Joint Venture Partners Proceed with Immediate $27.5 Million
Purchase for Five 300KW Venturi Plasma Arc Units
PHOENIX, AZ, Dec. 23, 2019 (GLOBE NEWSWIRE) -- Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ: TRNX), a sustainability technologies company, announced that the Company’s former subsidiary, Taronis Fuels, Inc. has received clearance from the Republic of Turkey’s Ministry of Trade for the immediate importation of Taronis’ patented Venturi plasma arc gasification units and the manufacturing, distribution and sale of MagneGas, the only known renewable metal cutting fuel in use today.
The Executive team from Taronis held various high-level government meetings in Ankara this past week, including a key meeting with the Director of General Imports, Mr. Ahmet ÇetinKayiş who provided significant clarity on the role of the Turkish government in supporting the Turkish-based Taronis Fuels joint venture going forward.
First, the execution of the transfer of the initial $165 million contract previously executed with the TA Grup now triggers the immediate purchase of five 300KW Venturi plasma arc gasification units by Taronis Fuels Turkey Gas Enerji Sanayi ve Ticaret Limited Şirketi, a joint venture between Taronis Fuels and MC Consulting Teknoloji Enerji Danismanlik Sanayi ve Ticaret Limited Şirketi, an energy focused marketing consortium based in Ankara.
The initial five unit purchase requires the payment of $18.75 million over four equal installments, with the first cash payment due in full no later than January 16, 2020. The delivery then calls for a second payment to be made by March 14, 2020, with the remaining payments due when the units are ready to ship in April, and upon commissioning in early May. The remaining $8.75 million would then be due as a multi-year maintenance contract.
The formal signing ceremony for the contract transfer and commencement was held at the offices of Deputy Undersecretary Zafer Benli of the Ministry of Energy and Natural Resources. Deputy Undersecretary Benli also conveyed his ministry’s broad support for the Taronis Technology portfolio, and MagneGas specifically, as a metal cutting fuel product for 21st century and the future of industrial gas in Turkey.
With this contract officially approved, Taronis will immediately commence the manufacturing process for the production of five 300KW Venturi plasma arc gasification units for a target delivery to Ankara in early April 2020.
“This is a major accomplishment for our team,” commented Scott Mahoney, CEO of Taronis. “We sincerely appreciate the opportunity to meet with a number of highly respected and incredibly influential government leaders this past week. We appreciate their full support for our technology, our products, and our interest in bringing the world’s only renewable metal cutting fuel to Turkey in 2020.”
“Equally exciting, we see the launch of our operations in Turkey as the catalyst for many additional regional opportunities. We see this as only the first step in converting the entire global acetylene market to our products in a few short years,” 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 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