MagneGas and Masada sign MOU to expand into West Africa
Masada Waste Management Company to Import MagneGas Fuel and Equipment into Sierra Leone; Contract Includes Capital Investment and Royalty Payments
AA – MagneGas Corporation, (“MagneGas” or the “Company”) (NASDAQ: MNGA), a technology company that counts among its inventions a patented process that converts liquid waste into MagneGas® fuel, announced this week a strategic collaboration aimed to expand MagneGas’ technology in West Africa.
Masada Waste Management Company (“Masada”), a major waste collection and management company based in the Republic of Sierra Leone, has signed a Memorandum of Understanding (“MOU”) with the Company to import fuel and equipment. The MOU includes a payment of $550,000, 5% gross royalty payments and subsequent equipment imports under a two phase approach to expansion plans.
MagneGas has been focusing on expansion in Africa to better assist in the overall development and sustainability of communities in the area. Through this collaboration, MagneGas will work with Masada to try to provide a sustainable solution to the nation’s sanitation, waste management, health and safety challenges by quickly and efficiently introducing their patented alternative energy technology throughout the nation. MagneGas originally became involved in the project in response to the EBOLA outbreak in the area and the multiple funding sources that came available for sanitation technologies.
Following several meetings and MagneGas site visits with key officials, Masada is currently making strides to assess and implement MagneGas® in the industrial sector as a sustainable, natural gas alternative to current fuels used. With a population of almost six million, the opportunity to create jobs and turn waste into a locally controlled fuel source has the potential to have a significant impact on the area, both environmentally and economically.
“MagneGas has presented Sierra Leone with the opportunity to create many needed jobs while also addressing waste management, resource preservation and a source of fuel,” says Masada primary owner and CEO Gibril Wilson. “We are very excited to take advantage of this opportunity and work with MagneGas to implement their much needed technology while making as big of an impact as we can for our community.”
Wilson, originally from Freetown, Sierra Leone, moved to the U.S. at a young age to pursue his National Football League (NFL) career where he earned a Super Bowl ring with the New York Giants in Super Bowl XLII. Following his NFL career, Mr. Wilson has since returned to Sierra Leone to focus on his business operations with the vision of bringing back beauty and helping the nation recover.
Through this partnership, Masada has been appointed as the exclusive distributor for MagneGas fuel for the country of Sierra Leone. The collaboration between the entities will have two main phases including the importation of MagneGas fuel to establish the market and support public funding initiatives, followed by implementing multiple MagneGas gasification systems in country to produce fuel locally. Masada will also be identifying and appointing local distribution partners to help seed the market with MagneGas fuel for various long-term uses.
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