MAGNEGAS CORPORATION (NASDAQ:MNGA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry into a Material Definitive Agreement. |
On May 3, 2017, MagneGas Corporation (the Company) entered into a
First Amendment to MagneGas Systems Purchase Agreement (the
Amendment) with Talon Ventures Consulting GMBH, a company
constituted under the laws of Germany (Talon) to extend the
period of time in which Talon is required to make its first
installment payment under that certain MagneGas Systems Purchase
Agreement (the Purchase Agreement) entered into between the
parties on December 30, 2016. For more information regarding the
Purchase Agreement, please refer to the Companys Current Reports
on Form 8-K filed with the Securities and Exchange Commission
(SEC) on January 5, 2017. Under the terms of the Amendment, Talon
shall make a non-refundable extension payment of $10,000 to the
Company on or before May 15, 2017 and shall have until June 15,
2017 to make the first installment payment. Subject to the
Companys receipt of an additional $10,000 payment on or before
June 15, 2017, Talon shall have the option to extend the first
installment date to July 15, 2017. No other changes were made to
the Purchase Agreement.
The above description of the Amendment does not purport to be
complete and is qualified in its entirety by the full text of
such Amendment, which is attached hereto as Exhibit 10.1.
| Item 9.01 | Financial Statements and Exhibits. |
(d)Exhibits.
| Exhibit No. | Description |
| 10.1 | First Amendment to MagneGas Systems Purchase Agreement |
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. MAGNEGAS CORPORATION (NASDAQ:MNGA) Recent Trading Information
MAGNEGAS CORPORATION (NASDAQ:MNGA) closed its last trading session 00.000 at 0.298 with 330,551 shares trading hands.