Magna-Tech has now completed a total revision of their accounting system. To accomplish this objective, Magna-Tech purchased Quick Books and established accounting to permit tracking of expenses on a per project basis. Magna-Tech is currently awaiting government audit to receive its first government contract requiring cost plus fixed fee status.
Magna-Tech is also in the initial stages of proposing new technology to the Department of Energy to reclaim phosphorus from waste water and nanoalloy the product with iron powder to manufacture phosphorus iron powder. Magna-Tech owns a patent that converts elemental phosphorus into its gaseous state to react with iron powder to produce alloy powders that contain either 0.45 m/o or 0.8 m/o phosphorus in solid solution in the iron. These powders are commercially available to produce parts for transmission and motor components in today's efficient automobiles.If the Magna-Tech technology is developed,the powders and parts could be produced by a process more friendly to the environment, recovers waste material that requires cost for disposal and conserves depleting reserves for phosphorus production, using environmentally unfriendly mining practice.