Stock Monitor: Aegean Marine Petroleum Network Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 26, 2018 / Active-Investors.com has just released a free research report on MagneGas Corp. (NASDAQ: MNGA). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=MNGA as the Company's latest news hit the wire. On March 22, 2018, the Company, which is a leading technology firm that currently caters the renewable resources and environmental solutions industries, announced that it made a non-refundable deposit of $1.0 million in the form of proceeds towards the acquisition of Trico Welding Supplies, Inc. ("Trico"). Trico is currently a $5.5 million revenue industrial gas and welding supply distributor, with two locations in California. MagneGas and Trico expect the transaction to close within 3 to 4 business days, subject to unforeseen delays. MagneGas further added that the acquisition would enable it to double its Annualized Revenue Run Rate to about $14 million. Register today and get access to over 1000 Free Research Reports by joining our site below:
Active-Investors.com is currently working on the research report for Aegean Marine Petroleum Network Inc. (NYSE: ANW), which also belongs to the Basic Materials sector as the Company MagneGas. Do not miss out and become a member today for free to access this upcoming report at:
Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, MagneGas most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
Magnegas viewed the purchase of Trico as a critical step under its acquisition plans. This agreement follows the Company's expansion strategy where it emphasized the acceleration of its growth plans in the California and Texas markets. The Company further added that the addition of an excellent sales team at Trico would be a key milestone in its expansion in northern California. MagneGas stated that it was already working through the logistics to establish a production facility in the area, where it expected MagneGas2®, its clean burning technology, to be a major competitive advantage in California, where renewable energy solutions are well-received, according to the release.
MagneGas stated that it owned a patented process that converts various renewables and liquid waste into fuels. The fuels could be used as an alternative to natural gas for metal cutting. The Company's testing showed that the metal cutting fuel, MagneGas2®, was faster, cleaner, and far more productive than the other available alternatives on the market. The Company currently sells MagneGas2® in the metalworking market as a replacement of acetylene.
The agreement, according to MagneGas, allowed the Company to have greater buying power for products, thereby improving margins and enabling it to pursue larger national accounts. The Company added that it elevated its revenue per share by over 65% from about $0.85, after the Green Arc acquisition, to an estimated $1.40, once the acquisition stood completed.
Company Growth Prospects
On March 19, 2018, the Company stated that it completed the first bulk gas implementation project in Florida for a customer in the high-end fabrication business serving military and government applications. The project involved a multi-year industrial bulk gas purchase contract with one of the Company's largest customers in the Florida state. The contract, according to the Company, provided significant revenue, visibility for multiple years, with one of its largest customers in Florida. Moreover, the nature of the supply agreement created a protective layer of customer commitment and loyalty that ensured that the Company was able to retain and expand one of its most important client relationships.
Stock Performance Snapshot
March 23, 2018 - At Friday's closing bell, MagneGas' stock fell 3.88%, ending the trading session at $0.99.
Volume traded for the day: 939.52 thousand shares.
After last Friday's close, MagneGas' market cap was at $1.60 million.
The stock is part of the Basic Materials sector, categorized under the Major Integrated Oil & Gas industry.
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