Key Highlights for Taronis Technologies, Taronis Fuels, and Water Pilot
PHOENIX, AZ, Jan. 31, 2020 (GLOBE NEWSWIRE) -- Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ: TRNX), a sustainability technologies company, today hosted an investor town hall teleconference at 10am EST. The purpose of this call was to provide a detailed update on key business developments for Taronis Technologies and its wholly owned subsidiaries, as well as Taronis Fuels, a former subsidiary with financial ties to the Company. Below is a summary of key highlights from the call, summarized as follows:
Taronis Fuels:
- Taronis Fuels generated record fourth quarter unaudited, preliminary revenues of $11 million, compared to $2.0 million in revenues in the fourth quarter of 2018.
- Taronis Fuels generated record annual unaudited, preliminary of revenues of $27 million, including the acceleration of $0.9 million consulting contract and the accrued deposit for $4.7 million under a 5-unit purchase sale. This represents a significant increase when compared to $9.7 million in sales reported in 2018.
- Taronis Fuels projects to generate in excess of $50 million in revenues, scalable EBITDA in 2020 based on 100% organic growth.
- Taronis Fuels projects to allocate a portion of free cash flows to common stock buybacks and cash dividends.
- Taronis Fuels has cleared all of the Securities Exchange Commission open items related to the spin off process.
- Taronis Fuels is now focused on completing the open items related to the listing process with the remaining regulatory bodies, with a desired goal to complete this process in the immediate term.
- Taronis Fuels is still fully focused and on track to proceed with a potential uplisting application to a national exchange.
- Taronis Technologies continues to support a long term share buyback plan. In the event the Turkish $165 million contract is fully executed, an increasing proportion of free cash flows would be allocated to a corporate share buyback program.
Taronis Technologies and Its Subsidiaries:
- Taronis Water, a wholly owned subsidiary of Taronis Technologies has made meaningful progress on a strategic relationship with one of the largest global hog producers to positively impact the North Carolina hog waste issue. A second global leader has been identified for potential parallel collaboration in additional US markets.
- Taronis Water is to deliver final USDA presentation in Washington, D.C. on February 12th, creating a path to potential additional USDA grant opportunities.
- Taronis Water intends to build up to 3 300KW Venturi plasma arc sterilization units to support multiple potential projects within the animal waste sterilization industry.
- Water Pilot has successfully completed its next generation valve technology, and will submit provisional patents in the near term.
- Water Pilot has accumulated a $200,000 current sales backlog for January, multi-million-dollar soft backlog of proposals submitted to prospective clients under an expanded marketing program with multiple new sales channels.
- Water Pilot forecasts in excess of $2 million in sales for 2020.
- Taronis Technologies has formed a new subsidiary, Taronis Health to opportunistically target biotechnology investments.
- Taronis Health has acquired a 20% stake in Taurus Therapeutics, an immuno-oncology biotechnology company developing new drugs that target immunosuppressive adenosine in the tumor microenvironment (TME) for the treatment of resistant cancers.
- Taronis Health also owns an additional warrant to acquire an additional 13.3% of Taurus up until an initial public offering (IPO).
- Taurus is actively preparing for an IPO as early as before year-end 2020.
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 Khorassani
IR@TaronisTech.com