November 29th Record Date, Stock Distribution December 5th
PHOENIX, AZ, Nov. 27, 2019 (GLOBE NEWSWIRE) -- Taronis Technologies, Inc., (“Taronis” or “the Company”) (NASDAQ: TRNX), a leading renewable fuel producer serving the global industrial gas markets, today announced that it is on schedule to complete the Taronis Fuels spin-off as previously scheduled. November 29, 2019 is the record date, which is the critical date in which shareholders must be a shareholder of record in Taronis Technologies to be eligible to receive the stock dividend. Shareholders of record must then hold those same shares until the stock distribution is completed on December 5th. Any shareholder that sells their Taronis Technologies stock prior to the distribution will forfeit any rights to the distribution.
Taronis Fuels expects to begin initial trading on the OTCQB. The Company has already explored uplisting requirements and believes it has the ability to satisfy all listing requirements for the New York Stock Exchange shortly after the spin-off is complete. Uplisting is expected to be a top priority for management in early 2020.
“We are pleased with the pace and progress in which our team has navigated the spinoff documentation process,” commented Scott Mahoney, CEO of Taronis. “We expect to clear all open items prior to the distribution date on December 5th. We also believe we will satisfy all OTC trading requirements quickly and begin trading shortly after the shares are distributed.”
“Taronis Fuels has tremendous momentum heading into this spinoff. We have a plan to expand across the entire US Sunbelt in less than 5 years. This includes placing MagneGas production facilities in at least 20 major metropolitan markets during that time. We intend to close on binding purchase orders and scale our relationships in Turkey prior to yearend. We are in the process of launching and scaling multiple new international markets in 2020. We see the spinoff as the beginning of a very promising future for our Company,” 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 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.