MagneGas Corporation, the clean technology company in the renewable resources and environmental solutions industries, has generated record sales of $0.5m for the month of March – these are the highest combined industrial gas and welding supply sales in corporate history.
These figures did not include any sales from the Trico Welding Supply acquisition, which closed on 2nd April, 2018. The record growth was largely due to recent acquisitions that expanded the Company into California, Texas and Louisiana, as well as continued growth in Florida. The company has implemented an aggressive marketing initiative in these new markets, with a heavy emphasis on leveraging MagneGas2® to drive new client acquisition.
Ermanno Santilli, CEO of MagneGas, commented, “We are pleased to see the immediate positive impact of our recent acquisitions.”
He continued, “We acquired Green Arc and Complete Welding for access to rich industrial gas markets and gained access to a strong local sales team that has delivered excellent sales results for those businesses. We have also implemented a comprehensive product training programme to educate our newly acquired customer base on the benefits of MagneGas2, the world’s only renewable metal cutting fuel. We are rapidly gaining traction, and we expect our revenue growth to continue to accelerate.”
Scott Mahoney, CFO of MagneGas, added, “Our recent acquisition strategy is paying off with tangible results.”
Mahoney continued, “We are seeing rapid sales growth, with 70% year-over-year growth for March, and 10% sequential monthly growth from February to March of this year. We are confident that our strategy is working and will transform the financial performance of the Company in 2018.”