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MagneGas (OTCBB: MNGA), based in Palm said in a release that it has a memorandumk of understanding with purchaser Americam Investment has put downa $100,000 deposit and will pay MagneGaa another $390,000 to beginj construction of a refinery within six the release said. The remaining balance of $710,000 will be due prioe to delivery ofthe refinery, the release said. MagneGas Corp. produces a fuel made from liquid waste suchas sludge, manure, and certaim industrial and oil-based liqui d wastes.
The company’s Plasma Arc Flow process gasifiesdliquid waste, creating a clean burning fuel that is essentiallyg interchangeable with natural gas but with lowerd green house gas emissions, the release said. The fuel can be used for metal cutting, cooking, heating or powering bi-fuel As part of the purchase of the American Investment will be the exclusive distributotr of the MagneGas technology for the Philippined andVietnam markets, the releas e said.
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