Taronis Technologies, Inc., (“Taronis” or “the Company”)
(NASDAQ: TRNX), a sustainability technologies
company, announced that the Company’s former subsidiary, Taronis
Fuels, has executed a binding agreement with MC Consulting
Teknoloji Enerji Danismanlik Sanayi ve Ticaret Limited Şirketi (“MC
Consulting”), an energy technology marketing firm based in Ankara,
Turkey.
The agreement calls for the immediate sale of
one 300KW Venturi plasma arc gasification unit for $5 million to MC
Consulting from Taronis Fuels. Taronis has an existing inventory of
gasification units, and it will facilitate the immediate sale of an
existing unit to be refurbished to a like new condition. The unit
has a target delivery date in Ankara of February 29, 2020.
MC Consulting and Taronis Fuels also entered
into a multi-year regional marketing agreement. Taronis Fuels has
granted MC Consulting an exclusive territory for the marketing and
sale of Venturi gasification units for the production of MagneGas,
a renewable metal cutting fuel that replaces acetylene, propane and
other traditional industrial gases. The initial marketing territory
includes Afghanistan, Albania, Armenia, Azerbaijan, Egypt, Georgia,
Iraq, Kazakhstan, Moldavia, Pakistan, Turkmenistan, Ukraine and
Uzbekistan.
MC Consulting shall initially market fifty 300KW
Venturi plasma arc gasification units at a sales price of $5
million, as well as industry standard royalty payments to be paid
periodically, in perpetuity, based on MagneGas production within
the territory of each buyer. MC Consulting shall earn an industry
standard commission as a marketing consultant on applicable unit
sales.
The immediate sale of one gasification unit to
MC Consulting will serve as a fully functional technical sales
demonstration unit to be based in Ankara. Multiple countries within
the marketing territory have already expressed a high level of
interest in replicating the joint venture model constructed between
MC Consulting and Taronis Fuels. This joint venture has been highly
successful in gaining the support of the Turkish government across
multiple government ministries, including the conditional ban of
acetylene to accelerate the countrywide adoption of MagneGas as the
sole metal cutting fuel in Turkey within 24 months.
“We are very pleased to announce our expanded
relationship with MC Consulting,” commented Scott Mahoney, CEO of
Taronis. “The executive team at MC Consulting has demonstrated a
unique ability to gain immediate access to the most senior levels
of the Turkish government. They have also done an excellent job
facilitating the joint venture to support the initial $165 million
contract to deliver 30 gasification units into Ankara. We have the
highest level of confidence in MC Consulting as a key partner in
Turkey.”
“With this impressive success, we have decided
to significantly expand our commercial ties with MC Consulting. We
have already been introduced to multiple heads of state within the
region as a direct result of our relationship with MC Consulting.
We have been solicited to replicate the joint venture model
established in Turkey with several additional countries in the
region.”
“For centuries, Turkey has been the commercial
hub connecting Asia, Europe, the Middle East and North Africa. With
the successful launch of our Turkish joint venture, we intend to
fully leverage this momentum to replicate our business model in
many more countries in 2020 and beyond.”
“With the possible sale of an additional fifty
gasification units, this has the potential to generate millions of
dollars in additional royalties back to Taronis Technologies. We
have recently announced a share buyback program. We hope that
shareholders can now begin to better understand why we cancelled
our recent proposed financing transaction and instead elected to
pursue this strategy. We believe that the opportunity to collect
scalable royalty income from international unit sales has the
ability to deliver significant value beyond the initial Turkish
joint venture,” 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 through a licensing agreement with Taronis
Fuels, Inc. Given the potential scale of this royalty agreement and
the potential material impact to the financial profile of Taronis
Technologies, the Company shall continue to provide updates on
material developments within Taronis Fuels.
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/
FORWARD-LOOKING STATEMENTS
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.
Investor Contacts: Michael KhorassaniIR@TaronisTech.com
Taronis Technologies (NASDAQ:TRNX)
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