Taronis Approves $1 Million Common Stock Buyback
Company To Use Royalty Cash Flows to Commence Buyback Program
PHOENIX, AZ, Jan. 02, 2020 (GLOBE NEWSWIRE) -- Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ: TRNX), a sustainability technologies company, announced that the Company has approved a $1 million common stock buyback program. This program is expected to be discretionary, with periodic buybacks expected throughout the first quarter of 2020.
“With the commencement of the $18.75 million gasification purchase under Taronis Fuels, our Company is expected to receive $1.3 million in royalty payments over the next 90-100 days,” commented Scott Mahoney, CEO of Taronis. “Our Company is committed to maximizing shareholder value through all options, including cash dividends and buyback programs. It is our assessment that an immediate buyback program provides a meaningful way to deliver maximum shareholder value given the expected free cash flows to Taronis early in 2020.”
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 January 2, 2020