Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ:
TRNX), a sustainability technologies company, today announced
its key business development goals for its agricultural waste
sterilization business in 2020. In addition, the Company provided
management’s view on recent capital market activities in relation
to these objectives.
First, the Company will look to complete a joint
venture for the sterilization of animal waste early in 2020.
Specifically, the Company is focused on a joint venture in North
Carolina to address the issues related to animal waste produced by
the hog industry. North Carolina is the third largest hog producing
state in the US today, and this herd generates over 15 million tons
of animal waste every year. In fact, under the Smithfield Agreement
in 2000, animal waste is the primary limiting factor for the growth
and size of the hog industry in North Carolina.
In 2018, Duke University published a report
titled “Mortality and Health Outcomes in North Carolina Communities
Located in Close Proximity to Hog Concentrated Animal Feeding
Operations.” In this report, Duke clearly linked living in close
proximity to large scale hog farms with a wide range of health
risks, including infant mortality, anemia, kidney disease,
tuberculosis, and septicemia. The report further documented that
life expectancy within the area of North Carolina that contains the
majority of the state’s 2,500+ hog farms is measurably lower than
the rest of the state.
Taronis recently completed an 18 month USDA
grant funded project that produced clear and compelling validation
of its ability to solve several of the critical dangers associated
with untreated animal waste. A comprehensive white paper has been
submitted to the USDA for technical review. The report documents a
number of critical benefits from our technology on animal
waste.
First, Taronis has clearly demonstrated the
ability to eradicate pathogens, including E coli and fecal
coliform. Second, the Company has demonstrated that once
sterilized, there is no recurrence in pathogen growth within the
sterilized materials. Third, Taronis breaks down complex compounds,
including pharmaceuticals commonly dissolved in animal urine.
Lastly, the Company documented our ability to measurably reduce
harmful metals commonly found in animal waste.
The Company is actively engaged in dialogue with
one of the largest hog producers in the US. The Company has
proposed a multi-faceted project that would validate the
commercialization at scale of its animal waste sterilization
technology. This would be accomplished through the deployment of
plasma arc sterilization units at scale across North Carolina.
At least two leading universities within North
Carolina have been prioritized and have been invited to participate
in the project to further validate the health benefits of Taronis’
sterilization process. Lastly, these same universities would
independently validate the ability to safely utilize the animal
waste streams post-treatment for multiple end agricultural
applications, including hydroponic agriculture and fertilizer
feedstocks.
“Our team has placed a top priority on launching
the highest possible quality joint venture in North Carolina,”
commented Scott Mahoney, CEO of Taronis. “We have already had
positive and meaningful discussions with one of the leaders in the
global hog industry. With the recent epidemic of African swine
fever killing almost 6 million hogs worldwide, there is a real need
for US hog production to safely fill the demand gap. Our technology
can solve the critical gating issue to production growth in North
Carolina. We can help the entire state reduce the health and
environmental issues related to the disposal of animal waste. In
addition, we can help the industry grow safely, providing lasting
economic benefits in North Carolina, and eventually everywhere hogs
are produced.”
“We recently announced a $25 million convertible
preferred offering. We have received many inquiries from
shareholders as to why we would contemplate this transaction.
First, we believe we can capitalize on a very large economic
opportunity solving this waste issue across the global hog
industry. We believe this technology is very close to commercial
viability, and we want to ensure the Company is financially
prepared to support a full scale launch if our prospective industry
partner wants to rapidly expand the project.”
“Lastly, we want to take this opportunity to
remind all investors that the recently announced offering is
deliberately structured so that the Company can service all
amortization with cash payments. In addition, the Company has
recently provided a series of updates on a $165 million contract
under a previously owned subsidiary, Taronis Fuels, which has been
successfully spun off and is expected to begin trading in the near
term. Management has concluded that the royalties due back to
Taronis from the $165 million contract should be able to adequately
service the periodic payments for the proposed convertible
preferred, thus minimizing any potential dilution.”
“We intend to provide additional updates on all
of the other commercial activities of Taronis in the coming days.
The completion of the proposed financing is subject to shareholder
approval. We expect that our comprehensive updates, combined with
material updates related to the $165 million contract under Taronis
Fuels will give our shareholders the confidence to approve the
proposed financing in due time,” 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. The initial commercialized renewable fuel
product license is disrupting an $8 billion global metal cutting
fuel market.
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
https://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
https://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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