Newest Location to Include Retail Hub and
Company’s Third MagneGas Production Facility
PHOENIX, AZ, June 02, 2020 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc., (“Taronis” or “the Company”) (OTCQB: TRNF), a global producer of renewable and socially responsible fuel products, today announced the Company has secured its newest industrial gas and distribution location in Peoria, Arizona. The new Arizona location will serve as a flagship retail industrial gas location and will operate under the MagneGas Welding Supply brand like the existing locations in California, Texas, Florida, Louisiana, and Indiana. This is the third new retail location the Company has added in the second quarter of 2020, bringing the total number of retail locations to 26.
In addition, Taronis announced that this location will also serve as the Company’s third MagneGas production facility, operating as a regional distribution hub to serve the Company’s nine industrial gas locations in Arizona and California. The Company’s new heating, ventilation, and air conditioning (“HVAC”) industrial gas business operated under the TGS brand is also scheduled to co-locate and launch operations in the Phoenix and Tucson markets in the fourth quarter of 2020. The TGS expansion is expected to add upwards of $2 million in annualized industrial gas sales.
The Arizona market has become an area of increased focus for the Company. Taronis previously announced the relocation of its corporate headquarters to Peoria, Arizona. The new headquarters is expected to open in late June.
“We are very excited to share the news of our expansion into the Arizona market,” commented Scott Mahoney, CEO of Taronis. “This development represents a clear example of how our retail industrial gas strategy, our new HVAC industrial gas business, and MagneGas production capabilities can produce powerful operational synergies. This combined model optimizes the capital deployment required to launch three separate business initiatives while saving millions of dollars that would otherwise be required to launch each facility on a standalone basis.”
“We look for TGS to bring in revenues very quickly, helping to make the new market quickly profitable. We then expect the retail location to scale significantly over the next 2-3 years. Most importantly, our newest MagneGas production facility will help dramatically improve our ability to market and scale our MagneGas sales in California while serving clients in the Arizona market.”
“With the closing of the TGS acquisition last week, we are now actively executing on our aggressive organic expansion plans for 2020. We have added three new locations in the past month, and TGS gives us a clear path to add new locations in the Atlanta, Orlando and Dallas markets where we can leverage the existing infrastructure of TGS to minimize our cost to expand further. Given that we are now generating strong cash flows from our US operations, we can begin to self-fund and accelerate our organic growth model for the rest of 2020 and beyond,” concluded Mr. Mahoney.
About Taronis Fuels, Inc.
Taronis Fuels, Inc. is a global producer of renewable and socially responsible fuel products. Our goal is to deliver environmentally sustainable, technology driven alternatives to traditional fossil fuel and carbon-based economy products. We believe our products offer a vastly cleaner solution to legacy acetylene and propane alternatives.
Taronis is also dedicated to providing fundamentally safer solutions to meet the industrial, commercial and residential needs of tomorrow’s global economy. Our products have been rigorously tested and independently validated by global gas authorities as vastly safer than acetylene, the most dangerous industrial gas in use today.
Lastly, we strive to deliver products that offer significant function superiority at a reduced cost to the end consumer. Through these efforts, we support 9 of the 17 United Nations Sustainable Development Goals. For more information, please visit our website at www.taronisfuels.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@Taronisfuels.com