Republic of Turkey to Ban Acetylene, Other Metal Cutting Fuels
MagneGas to Be Positioned as Nationally Preferred Metal Cutting Fuel
PHOENIX, AZ, Dec. 30, 2019 (GLOBE NEWSWIRE) -- Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ: TRNX), a sustainability technologies company, announced that the Company has received formal notice from the Turkish Ministry of Trade that a conditional ban has been made public, limiting the use of acetylene, propane and other industrial gases widely used as metal cutting fuels within the Republic of Turkey.
The Company’s executive team met with The Director General of Imports, Mr. Ahmet Çetinkayiş during a recent series of cabinet level meetings in Ankara. During this meeting, the Director General delivered a ceremonial plaque declaring the government’s intention to ban alternative prevailing metal cutting fuels, making MagneGas the exclusive metal cutting fuel across the Republic of Turkey.
The Director General further informed the Company that the formal ban will be enacted once the government is satisfied that Taronis’ new Ankara based joint venture can meet the needs of the local market for metal cutting fuels. The government has confirmed that the local market is approximately $200 million in annual consumption. To meet this level of demand, the Turkish government also confirmed that approximately one hundred of Taronis’ patented 300 KW Venturi plasma arc gasification units will be required.
The government has informed Taronis to be prepared to deliver all one hundred gasification units over a 24 month time frame. This would require a significant expansion of the existing $165 million purchase contract, which covers only thirty gasification units, and was recently approved and commenced in mid-December.
“With our most recent meetings in Ankara, our team accomplished a great deal that is only now beginning to be fully revealed,” commented Scott Mahoney, CEO of Taronis. “We sought the ban of acetylene from the very beginning in our dialogue with Turkish officials. This is one of the most dangerous, environmentally harmful industrial products and it has no place in modern society.”
“Our core value proposition to the Turkish government has been the ability to reduce the frequency of needless injuries and fatalities related to acetylene. Turkey has created a vast and growing industrial base, and MagneGas has the ability to make tens of thousands of workers across Turkey safer and more productive.”
“Our technology not only delivers clear safety and productivity benefits of MagneGas, but also significant water conservation and environmental benefits. This compelling combination of factors has caused the Ministry of Trade and the Ministry of Energy and Natural Resources to become strong advocates for Taronis and our renewable metal cutting fuel, MagneGas. We are grateful for their support, and we look forward to helping Turkey achieve their objective to completely ban acetylene within 24 months,” 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 30, 2019