Taronis Provides Update On $165 Million Turkey Contract
Turkish Government Launches National Media Campaign to Raise Awareness for Taronis Fuels
PHOENIX, AZ / ACCESSWIRE / October 3, 2019 / Taronis Technologies, Inc., ("Taronis" or "the Company") (NASDAQ:TRNX), a leading clean technology company in the renewable resources and environmental conservation industry, today provided a comprehensive update on recent meetings in Ankara, Turkey between executives from Taronis Fuels, a subsidiary of the Company, and senior state officials and business leaders.
The Company conducted extensive MagneGas metal cutting fuel demonstrations for representatives from Turkish state owned and privately operated television and print media.
The event was held at a state of the art distribution center that was recently acquired for operations to be conducted by the Company's local partner, TA Group. This event also hosted representatives from over 35 leading industrial companies that consume significant quantities of acetylene, propane and propylene for metal cutting applications. The event was well received and resulted in a series of national media coverage events that ultimately have raised the national awareness of Taronis Fuels and its technology across the entire country of Turkey.
The state-owned Turkish Radio and Television Corporation conducted an interview with Mr. Taner Ay of the TA Group, and Mr. Scott Mahoney, the CEO of Taronis Fuels. This interview has since aired on Turkish national television, and has been replayed on multiple regional broadcast stations across Turkey.
Taronis Fuels was also interviewed by the Turkish Trade and Registry Gazette, which is a leading financial and business trade publication in Turkey. Mr. Mahoney was also interviewed by the Ankara Gazette, which is considered one of the capital city of Turkey's most prestigious daily publications. Lastly, Taronis Fuels was featured in Sabah, the national daily newspaper of Turkey. The government of Turkey estimated that total viewership across all of these media channels results in more than 280 million views of the Taronis brand and our corporate message in the last week.
"This was a highly successful next step for Taronis in building a world class relationship with the Republic of Turkey," commented Mr. Mahoney. "The purpose of this media event was to raise awareness across the entire country of Turkey regarding the environmental and safety benefits of using our proprietary technology and products. Based on the feedback we have received since our meetings this past weekend, the approval for the use of MagneGas in Turkey is progressing well ahead of plan."
"The government of Turkey fully recognizes the potential impact of using MagneGas for metal cutting fuels purposes. There are over 5,000 incidents causing injury and fatalities using acetylene and other compressed gases in Turkey annually. We believe we can partner to help dramatically reduce these incidents by using our products as well as providing comprehensive ongoing safety training and best practices we employ around the world."
Mr. Mahoney continued, "The economic opportunity for Turkey is massive. There are over 3,500 cylinders of acetylene consumed daily, and an equal amount of propane. The port of Tuzla outside Istanbul is one of the largest ship demolition sites in the world. The entire economic corridor from Istanbul to Ankara is filled with heavy to medium industry that has been attracted under President Erdogan's successful economic development programs. MagneGas can provide significant safety and efficiency benefits across a significant portion of Turkey's economy."
"We estimate that this is a $200 million annual revenue opportunity based on the analysis provided by Turkish government representatives. With this level of demand, the Turkish representatives estimate that we will ultimately need to deliver at least 80 300KW Venturi gasification units to service the entire Turkish market."
"Based on our most recent dialogue, we anticipate an expedited approval of permitting and regulatory approval for the sale of MagneGas in Turkey. With that completed, we are increasingly confident that we will move forward with the $165 million contract in early fourth quarter 2019," 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's fuel technology enables a wide use of hydrocarbon feedstocks to be readily converted to fossil fuel substitutes. The Company is developing a wide range of end market uses for these fuels, including replacement products for propane, compressed natural gas and liquid natural gas. The Company currently markets a proprietary metal cutting fuel that is highly competitive with acetylene. The Company distributes its proprietary metal cutting fuel through independent distributors in the US and through its wholly owned distributors doing business as "MagneGas Welding Supply". The Company operates 22 locations across California, Texas, Louisiana, and Florida.
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 that trigger toxic algae blooms. 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/
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.
SOURCE: Taronis Technologies, Inc.
View source version on accesswire.com:
Released October 3, 2019