Under the Symbol:
Taronis to Launch New Manufacturing Facility
Tuesday, August 27, 2019 9:48 AM
Phoenix Based Facility Capable of Manufacturing up to 30 Venturi Plasma Arc Units per Year
PHOENIX, AZ / ACCESSWIRE / August 27, 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 plans to launch a 50,000 square foot manufacturing facility to be based in the greater Phoenix metropolitan market. This facility is expected to house a team of approximately 10 engineers and 12-15 highly skilled technicians. It will include a staging area for long lead time components, assembly, testing and certification capabilities and a fully functioning demonstration center for technical marketing purposes.
“We have made significant progress on multiple fronts related to our international expansion,” commented Scott Mahoney, CEO of Taronis. “Our meetings in El Salvador last week went extremely well. We have expanded the scope of our discussions with our Turkish partners in advance of our meetings in Ankara in two weeks. We are also very close to final approval in Amsterdam for our new gasification location.”
Mr. Mahoney continued, “As a result, we now believe it is critical that we prepare our Company to meet the anticipated demands of our international expansion. Our forecasts indicate that we may need to construct at least 10, but potentially as many as 30, Venturi plasma arc gasification units annually, beginning in 2020.”
“With our recent $165 million contract with a consortium of five industrial gas distributors in Turkey, and our $14 million MOU for El Salvador and expected expansion in Latin America, we see the Phoenix manufacturing plant as a critical investment to prepare for our potential growth. As a result, we are actively working towards meeting this anticipated demand,” 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 U.S. 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. 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 live remote consumption monitoring for long term leak protection and water asset management. An integral client-based alarm and notification system 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/
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.