NEW YORK (TheStreet) -- Shares of MangeGas Corp. (MNGA) were gaining 5.8% to 98 cents on Wednesday after the industrial gas and welding supplies company announced a new distribution agreement for its MagneGas fuel with AWISCO Corp.

Under the distribution agreement AWISCO will be the exclusive of MagneGas2 fuel in New York, New Jersey, and Connecticut. AWISCO will supply the Fire Department of New York and several major electric utility companies with the fuel under the agreement.

"We have worked with MagneGas2 extensively during recent demonstrations at utility companies and other industrial customers," AWISCO President and Lloyd Robinson said in a statement. "The feedback that we have received has been unanimously positive and we look forward to becoming the leading supplier of MagneGas2 in our region."

About 1.7 million shares of MagneGas were traded by 10:34 a.m. Wednesday, well above the company's average trading volume of about 315,000 shares a day.

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