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MagneGas executes binding agreement to acquire San Diego industrial gas and welding supply business

from Marketwired via Power Engineering

MagneGas Corporation, a leading clean technology company in the renewable resources and environmental solutions industries, announced today the execution of a binding agreement to acquire all of the assets of San Diego based NG Enterprises Inc. for $750,000. The acquisition is expected to add approximately $650,000 in high-margin industrial gas and welding supply revenues. The acquisition also adds four highly experienced industry experts, and access to an extensive list of clients in the shipping, military, logistics, industrial and other industries, which represent prospective clients for MagneGas cross sales. The binding agreement, includes a deposit for $300,000. The remainder of the purchase price is due at final closing. more

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