Taronis Technologies Inc.
Under the Symbol:
Taronis Generates $1.63 Million in February Revenues
Wednesday, March 20, 2019 8:00 AM
Represents 324% Annual Increase in Sales
TAMPA, FL / ACCESSWIRE / March 20, 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 the Company generated $1.63 million in revenues for the month of February. This represents a 324% increase as compared to $0.38 million generated in February of 2018. If the two February acquisitions were included from the beginning of the month, sales would have been $2.0 million on a pro forma basis. These results are the highest in corporate history.
''Taronis has consistently executed on its primary growth goals over the past 15 month,'' commented Scott Mahoney, Chief Executive Officer of Taronis Technologies. ''With the acquisition of three additional companies during the first quarter of 2019, we have completed our initial goal to gain the critical mass to launch scaled MagneGas production across key markets in the US. We now have a clear path to accelerate our marketing, rebranding, consolidation and revenue growth goals for 2019 and beyond.''
The fastest growing region for Taronis was California, which generated $0.8 million in sales for February, as compared to $0.04 million in February 2018. The primary factors for this growth were the acquisition of Trico Welding Supply in the Sacramento market in April 2018, and the acquisition of Complete Welding in the Los Angeles market in February 2019. Factors also include strong growth in the San Diego market, with Taronis continuing to add new clients and steadily gain access to large municipal and industrial accounts.
In Texas, February sales were $0.8 million, compared to $0.13 million the prior February. The primary factors for growth were a total of three acquisitions made in October of 2018 and an additional two acquisitions in the first quarter of 2019, including Tyler Welders Supply, which, for more than 40 years, was one of the largest independent welding supply distributors in East Texas. Additionally, Green Arc Supply saw rapid growth numbers of 71%, resulting in $216,000 in sales, the highest results in Green Arc's history. The combined Texas sales team has seen increased growth, and is taking market share at an accelerated rate.
Florida remains largely unchanged with $0.25 million in sales. The Florida marketing program is expected to reaccelerate once a compressed gas fill plant is completed at Taronis' Clearwater facilities, expected in late April.
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: ESSI, Green Arc Supply, Paris Oxygen, Latex Welding Supplies, Tyler Welders Supply, United Welding Supplies, Trico Welding Supply and Complete Welding of San Diego. The Company operates 17 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.