Taronis Reports $2.2 Million in April Sales
109% Increase in Monthly Sales vs. 2018
TAMPA, FL / ACCESSWIRE / May 16, 2019 / Taronis Technologies, Inc., ("Taronis" or "the Company") (NASDAQ: TRNX), a leading clean technology company in the renewable resources and environmental conservation industry, today announced its preliminary sales results for the month of April. Sales for the month were $2.2 million, which represented a $1.1 million increase, or 109%, as compared to the same month in 2018. The increase was primarily attributable to revenues derived from several acquisitions made in the second half of 2018 and early 2019. Additional details by region are as follows.
Southeast: The Florida business unit experienced its best month in 2019, with $0.35 million in sales, as the local marketing team expanded its market efforts in anticipation of Taronis's industrial gas fill plant being fully operational in June. This is expected to make the overall product offering much more competitive and profitable, which will justify an expanded sales effort in the region for the rest of 2019.
South: The Company's Texas operations produced their highest sales figures under Taronis management. Total sales in this region were just under $1.0 million, which represents almost a nine-fold increase in sales. The Company has prioritized a series of acquisitions in this region, and is now one of the largest independent industrial gas competitors in the region. The overall demand for the Company's products has been strong and reflective of the successful integration of recently acquired assets.
West Coast: Taronis's California locations generated the largest level of monthly sales in corporate history, with just over $0.85 million in revenues. San Diego and Sacramento performed very well in particular. San Diego recorded its highest sales month under Taronis management, and the Woodland operation produced one of its highest sales months as well. The Los Angeles market has only just completed its integration process activating the launch of a revised marketing and sales effort.
"We are making positive progress across all of our operations," commented Scott Mahoney, Chief Executive Officer of Taronis. "Our team is executing on all fronts, and our clients are responding as expected. We are optimistic that our team can build on our first four months of success and continue to expand our market share across some of the best markets in the US for industrial gas products today."
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 U.S and through its wholly owned distributors: MagneGas Welding Supply - Southeast, LLC, MagneGas Welding Supply - South, LLC, and MagneGas Welding Supply - West, LLC. 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.
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.
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Released May 16, 2019