MAGNEGAS CORPORATION (NASDAQ:MNGA) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On December 29, 2017, MagneGas Corporation (the “Company”) entered into an Asset Purchase Agreement (“Asset Purchase Agreement”) with NG Enterprises Inc. and Guillermo Gallardo (collectively, the “Seller”) for the purchase of certain assets related to the Seller’s welding supply and gas distribution business in San Diego, California. Under the terms of the Asset Purchase Agreement, the Company shall purchase from the Seller all of the Seller’s right, title an interest to the Purchased Assets (as defined in the Asset Purchase Agreement) and shall commence business operations in San Diego, California. The purchase price for the Purchased Assets will be $750,000. The Asset Purchase Agreement includes certain other terms and conditions which are typical in asset purchase agreements.
The above description of the Asset Purchase Agreement does not purport to be complete and is qualified in its entirety by the text of such Asset Purchase Agreement, which is incorporated herein and attached hereto as Exhibit 10.1.
Item 8.01 Other Events.
On January 3, 2018, the Company issued a press release announcing the Transaction.
A copy of the press release that discusses this matter is filed as Exhibit 99.1 to, and incorporated by reference in, this report.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
MAGNEGAS CORP ExhibitEX-10.1 2 ex10-1.htm Execution Copy ASSET PURCHASE AGREEMENT THIS ASSET PURCHASE AGREEMENT (this “Agreement”) is made as of December 29,…To view the full exhibit click here
About MAGNEGAS CORPORATION (NASDAQ:MNGA)
MagneGas Corporation is an alternative energy company. The Company creates and produces hydrogen-based alternative fuel through the gasification of carbon-rich liquids, including certain liquids and liquid wastes. The Company is also developing the use of fuel for co-combustion with hydrocarbon fuels to reduce emissions. The Company also markets, for sale or licensure, its plasma arc technology for the processing of liquid waste (the Plasma Arc Flow System). Its products include the fuel called MagneGas2 for the metal working industry, the equipment primarily known in the firefighting industry, known as MagneTote, and the machines that produce MagneGas2, known as Plasma Arc Flow refineries. In addition, the Company sells metal cutting fuels and ancillary products through its subsidiary, Equipment Sales and Service, Inc. (ESSI), a Florida corporation. It distributes products through several industrial gas companies in California, Michigan, Florida, Georgia, Indiana, and Pennsylvania.
