Taronis Technologies, Inc., (“Taronis” or “the Company”)
(NASDAQ: TRNX), a sustainability technologies
company, today provided a comprehensive update and business outlook
for the Water Pilot, LLC (“Water Pilot”) a majority-owned
subsidiary of the Company. This update includes recent technology
developments, new business pipeline, and a 2020 financial forecast.
First, the Company completed the engineering and
design of its second-generation water governing valve technology.
Provisional patents will be filed shortly on the design and use.
This is a major accomplish for the Company, as this is the first
core intellectual property that the Water Pilot team has delivered
under Taronis ownership. With this process now complete, the
Company has now transitioned to an accelerated order fulfillment
mode for pending new client installations.
During the fourth quarter, the Water Pilot
marketing team was significantly expanded to include multiple new
third-party referral sources, which now augment the existing full
time sales team. This has accelerated the new client adoption
process substantially. Today, the Company has over $250,000 in
executed installation orders pending for January and early February
installations.
The expanded marketing program is also
generating an accelerated pipeline of new clients outside the
traditional Florida area of operations for the Water Pilot. The
Company currently has over 30 pending contracts worth well in
excess of $500,000, and potentially in excess of $1,000,000 if all
orders are accepted as proposed. For this potential backlog, the
Company has received verbal or written acceptance of proposed terms
but has not yet proceeded with the final purchase installation.
This backlog of pending installation business
excludes several highly scalable potential contracts. For example,
the pilot test for two locations at a national retailer in
Minnesota proceeded well, exceeding the expectations of the
client’s sustainability and conservation goals. That client is now
in the process of expanding the scope of installed locations using
the Water Pilot’s products. This retailer has over 1,700 locations.
Next, the Company has been approved to complete six paid installs
in Georgia and Florida for the largest restaurant operator in the
world, which has over 1,500 locations around the world.
The Company has also had meaningful success with
a number of paid pilot programs with multiple scaled operators in
the food, hospitality and high-density living spaces. The Company
is currently in the process of finalizing agreements with several
100+ location franchise operators to scale the installation program
across their entire operations. The smallest of these pending
contracts is in excess of $250,000.
The Company currently estimates that the
revenues for the Water Pilot should exceed $2,000,000 for 2020,
with growth accelerating throughout the year. The Company will
provide updated forecasts for the Water Pilot quarterly throughout
the remainder of the year.
“The Water Pilot’s growth has been very
impressive,” commented Scott Mahoney, CEO of Taronis. “When we
acquired the majority control in this business in May of 2019, the
prior management team had generated almost no paying installations.
We quickly implemented new sales and marketing programs and
enhanced the value proposition to clients through technical and
independent validation.”
“This has quickly translated into accelerating,
scaling revenues. In the third quarter of 2019, the Water Pilot
generated less than $30,000 in sales. In the fourth quarter, new
business contracts were almost $75,000. In January, we have over
$250,000 paid installs in process. With high gross margins and
limited operating expenses, we see this as a business we can
quickly scale to profitability.”
“Our end objective is to align the Water Pilot
marketing to fully leverage our international efforts. We are
targeting many water constrained economies including Turkey, Saudi
Arabia, Bahrain, and the UAE, among others. We believe that once we
are permitted to fully disclose the scale of our current client
list in the US, many of these international opportunities could
unlock thereafter. Our goal is to convince every major desert
economy to legally require the installation of our water
conservation technology in every new construction build going
forward,” 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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