DDI will be beginning the testing of and training on the unit. Following the completion of this final phase, DDI will assume ownership of the refinery and pay to MagneGas the remaining $950,000 installment. The company reaffirms its expectation that this will occur by August 31, 2010.
Richard Connelly, president of MagneGas, said: “We are pleased to announce that we have comfortably hit our internal deadline, and that the China Refinery is now finished and ready for testing.
“This is significant in that it demonstrates our ability to manufacture a very complex machine on time and to a customer’s precise specifications. This both gives future customers confidence in our operations, and also helps us predict timely revenue recognition.”
