Target Delivery Date of April 10th
PHOENIX, AZ, Feb. 24, 2020 (GLOBE NEWSWIRE) -- Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ: TRNX), a sustainability technologies company with patented water decontamination and conservation applications, today announced that its former subsidiary, Taronis Fuels is nearing completion of the first Venturi 50 KW plasma arc gasification unit for delivery to Ankara, Turkey.
Delivery and commissioning of this unit represents the first successful deployment of a Taronis gasification unit into the Republic of Turkey. Taronis is currently scheduling a high-profile ribbon cutting ceremony at their Turkish joint venture facility in Ankara. Prominent government officials, key commercial leaders, and members of the media are expected to attend the event, which will feature a demonstration of the unit in operation, a metal cutting demonstration, and several keynote speakers.
Taronis executed a 50 unit marketing agreement with MC Consulting in December 2019. MC Consulting successfully orchestrated the launch of a large scale joint venture to serve the entire Turkish market for metal cutting fuels. MC Consulting has also played a key role in the proposed ban of acetylene for metal cutting use in Turkey.
MC Consulting has extensive commercial and political ties across the region, and for this reason, Taronis entered into a 13 country joint marketing program to recreate the Turkish joint venture model in multiple markets over the next two years. The total contract covers an initial 50 units at a sales price of $5 million per unit, for a total of $250 million if all units are sold. The initial unit will serve as a marketing platform for prospective buyers and partners in neighboring markets.
“This is a very positive next step in our relationship with MC Consulting and the Turkish government,” commented Scott Mahoney, CEO of Taronis. “Successfully commissioning our gasification unit in Ankara is a critical validation in the process for clearing the delivery of the first five 300 KW Venturi plasma arc gasification units at the end of second quarter 2020.”
“Delivery of this first unit is also key for MC Consulting to begin conducting live demonstrations for senior government officials and industry leaders from a number of neighboring countries. We look forward to seeing our first gasification unit fully operational in Ankara in a few short weeks.”
“This is expected to have a real and tangible impact on Taronis Technologies. The initial sales value of this first unit is $5 million, generating a $350,000 royalty payment back to the Company. More importantly, this enables the full collection of $18.75 million for the five units due to be delivered to Ankara at the end of June. This would generate a further $1.3 million in royalty payments over the next five months. We see this as just the beginning of a scalable royalty stream for many years to come,” 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