September Sales 113% Higher than Prior Year
PHOENIX, AZ, Oct. 17, 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 reported $1.73 million in sales for its US retail industrial gas and welding supply network. Sales increased 113% as compared to the same month in 2018. The Company operates 22 retail locations across California, Texas, Louisiana and Florida. Details on growth by region are as follows:
The fastest growing market for Taronis in September was the combined Texas and Louisiana market, which produced just over $0.78 million in sales for the month. This was a fivefold increase when compared to the $0.12 million generated for the same month in 2018. Much of this growth was attributed to five acquisitions the Company has made in the region in the last twelve months.
The two locations previously branded under Green Arc Supply were the only operations that were owned in both periods, and those stores saw an increase of 47% in same store sales. Overall, the region has been highly receptive to the increased MagneGas marketing efforts; with several new client wins that are expected make the new Flint, Texas MagneGas production plant highly profitable by year end.
California also experienced strong growth in September, generating $0.66 million in sales. This represents a 63% increase in sales as compared to the same period in 2018. The Los Angeles market in particular has done an excellent job replacing revenues displaced by the national helium shortage with new client relationships. The Company has won several sizable new clients in the past months due to successful MagneGas demonstrations. In addition, San Diego continues to be an area of strength, and the Company is evaluating opening a new location in that market early in 2020.
Lastly, the Florida market generated $0.31 million in sales, representing an 11% increase over the prior year. With the completion of the Clearwater industrial gas fill plant in August, this immediately alleviated various growth constraints in this market. The Company is now in the process of adding additional marketing resources in this market, with a goal to resume annual organic growth goals of at least 20%.
“September was another positive month for our US retail team,” commented Scott Mahoney, CEO of Taronis. “Our sales force is delivering strong and consistent revenue results, serving our customers, and increasing our share of the markets we serve. Our increased efforts in marketing MagneGas are consistently paying off across multiple markets. As we continue to onboard these new clients, we are confident that the fourth quarter will sustain our positive momentum.”
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 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 Khorassani
IR@TaronisTech.com