TA Group Affirms Progress on Turkish Contract
PHOENIX, AZ, Oct. 15, 2019 (GLOBE NEWSWIRE) -- Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ: TRNX), a leading clean technology company in the renewable resources and environmental conservation industry, today issued a joint statement with TA Group, the current counterparty with respect to Taronis’ $165 million contract to purchase 30, 300 KW Venturi plasma arc gasification units from Taronis Fuels, a wholly owned subsidiary of the Company. Today, the owner of TA Group, Taner Ay stated as follows:
“The national media coverage of our expanding partnership with Taronis Fuels these past weeks has created enormous interest within the Turkish business community. I have been contacted by numerous members of the press, and I wish to provide a comprehensive response to all questions that I am currently at liberty to address. I am also taking this opportunity to confirm our agreement due to the fact that Taronis is a Nasdaq listed public company with more than 50,000 shareholders and whereas I have also been contacted by thousands of Taronis’ shareholders. I wish to help address their questions as within the prudent confines of the US securities laws.”
“First, TA Group was established for a very unique opportunity. With humility, as many are aware, my family has been exceptionally successful in business, and I have had an incredible education in this field from my father, who has been an amazing investor and entrepreneur his entire life. When Infinite Fuels brought this opportunity to partner with Taronis, we saw an incredible opportunity to help the workers of Turkey avoid thousands of avoidable accidents, injuries and deaths each year. Following in-country demonstrations of the effectiveness and importantly, the safety of Taronis’ MagneGas, all of us at the TA Group are confident that the MagneGas product is fundamentally safer than the alternative fuels currently utilized in scale in our country and can save lives and avoid needless injuries related to acetylene accidents in our homeland. In fact, I believe there should be no other gas used to cut metal in my country but MagneGas.”
“Second, our relationship with Taronis and Infinite Fuels is extremely strong, and we are supporting both companies to the very highest levels of authority here in Turkey. We are very fortunate to be on excellent terms with some of the most important and influential leaders in the history of Turkey, and they are also strong supporters of what we are trying to accomplish with Taronis,” continued Mr. Ay.
“Lastly, we feel that this technology can create thousands of high paying jobs in Turkey. We will support Taronis in the establishment of a global production facility here in Ankara. We want to help Taronis manufacture the valves, regulators, hoses and cylinders they use around the world. Just two weeks ago, we saw Taronis launch their new operations in Amsterdam. We believe that with time, they will convert all Europe to MagneGas, and we want to partner to supply them everything they need to do so, everywhere in the world.”
Mr. Ay concluded, “My stature and that of the TA Group has led to significant attention, including on social media for many years. I plan to leverage all of my resources including the national press and international social media to influence others to help them appreciate the importance and benefits of Taronis and their technology in my country. I believe Taronis’ technology will have an incredible impact on worker safety, the environment, and make our economy even more competitive. I am looking forward to once again hosting the executive team of Taronis as we make our final joint presentations to the highest levels of government in a few short weeks. We are ready to make Taronis a household name across all of Turkey.”
Scott Mahoney, CEO of Taronis responded to Mr. Ay’s comments, “We sincerely thank Mr. Ay and his entire family for all of their support and faith in the Taronis team and our cutting edge technology, which is superior by design and safety profile. We are confident that with this final round of presentations, we can clear all remaining requirements and proceed with the existing contract and hopefully expand our relationship with the TA Group and the Government of Turkey in the near term.”
“We were thoroughly impressed by the scale and scope of the industry in Ankara and Istanbul, and we see our technology as having an ideal fit within the Turkish economy. Like Mr. Ay, we are eager to see MagneGas help save lives and avoid injury. To that end, we are eager to explore implementing a comprehensive safety and training program for all the welders that use our product in Turkey. We also want to see the environment of Turkey improved through our clean gas production process. Lastly, we see Turkey benefitting from significant labor savings from the efficiency gains MagneGas provides. We are looking forward to launching full-scale operations together shortly,” 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’s fuel technology enables a wide use of hydrocarbon feedstocks to be readily converted to fossil fuel substitutes. The Company is developing a wide range of end market uses for these fuels, including replacement products for propane, compressed natural gas and liquid natural gas. The Company currently markets a proprietary metal cutting fuel that is highly competitive with acetylene. The Company distributes its proprietary metal cutting fuel through independent distributors in the US and through its wholly owned distributors doing business as “MagneGas Welding Supply.” The Company operates 22 locations across California, Texas, Louisiana, and Florida.
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 that trigger toxic algae blooms. 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 live remote consumption monitoring for long term leak protection and water asset management. An integral, client based alarm and notification system 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 Khorassani
IR@TaronisTech.com