Company Deemed a Critical Industry By Depart of Homeland Security
PHOENIX, AZ, March 30, 2020 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc., (“Taronis” or “the Company”) (OTC: TRNF), a global producer of renewable and socially responsible fuel products, today provided a summary update of domestic operations across all markets. The Company has been deemed a critical industry as classified by the Department of Homeland Security. As a result of this classification, the Company is permitted to maintain fully functioning daily operations in all markets, including Florida, Louisiana, Texas and California. The Company is also fully permitted to conduct interstate business with clients and wholesale distribution partners in the Northeast, Midwest and Mid-Atlantic markets.
Despite the uncertainty created by the ongoing Coronavirus pandemic, the Company has been highly proactive and is still very active in its marketing and customer support. A few notable highlights of recent success by region are as follows:
In the Southeast region, the Company began scaling its single largest client, a multistate electric utility operator. The Company had successfully won a new calibration gas contract with this client for approximately $0.4 million in incremental sales earlier in 2020. The Company also successfully won a new piece of business for equipment and hard goods sales from an existing industrial gas client. This incremental revenue is expected to add approximately $0.3 million in new sales in 2020. Lastly, the Company has added a major new client in the central Gulf Coast market. This was one of the Company’s top prospects in that market, and it is expected to generate in excess of $0.5 million in new annual sales as the pandemic subsides.
In the South region, the Company has advanced several major new revenue opportunities. First, the Company has solicited several prominent historical acetylene distributors in the Louisiana and Houston markets to begin selling MagneGas. The Company has historically operated an acetylene distribution facility in Tyler, TX and is aggressively looking to convert much of the local market to MagneGas. The Company is also actively exploring the opportunity to expand organically into the Dallas market.
In the West region, the Company has successfully secured a large scale helium solution. For the past 18 months, there has been a national helium shortage. This new capability is expected to add up to $0.2 million in monthly revenues in California. The Company has also seen immediate positive response to the newly revised MagneGas pricing strategy in this market.
“We are very encouraged by our team’s recent successes,” commented Scott Mahoney, CEO of Taronis Fuels. “The current situation with regards to the Coronavirus has created a significant amount of uncertainty, particularly in the capital markets. We are very fortunate that our business is a required and critical component of the US economy in the markets we serve. This federal status has given us the ability to focus on serving our clients while preserving our valued work force.”
“We serve a number of critical industries, including agriculture, hospitals and medical facilities, refineries, power plants, repair shops, grocery stores, and a wide range of other clients that many investors would not otherwise realize we work with every day,” continued Mr. Mahoney.
“We have found that in many markets we serve, the larger competitors have pulled back, trying to serve their clients from centralized hubs. This slows down customer service and delays critical products these customers need. In clear contrast, we are open for business every day, and we are aggressively calling these clients to let them know we are local and can immediately provide for their industrial gas and welding supply needs.”
“Being available, being responsive, and being a trusted partner in these difficult times is already winning us market share. With the added marketing edge from MagneGas, we feel we can capitalize on the times to benefit our clients and grow our business,” 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@TaronisTech.com