Initial Valuation Indicates Over $75 Million Market Capitalization
PHOENIX, AZ, Feb. 26, 2020 (GLOBE NEWSWIRE) -- Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ: TRNX), a sustainability technologies company with patented water decontamination and conservation applications, today announced that Taronis Fuels, Inc. (“Taronis Fuels”) has cleared SEC comments and the FINRA 15c2-11 process and will initially trade under the ticker symbol “TRFN.” This marks the successful completion of the final components of the spinoff of Taronis Fuels, a former subsidiary that was spun out of the Company in December of 2019. Additionally, Taronis Fuels has applied for quotation on the OTCQB Market and has requested the ticker symbol “TRNF.”
As part of the application process, a well-established and respected investment bank was required to advocate for the applicant, including making an initial market in the applicant’s common stock during the initial trading of the newly listed company. As a result, the regulatory bodies required the submission of an initial bid/ask for Taronis Fuels’ common stock, which the investment bank established at a market capitalization of over $75 million.
“We are excited to complete this process,” commented Scott Mahoney, CEO of Taronis Technologies. “We had a very strong conviction that we could unlock value for shareholders through the spinoff process, and we were clearly correct. We have now unlocked significant value for the shareholders of Taronis Fuels, and we are hopeful that with additional near term catalysts, this will continue to increase the value of that company, and drive a growing royalty stream back to the shareholders of Taronis Technologies to support our rapidly expanding water technology business model.”
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 Khorassani
IR@TaronisTech.com