Physics from Yunnan
Following the amicable departure of Dr. Santilli as Chairman, MagneGas today
announces the appointment of three new independent directors to the Board with
strategic experiences in target industries:
ROBERT DINGESS – INTERIM CHAIRMAN: Mr. Robert L. Dingess has extensive
experience in managing franchise operations. He was the Chief Executive
Officer of Ideal Management Services, Inc., d/b/a Ideal Image Central Florida,
a laser hair removal company, since April, 2004. From 1992 to 2002, Mr.
Dingess served as the Chief Executive and owner of Dingess & Associates, Inc.,
a healthcare consulting and management company. From 1986 to 1992, Mr.
Dingess was a partner in Ernst & Young's Southeast Region Healthcare
Operations Business Officer Practice, where he advised over 200 healthcare
clients. Mr. Dingess holds a Master of Business Administration from Virginia
Commonwealth University and a Bachelor of Business Administration from
WILLIAM STAUNTON – DIRECTOR: Mr. William W. Staunton III brings extensive
experience in the semi-conductor industry, with specific background in
Military and Space Contracting. Mr. Staunton has been the President of
Accel–RF Corporation, a provider of RF Reliability Test Systems for compound
semiconductor devices since 2012. In 2011, Mr. Staunton founded Kokua
Executives, LLC, which provides guidance and interim executive
level-leadership to companies. From 2000 to 2011, Mr. Staunton served as the
Chief Executive Officer and a Director of Ramtron International Corporation,
which designs, develops and markets specialized semiconductor memory,
microcontroller, and integrated semiconductor solutions. From March 1999
until December 2000, Mr. Staunton served as Chief Operating Officer of Maxwell
Technologies, which designs and manufactures multi-chip modules and board
products for commercial satellite applications. Previously, Mr. Staunton was
executive vice president of Valor Electronics Inc. from April 1996 until
February 1999. Mr. Staunton holds a Bachelor of Science degree in electrical
engineering from Utah State University.
JOE STONE – DIRECTOR: Mr. Joe C. Stone has an extensive background in the oil
and gas industry. He has been a partner at Pace Petroleum, LLC since 2006, a
private oil and natural gas company. From 2000 to 2006, Mr. Stone was a
Senior Vice President of Global Mergers and Acquisitions at the financial
services firm of Lehman Brothers. From 1996 until 2000, Mr. Stone was a Vice
President in Investment Banking at Deutsche Banc Alex. Brown. Additionally,
Mr. Stone was a Manager in Audit and Business Advisory Services at Price
Waterhouse from 1991 until 1996. Mr. Stone holds a Master of Business
Administration from McCombs School of Business, University of Texas, and a
Bachelor of Business Administration in accounting from Baylor University.
In addition, MagneGas Corporation has added the following new Vice President
of Industrial Gas Sales, with extensive background in the metal working
BRYAN GEORGE – VICE PRESIDENT OF INDUSTRIAL GAS SALES: Mr. Bryan George has
over 20 years of experience in the metal working industry with specific
extensive experience bringing new metal cutting fuels to market. Recently Mr.
George was the National Fabrication/Application Manager for Matheson Tri-Gas
from 2009 to 2013. He was also National Market Manager for Air Liquide
America from 2004 to 2009 and held various roles from Product Manager to
National Marketing Manager for Airgas, Inc. from 1989 to 2003.
"Today is a historic day for MagneGas in two significant ways," stated Ermanno
Santilli, CEO of MagneGas Corporation. "First, the recent developmental
advancements and subsequent amicable departure of Dr. Santilli affords the
board and management team the ability to prosper with the
technicaladvancements we need to be successful. We are eternally grateful to
Dr. Santilli for his contributions as the founding father of MagneGas
"Second, not only have we added critical industry specific skills and market
access to the board and management team, but we also now have an independent
majority on the board. The recent advances within our product and technology
coupled with the addition of independent, market relevant board members are
powerful drivers for growth that will allow the Company to continue to
penetrate markets withblue chip customers," concluded Mr. Ermanno Santilli.
To be added to the MagneGas investor email list, please email
firstname.lastname@example.org with MNGA in the subject line.
The MagneGas IR App is now available for free in Apple's App Store for the
iPhone or iPad http://bit.ly/AfLYww and at Google Play http://bit.ly/Km2iyk
for Android mobile devices.
About MagneGas Corporation
Founded in 2007, Tampa-based MagneGas Corporation (NASDAQ: MNGA) is the
producer of MagneGas™, a natural gas alternative and metal working fuel that
can be made from certain industrial, municipal, agricultural and military
liquid wastes following the receipt of appropriate governmental permits.
The Company's patented Plasma Arc Flow™ ^ process gasifies liquid waste,
creating a clean burning hydrogen based fuel that is essentially
interchangeable with natural gas. MagneGas™ can be used for metal working,
cooking, heating, powering bi fuel automobiles and more. For more information
on MagneGas, please visit the Company's website at www.MagneGas.com.
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. The Company is currently using new
antifreeze, vegetable oil and ethylene glycol to produce fuel until proper
permits to process used liquid waste have been obtained.
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.
SOURCE MagneGas Corporation
Contact: KCSA Strategic Communications: Philip Carlson, +1 212.896.1233,
email@example.com, or Brad Nelson, +1 212.896.1217, firstname.lastname@example.org
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