MagneGas Completes Acquisition of Green Arc Supply a Leading Industrial Gas Distributor in Texas & Louisiana
MAGNEGAS (MNGA)
Last magnegas earnings: 11/14 08:00 am
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Source: Marketwire
TAMPA, FL -- (Marketwired) -- 02/21/18 -- MagneGas Corporation ("MagneGas" or the "Company") (NASDAQ: MNGA), a leading clean technology company in the renewable resources and environmental solutions industries, announced today the acquisition of all the assets of Green Arc Supply L.L.C., a leading independent industrial gas and welding supply company with three locations in Texas and one in Louisiana. The gross purchase price was $2.5 million, which was comprised of a $1.0 million cash payment and $1.5 million in restricted common stock. All cash costs related to the transaction were paid in full with cash on hand at closing. Upon consummation of closing, the Company immediately began business operations in Texas and Louisiana. "We are pleased to complete this next step in our expansion strategy," commented Ermanno Santilli, CEO of MagneGas. "This acquisition alone will immediately grow our revenue run rate by over 50%, when we combine this transaction with the a
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