MagneGas Agrees to Form New European Joint Venture for the Acquisition of Infinite Fuels, GmbH, an Emerging German BioFuels Company
MAGNEGAS (MNGA)
Last magnegas earnings: 11/14 08:00 am
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Source: Marketwire
TAMPA, FL -- (Marketwired) -- 02/06/18 -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), a leading clean technology company in the renewable resources and environmental solutions industries, announced the execution of a Letter of Intent to form an Ireland-based holding company for the express purpose of acquiring 100% of Infinite Fuels, GmbH, an emerging biofuels company based in northern Germany. MagneGas will initially own a 40% stake in the joint venture, with the possibility of increasing the Company's equity stake to 70%. The remaining equity stake will be owned by the current principals of Infinite Fuels. Following formation of the joint venture, the new entity will assume 100% ownership of Infinite Fuels. The initial transaction is expected to be funded through a combination of cash on hand and equity in the new joint venture. The joint venture will operate in two renewable energy segments. First, Infinite Fuels will launch its biodies
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