New Client Has Over 115 Locations
PHOENIX, AZ, Oct. 21, 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 announced that its majority owned subsidiary, Water Pilot, LLC (“Water Pilot”) has won a 5 install contract with one of the largest quick service restaurant franchise operators in the US.
The new client has authorized an initial five locations for paid installations of the Water Pilot’s water conversation technology. The client has indicated that if the initial results from these five installs deliver the expected savings in water utility expenses, they anticipate authorizing the install at all 115 locations. If this initial paid install proceeds as expected, the resulting contract for remaining locations would be in excess of $300,000.
“This is a very promising win for the Water Pilot team,” commented Scott Mahoney, CEO of Taronis. “After only a few short months of working together, we have advanced the commercialization of this technology significantly. In May, the Water Pilot was doing unpaid pilot installs to generate interest. Today, we are now charging full rates for installs based on our strong track record of saving clients upwards of twenty to even thirty percent in some cases on their water utility bills. We are also able to help conserve significant unnecessary fresh water consumption for these clients.”
“Today, we are gaining real financial momentum. We are starting to generate revenues in the tens of thousands of dollars per month, and this is quickly turning the Water Pilot into a profitable business. We are deliberately targeting large scale operators in the hospitality, restaurant, healthcare and high density living markets.”
“Most of these prospective clients operate at least 100 locations each. With a price point of about $2000 for our smaller valves, and over $25,000 for our largest models, we are focused on clients that can deliver several hundred thousand dollars each to our revenue mix in 2020. We believe Water Pilot has the potential to quickly scale into a highly profitable, multimillion dollar operation in 2020,” 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