Ethanol-Based Product Is Now a True Waste-to-Energy Solution
TAMPA, FL / ACCESSWIRE / April 3, 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 has entered into a supply agreement with Catalent, a global leader in the pharmaceutical manufacturing industry. The supply agreement is for the procurement of medical grade waste ethanol, which will be used as the feedstock to produce Taronis' patented synthetic gas product, MagneGas.
Taronis has spent the past 18 months conducting extensive research on the viability of producing a synthetic gas from ethanol-based waste streams. With successful results to date, the Company has now entered into a true waste-to-energy business model. Catalent has 35 locations around the world, including 14 softgel production facilities that generate medical grade waste ethanol that can be readily converted to a synthetic gas. For more information on Catalent, please see the following link:
"This is a major accomplishment for our research and production team," commented Scott Mahoney, Chief Executive Officer of Taronis Technologies. "We have worked closely with Catalent for the past 18 months to evaluate our ability to take one of their most prolific waste streams and convert it into our 4th generation MagneGas metal cutting fuel product."
Mr. Mahoney continued, "With this new feedstock, we project to reduce our production costs by almost 20%. This is a key milestone in our goals to reduce our production costs by up to 50% per cubic foot of gas produced in 2019. With this key pricing competitive advantage, we anticipate being able to gain significant inroads with our roughly 30,000 existing customers across the US as we accelerate our new marketing efforts."
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.