Taronis Completes $2 Million Interim Financing
December 13 2019 - 09:30AM
Taronis Technologies, Inc., (“Taronis” or “the Company”)
(NASDAQ: TRNX), a sustainability technologies
company, today announced a $2 million interim financing. The
transaction replicates most of the key terms of the previously
announced Series H convertible prefer offering, with several key
differences. First, the $2 million preferred cannot convert into
common stock. Second, the financing matures January 31, 2020.
Lastly, the transaction includes 2 million warrants with a cash
strike price of $1.00 each.
“This transaction is intended as an interim
financing for Taronis from several viewpoints,” commented Scott
Mahoney, CEO of Taronis. “The Company has disclosed a larger $25
million offering that is subject to shareholder approval. We intend
to clearly articulate the business plan of Taronis well prior to
the scheduled annual shareholder meeting in January. Eligible
shareholders will then have the right to vote on the outcome of the
proposed permanent financing.”
“In the event shareholders vote to decline the
proposed financing, the Company will have several options. First,
we believe we will be in a financial position to repay a
significant portion of the interim financing with royalty payments
due from Taronis Fuels. The expected 5 unit gasification order
would generate approximately $1.3 million in royalty income.
Second, the Company could readily refinance the interim financing
with a wide range of alternate financings as needed.”
“Lastly, if shareholders do elect to approve the
proposed permanent financing, the interim financing would be
exchanged into the larger, permanent financing, thus mitigating the
potential short term dilution,” 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
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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