Taronis Completes Industrial Gas Fill Plant Installation in Florida
Potentially Improves Profitability by $1 Million Annually
PHOENIX, AZ / ACCESSWIRE / July 29, 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 that it has successfully commissioned its new industrial gas fill plant facilities in Clearwater, Florida. The installation process began in the fourth quarter of 2018, and is intended to play a significant role in the expansion of the Company’s competitive positioning in the Florida market. The Company operates four locations in Florida under the new national retail brand, MagneGas Welding Supply.
“This is a critical next step in the scale and capabilities of our Florida operations,” commented Scott Mahoney, CEO of Taronis. “We have worked diligently to identify areas for improved operating performance across our retail network. This facility is expected to significantly enhance the profitability of our existing operations in the Florida market. Based on our analysis, we believe we can improve our gross profits from that market by approximately $900,000 annually.”
“Equally importantly, we are now better positioned to compete for larger client opportunities in Florida that require the capabilities that we can now deliver with a state of the art fill plant facility. With our investment in these new capabilities, we have identified over $1 million in annualized new business revenues we could compete for in Florida. When combined with the competitive advantages of marketing MagneGas, the only renewable metal cutting fuel on the market today, we are confident that our Florida market can return to a high revenue growth model we have experienced in prior years,” 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 The Water Pilot, LLC website at http://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.
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Released July 29, 2019