Taronis Provides Corporate Update
Company Details 2020 Development Goals
For Medical Waste Disposal Technology
PHOENIX, AZ, Dec. 16, 2019 (GLOBE NEWSWIRE) -- Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ: TRNX), a sustainability technologies company, today announced its key business development goals for its medical waste disposal technology business in 2020.
Initially, the Company will look to launch a pilot commercialization project to serve the European Union hospital market. The primary purpose of this program will be twofold. First, the project will leverage data sourced from Taronis’ recently completed 18 month USDA grant funded agricultural waste sterilization project. The new project is intended to validate the Company’s ability to effectively sterilize biological waste streams, commonly referred to as “black water,” generated by large scale medical facilities within the EU.
Second, the project is intended to demonstrate the clear commercial viability of an EU-wide launch of black water treatment within the EU. This would be accomplished through a three part jointly managed project led by Taronis. The proposed partners would include the Center of Expertise in Water Technology (“CEW”), a leading research and engineering organization based in Leeuwarden, Netherlands, and HM Hospitales (“HMH”), a leading medical research and hospital facility operator based in Madrid, Spain.
Taronis, CEW and HMH have previously announced the application for a €3.0 million Horizon 2020 grant to pursue this opportunity. Based on the initial findings, CEW and HMH approached Taronis and proposed pursuing a separate €2.0 million grant for the same project to be funded from a locally funded grant issuing body in Spain.
The Company believes there is a clear path to a substantial near-term business opportunity developing within the EU. In the past year, the European Commission has authorized and funded multiple white papers researching the dangers of black water, which is currently disposed of as an untreated waste stream directly into EU waterways. The European Commission typically requires these white papers as the basis for legislative or regulatory actions. The Company believes that black water disposal may be a heavily regulated practice in as little as two years.
There are over 5,500 medical facilities, including hospitals, surgical centers and emergency rooms across Europe that generate meaningful quantities of black water. The Company intends to demonstrate the efficacy of destroying harmful pharmaceuticals and eliminating pathogens and viruses that could otherwise contaminate water supplies. The Company also intends to demonstrate the ease of use and commercial viability of the business model through the proposed pilot with CEW and HMH.
“This is a highly scalable business opportunity,” commented Scott Mahoney, CEO of Taronis. “We believe that there is a very high probability that the EU will enact significant regulations regarding the disposal of black water in the near future. We want to be well out ahead of all other possible solutions with a clearly demonstrated solution using our plasma arc sterilization technology.”
“We have proposed to CEW and HMH that we immediately deploy our existing 50 KW mobile sterilization unit at an HMH facility in Madrid in the first quarter of 2020. We would then train their team to operate the unit independently for the purposes of conducting efficacy studies compliant with EU standards for up to 12 months.”
“Upon completion, CEW and HMH will produce a white paper documenting the results, which would be presented to the European Commission. These results could position our Company to be the technology leaders in very large market. We believe that we could sell our sterilization units for $1.5 million each with possible EU subsidies to 5,500 facilities across the EU. This represents upwards of an $8 billion addressable market for Taronis.”
“To unlock this opportunity, we may be asked to fund the €2 million project with CEW and HMH if the grant application is not immediately approved. We believe this opportunity more than justifies the investment on our part, and we intend to aggressively pursue this project in January,” 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/
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.
Released December 16, 2019