Taronis Fuels Completes Turkey JV Incorporation
12 December 2019
Formal Contract Signing Event Scheduled in Ankara
PHOENIX, AZ, Dec. 12, 2019 (GLOBE NEWSWIRE) -- Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ: TRNX), a sustainability technologies company, today announced that the Company, together with its former subsidiary, Taronis Fuels, have successfully completed all of the requirements to form Taronis Fuels Turkey Gas Enerji Sanayi ve Ticaret Limited Şirketi, a joint venture between Taronis Fuels and a commercial consortium based in Ankara.
The purpose of the joint venture will be to serve the $200 million metal cutting fuel industry of Turkey using Taronis’ patented submerged plasma arc gasification technology, which produces the only renewable metal cutting fuel on the market today.
With the successful completion of all government requirements, the executive team of Taronis Fuels has been formally invited to a series of Cabinet-level meetings, culminating with an executive meeting where the signing of critical government pronouncements is scheduled for next week. The event will be filmed by a London based film crew for broad Western coverage, as well as the local media, which will be viewed by an international audience within the region of more than 250 million viewers.
“We are pleased to reach this critical milestone,” commented Scott Mahoney, CEO of Taronis. “This official government signing event is the culmination of almost two years of hard work. To have the opportunity to partner at the very highest level of industry with strong and clear government support is a major accomplishment and a powerful endorsement for our technology and our team.”
“We look forward to the signing event next week, and are eager to get started on the mass production of our 300 KW Venturi plasma arc gasification units for immediate deployment to Ankara in early 2020,” 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/
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.