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 industries.
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:
- The completion of a new series of automatic recyclers with touch screen controls for remote operation;
- 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;
- A significant advancement to the process for the gasification of heavy oils;
- The establishment of a state of the art laboratory for analysis of MagneGas; and
- 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.