TRNF Taronis Fuels Inc (CE)

Item 8.01 Other Events.

On November 9, 2021, the Board of Directors of Taronis Fuels, Inc. (the “Company”) approved the suspension of further development and production of MagneGas, the Company’s proprietary metal cutting fuel. The Company anticipates ending retail sales and marketing efforts relating to MagneGas by the end of 2021. Revenue from MagneGas has not been material, and the Company anticipates annual cost savings of approximately $0.4 million from the suspension of further development and production of MagneGas. Management intends to evaluate potential alternatives for the assets associated with MagneGas, which may include sales, joint ventures or licensing arrangements, although no assurance can be made concerning the outcome of such evaluation.

Forward-Looking Statements

This report contains statements which constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements, which are based on certain assumptions and reflect the Company’s plans, estimates and beliefs, can generally be identified by the use of forward-looking terms such as “believes,” “expects,” “may,” “will,” “should,” “could,” “seek,” “intends,” “plans,” “estimates,” “anticipates,” “projects,” “would,” or other comparable terms. These forward-looking statements include, but are not limited to, statements concerning the Company’s suspension of further development and production of MagneGas, potential cost savings from the suspension, the end of retail sales and marketing efforts for MagneGas, potential alternatives for the assets relating to MagneGas, and any other statements other than statements of historical fact. Actual results could differ materially from those discussed in any forward-looking statements. Factors that could cause or contribute to these differences include those discussed in the Company’s filings with the Securities and Exchange Commission, and presently unknown risks or uncertainties that may arise in the future. The Company qualifies all of the information presented in this report, and particularly the forward-looking statements, by these cautionary statements. The Company cautions readers not to place undue reliance upon any such forward-looking statements. The Company disclaims any obligation, except as specifically required by law, to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.