HOPKINS, Minn., Nov. 3, 2003 — MagStar Technologies Inc. announces a new contract with Community Power Corporation (CPC) of Littleton, Colo., to develop and manufacture a new gaseous centrifuge.
MagStar will perform the detailed prototype design and manufacturing of centrifugal filters that are suitable for cleaning hot gases from a small modular biopower system developed by CPC.
CPC develops and provides advanced, environmentally friendly, small modular biopower systems for the global distributed power generation market. More information on the companies may be found at their websites www.magstar.com and www.gocpc.com .
MagStar also reports that on October 27, 2003 the Company executed an amendment to its credit agreement with U.S. Bank which extended the credit agreement to December 31, 2003. The interest rate during the period of the extension will be the bank’s reference rate plus 2%.
MagStar is a publicly owned company that trades under the symbol “MGST” on the Over The Counter Bulletin Board market. MagStar divides sales into the following core competencies: Medical, Magnets, Industrial, Contract Manufacturing, and Conveyors/Factory Automation.
For over 10 years, ISO- certified MagStar Technologies, Inc. has been a trusted medical device supplier, using its expertise in centrifuge and medical device design and manufacturing, by partnering its engineers and salespeople with well-known, national OEMs.
MagStar’s expertise in oil centrifuges includes manufacturing for internationally prominent engine OEMs with 12 years of history designing, engineering, and manufacturing oil centrifuges to meet market and emissions requirements. MagStar’s expertise in factory automation and conveyors includes serving national and international based high-tech OEMs.
MagStar has a patented product line that evolves with industry requirements, including the recent introduction of a patented clean room conveyor. MagStar has over 10 years of history designing, engineering, and manufacturing magnet assemblies to meet the exacting requirements of our customers.