MagneGas Corporation (NasdaqCM:MNGA) entered into a binding agreement to acquire all assets of NG Enterprises Inc. for $0.93 million on December 29, 2017. The consideration payment of $0.75 million will be made in cash and MagneGas Corporation will assume NG Enterprises’ trade payables of $0.18 million. As on January 19, 2018, the asset purchase agreement was amended and restated. The binding agreement includes initial deposit of $0.03 million, second deposit of $0.03 million and final deposit made upon execution of this agreement of $0.42 million. The transaction is subject to financing, wherein MagneGas Corporation shall have sufficient cash on hand to pay the consideration. The acquisition is expected to add approximately $0.65 million in high-margin industrial gas and welding supply revenues. Christopher DuPont acted as broker in the transaction.