Taronis Technologies, Inc., (“Taronis” or “the Company”)
(NASDAQ: TRNX), a sustainability technologies
company, announced that the Company’s former subsidiary, Taronis
Fuels, Inc. has received clearance from the Republic of Turkey’s
Ministry of Trade for the immediate importation of Taronis’
patented Venturi plasma arc gasification units and the
manufacturing, distribution and sale of MagneGas, the only known
renewable metal cutting fuel in use today.
The Executive team from Taronis held various
high-level government meetings in Ankara this past week, including
a key meeting with the Director of General Imports, Mr. Ahmet
ÇetinKayiş who provided significant clarity on the role of the
Turkish government in supporting the Turkish-based Taronis Fuels
joint venture going forward.
First, the execution of the transfer of the
initial $165 million contract previously executed with the TA Grup
now triggers the immediate purchase of five 300KW Venturi plasma
arc gasification units by Taronis Fuels Turkey Gas Enerji Sanayi ve
Ticaret Limited Şirketi, a joint venture between Taronis Fuels and
MC Consulting Teknoloji Enerji Danismanlik Sanayi ve Ticaret
Limited Şirketi, an energy focused marketing consortium based in
Ankara.
The initial five unit purchase requires the
payment of $18.75 million over four equal installments, with the
first cash payment due in full no later than January 16, 2020. The
delivery then calls for a second payment to be made by March 14,
2020, with the remaining payments due when the units are ready to
ship in April, and upon commissioning in early May. The remaining
$8.75 million would then be due as a multi-year maintenance
contract.
The formal signing ceremony for the contract
transfer and commencement was held at the offices of Deputy
Undersecretary Zafer Benli of the Ministry of Energy and Natural
Resources. Deputy Undersecretary Benli also conveyed his ministry’s
broad support for the Taronis Technology portfolio, and MagneGas
specifically, as a metal cutting fuel product for 21st century and
the future of industrial gas in Turkey.
With this contract officially approved, Taronis
will immediately commence the manufacturing process for the
production of five 300KW Venturi plasma arc gasification units for
a target delivery to Ankara in early April 2020.
“This is a major accomplishment for our team,”
commented Scott Mahoney, CEO of Taronis. “We sincerely appreciate
the opportunity to meet with a number of highly respected and
incredibly influential government leaders this past week. We
appreciate their full support for our technology, our products, and
our interest in bringing the world’s only renewable metal cutting
fuel to Turkey in 2020.”
“Equally exciting, we see the launch of
our operations in Turkey as the catalyst for many additional
regional opportunities. We see this as only the first step in
converting the entire global acetylene market to our products in a
few short years,” 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
Taronis Technologies (NASDAQ:TRNX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Taronis Technologies (NASDAQ:TRNX)
Historical Stock Chart
From Sep 2023 to Sep 2024