TAMPA, Fla., May 14, 2012 /PRNewswire/ -- MagneGas Corporation ("MagneGas" or the "Company") (OTCBB: MNGA), the developer of a technology that converts liquid waste into a hydrogen-based metal working fuel and natural gas alternative, announced today the hiring of a strengthened leadership team in preparation for increased market penetration.
In response to unprecedented demand for its unique Green Metal Working Fuel, MagneGas Corporation has strengthened its team to further execute the Company's growth strategy:
Mr. Jack Armstrong has been hired as Executive Vice President of Strategic Alliances. Mr Armstrong has over 20 years experience in the capital markets. He was a Managing Director at Piper Jaffray, Head of Trading at ThinkEquity Partners and recently the Senior Vice President of the Corporate Client Group at Northland Capital Markets assisting companies in strategy as well as capital raises. Over his career Mr. Armstrong has worked with senior level management at several of the largest investment companies through the process of raising an estimated $5 billion of funds over his career. Mr. Armstrong received a Bachelors of Administration in Economics from Arizona State University.
"We have been impressed by Mr. Armstrong's ability to clearly see the value of our business model. His capability to convincingly communicate our products and strategy to the market will be very valuable for MagneGas," stated Luisa Ingargiola, CFOMr. Marc Cuffaro has been hired as Executive Vice President of Business Development. Mr. Cuffaro has over 27 years of experience as a seasoned business developer and has held key roles at companies such as AOL, Nextel, and Computer Sciences Corporation. His responsibilities included proprietary application development totaling $200 million in annual revenue. He also developed the Technology Standard Procurement System allowing Nextel to stay on the cutting edge of technology and participate in reduction of cost utilizing economies of scale. "Mr. Cuffaro has applied strategic business methods to ensure that MagneGas continues to leverage its innovative products that will allow us to remain a trendsetting company for many years to come," commented Scott Wainwright, President of MagneGas. Mr. John Pace has been hired as Executive Vice President of Marketing. Mr. Pace is a twenty plus year marketing veteran and one of the three Co-Founders of Ideal Image Development Corporation, the largest and most successful franchise chain in the industry. After providing marketing and production services which helped to create strong brand recognition, Mr. Pace launched Ideal Image's national franchise campaign and set multiple sales records for a first year start-up company. "We are very impressed by Mr. Pace's skills sets as a marketer and have great expectations for him to recreate the same level of brand equity with MagneGas as he achieved previously. He comes well equipped to refine the MagneGas brand and lead the development of new products," commented Mr. Ermanno Santilli, Executive Vice President of International Sales and future CEO of MagneGas Corporation. "Due to our strong value proposition as the 'No Compromise Green Alternative' to cutting gases, MagneGas Corporation is experiencing unprecedented demand for our products. The strengthened leadership team gives us the resources we need to continue to successfully execute on our growth strategy," commented Dr. Santilli, current CEO and Chief Scientist.