Second Quarter Production Increases 209% from First Quarter 2019
PHOENIX, AZ / ACCESSWIRE / July 8, 2019 / Taronis Technologies, Inc., ("Taronis" or "the Company") (NASDAQ: TRNX), a leading clean technology company in the renewable resources and environmental conservation industry, today announced its second quarter MagneGas production levels. The Company produced 247,624 cubic feet of MagneGas during the second quarter of 2019.
When compared to the 80,080 cubic feet of MagneGas produced in the first quarter of 2019, the Company increased production by 209% during the second quarter. This is the highest level of quarterly production in Company history using the patented Venturi Plasma Arc gasification unit. All production was produced by a single unit based in Clearwater, Florida. The Company has brought a second unit into production in Clearwater in early July, and is scheduled to bring a third unit online in Texas before the end of August.
"Our increase in MagneGas production during the second quarter was a major accomplishment for our team," commented Scott Mahoney, CEO of Taronis. "We are very fortunate to have a sizable installed client base of metal cutting fuel consumers in several of the largest US markets in our industry, including Texas and California. We are now ramping up our marketing efforts with the confidence we can consistently produce sufficient MagneGas to meet the demands of our current acetylene clients."
Mr. Mahoney continued, "We believe that these clients can benefit from using a cleaner, safer, more affordable alternative to acetylene, and we hope to quickly convert the majority of these clients to MagneGas in the coming months. Given the fact that we produce our gas with almost no inventory build-up, our production growth in the second quarter is highly indicative of the fact that we are already making excellent progress in winning new MagneGas consumers."
"For the past two years, we have systematically prepared for this objective. We look to fully leverage our patented MagneGas product to drive revenue growth, win new client relationships, and improve our profitability." 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'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 is potentially appropriate for a wide range of business or residential properties with a water meter. For more information, please visit our website at www.gowaterpilot.com/
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.
SOURCE: Taronis Technologies, Inc.
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