This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

MagneGas Strengthens Management Team And Board Of Directors With Industry Experts

Stocks in this article: MNGA

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:

  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 oils;
  4. The establishment of a state of the art laboratory for analysis of MagneGas; and
  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.

1 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs