Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ:
TRNX), a sustainability technologies company, today announced
its key business development goals for its medical waste disposal
technology business in 2020.
Initially, the Company will look to launch a
pilot commercialization project to serve the European Union
hospital market. The primary purpose of this program will be
twofold. First, the project will leverage data sourced from
Taronis’ recently completed 18 month USDA grant funded agricultural
waste sterilization project. The new project is intended to
validate the Company’s ability to effectively sterilize biological
waste streams, commonly referred to as “black water,” generated by
large scale medical facilities within the EU.
Second, the project is intended to demonstrate
the clear commercial viability of an EU-wide launch of black water
treatment within the EU. This would be accomplished through a three
part jointly managed project led by Taronis. The proposed partners
would include the Center of Expertise in Water Technology (“CEW”),
a leading research and engineering organization based in
Leeuwarden, Netherlands, and HM Hospitales (“HMH”), a leading
medical research and hospital facility operator based in Madrid,
Spain.
Taronis, CEW and HMH have previously announced
the application for a €3.0 million Horizon 2020 grant to pursue
this opportunity. Based on the initial findings, CEW and HMH
approached Taronis and proposed pursuing a separate €2.0 million
grant for the same project to be funded from a locally funded grant
issuing body in Spain.
The Company believes there is a clear path to a
substantial near-term business opportunity developing within the
EU. In the past year, the European Commission has authorized and
funded multiple white papers researching the dangers of black
water, which is currently disposed of as an untreated waste stream
directly into EU waterways. The European Commission typically
requires these white papers as the basis for legislative or
regulatory actions. The Company believes that black water disposal
may be a heavily regulated practice in as little as two years.
There are over 5,500 medical facilities,
including hospitals, surgical centers and emergency rooms across
Europe that generate meaningful quantities of black water. The
Company intends to demonstrate the efficacy of destroying harmful
pharmaceuticals and eliminating pathogens and viruses that could
otherwise contaminate water supplies. The Company also intends to
demonstrate the ease of use and commercial viability of the
business model through the proposed pilot with CEW and HMH.
“This is a highly scalable business
opportunity,” commented Scott Mahoney, CEO of Taronis. “We believe
that there is a very high probability that the EU will enact
significant regulations regarding the disposal of black water in
the near future. We want to be well out ahead of all other possible
solutions with a clearly demonstrated solution using our plasma arc
sterilization technology.”
“We have proposed to CEW and HMH that we
immediately deploy our existing 50 KW mobile sterilization unit at
an HMH facility in Madrid in the first quarter of 2020. We would
then train their team to operate the unit independently for the
purposes of conducting efficacy studies compliant with EU standards
for up to 12 months.”
“Upon completion, CEW and HMH will produce a
white paper documenting the results, which would be presented to
the European Commission. These results could position our Company
to be the technology leaders in very large market. We believe that
we could sell our sterilization units for $1.5 million each with
possible EU subsidies to 5,500 facilities across the EU. This
represents upwards of an $8 billion addressable market for
Taronis.”
“To unlock this opportunity, we may be asked to
fund the €2 million project with CEW and HMH if the grant
application is not immediately approved. We believe this
opportunity more than justifies the investment on our part, and we
intend to aggressively pursue this project in January,” concluded
Mr. Mahoney.
About Taronis Technologies,
Inc.
Taronis Technologies, Inc. (TRNX) owns a
patented plasma arc technology that enables two primary end use
applications for fuel generation and water decontamination. The
Company holds a 7% royalty on the global use of its fuel generation
intellectual property. The initial commercialized renewable fuel
product license is disrupting an $8 billion global metal cutting
fuel market.
The Company’s technology can also be implemented
for the decontamination of waste water, including sterilizing
water, eradicating all pathogens. The technology is being tested to
determine if it can completely eliminate pharmaceutical
contaminants such as antibiotics, hormones and other soluble drugs
suspended in contaminated water. Lastly, the technology process is
capable of reducing or eliminating other contaminants, such as
harmful metals, as well as nitrogen, phosphorus, and potassium
levels. The technology has prospective commercial applications in
the agricultural, pharmaceutical, and municipal waste markets. For
more information on Taronis, please visit the Company's website at
http://www.TaronisTech.com/.
Taronis also owns a controlling interest in
Water Pilot, LLC. The WATER PILOT® System immediately reduces water
consumption and provides you with live remote consumption
monitoring for long term leak protection and water asset
management. An integral, client based alarm and notification system
that reports to any mobile device. Water Pilot may be appropriate
for a wide range of businesses or properties with a water meter.
For more information, please visit our website at
www.gowaterpilot.com/
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking
statements as defined within Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These statements relate to future events,
including our ability to raise capital, or to our future financial
performance, and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of
activity, performance, or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. You should not place undue reliance on forward-looking
statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
our control and which could, and likely will, materially affect
actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects our current views with
respect to future events and is subject to these and other risks,
uncertainties and assumptions relating to our operations, results
of operations, growth strategy and liquidity. We assume no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future.
For a discussion of these risks and
uncertainties, please see our filings with the Securities and
Exchange Commission. Our public filings with the SEC are available
from commercial document retrieval services and at the website
maintained by the SEC at http://www.sec.gov.
Investor Contacts:Michael KhorassaniIR@TaronisTech.com
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