Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ:
TRNX), a leading clean technology company in the renewable
resources and environmental conservation industry, today reported
$1.73 million in sales for its US retail industrial gas and welding
supply network. Sales increased 113% as compared to the same month
in 2018. The Company operates 22 retail locations across
California, Texas, Louisiana and Florida. Details on growth by
region are as follows:
The fastest growing market for Taronis in
September was the combined Texas and Louisiana market, which
produced just over $0.78 million in sales for the month. This was a
fivefold increase when compared to the $0.12 million generated for
the same month in 2018. Much of this growth was attributed to five
acquisitions the Company has made in the region in the last twelve
months.
The two locations previously branded under Green
Arc Supply were the only operations that were owned in both
periods, and those stores saw an increase of 47% in same store
sales. Overall, the region has been highly receptive to the
increased MagneGas marketing efforts; with several new client wins
that are expected make the new Flint, Texas MagneGas production
plant highly profitable by year end.
California also experienced strong growth in
September, generating $0.66 million in sales. This represents a 63%
increase in sales as compared to the same period in 2018. The Los
Angeles market in particular has done an excellent job replacing
revenues displaced by the national helium shortage with new client
relationships. The Company has won several sizable new clients in
the past months due to successful MagneGas demonstrations. In
addition, San Diego continues to be an area of strength, and the
Company is evaluating opening a new location in that market early
in 2020.
Lastly, the Florida market generated $0.31
million in sales, representing an 11% increase over the prior year.
With the completion of the Clearwater industrial gas fill plant in
August, this immediately alleviated various growth constraints in
this market. The Company is now in the process of adding additional
marketing resources in this market, with a goal to resume annual
organic growth goals of at least 20%.
“September was another positive month for our US
retail team,” commented Scott Mahoney, CEO of Taronis. “Our sales
force is delivering strong and consistent revenue results, serving
our customers, and increasing our share of the markets we serve.
Our increased efforts in marketing MagneGas are consistently paying
off across multiple markets. As we continue to onboard these new
clients, we are confident that the fourth quarter will sustain our
positive momentum.”
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 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
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