Taronis Fuels Files Updated Form 10
December 13 2019 - 11:30AM
Taronis Technologies, Inc., (“Taronis” or “the Company”)
(NASDAQ: TRNX), a sustainability technologies
company, today announced the filing of an updated Form 10 for
Taronis Fuels, Inc with the Securities Exchange Commission. This
document provides the updated financial statements and additional
items required to complete the listing process for Taronis Fuels,
the Company’s former subsidiary, which was successful spun off from
the Company on December 5th.
Revenues as reported in the Form 10 were $16.1
million for the nine months ended September 30, 2019, which was
unchanged as compared to the third quarter 10-Q filed by the
Company in November. Gross income was $7.7 million, also largely
unchanged from the 10-Q.
Expenses were significantly impacted, decreasing
54% from $26.9 million to $12.4 million for the nine month period.
This had a similar positive impact on net losses, which improved
the net loss 76%, from a loss of $19.8 million to a loss of $4.8
million.
The completion of this filing, together with the
Company’s response to the SEC comment letter dated November 22,
2019 are both critical components in the listing process for
Taronis Fuels. The Company anticipates the successful resolution of
that process is forthcoming, subject to any additional comments or
questions from the respective regulatory bodies that govern the
listing process.
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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