06/11/2019 | Press release | Archived content
Represents 102% Year-Over-Year Growth
PHOENIX, AZ / ACCESSWIRE / June 11, 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 record May sales of $2.0 million. This represents 102% growth when compared to May 2018 sales of just under $1.0 million.
'Our sales team continues to do an excellent job delivering consistent sales growth across the country,' commented Scott Mahoney, CEO of Taronis. 'We have begun our expanded MagneGas marketing program in Texas in preparation for our upcoming launch of our Flint, Texas production facility. We are already generating strong interest for the product, and we are hopeful this will be a catalyst for accelerated growth in that region for the rest of 2019.'
'We also see strong growth in our California markets, especially now that we have completed the integration of our new Los Angeles operations. Lastly, we are excited to see how our new fill plant in Clearwater, Florida can potentially impact our ability to compete and grow our business in our Florida market,' concluded Mr. Mahoney
Additional sales growth details are as follows:
The Company experienced the highest year-over-year growth in the Texas-Louisiana market. Sales for this region were $0.9 million, which is the second highest level of sales for this region under the Taronis management team. Sales increased over 8.0x over the last year, as the Company has made a series of acquisitions that now make it one of the largest independent industrial gas distributors in the region.
The Company also experienced rapid year-over-year growth in the California market, which generated $0.85 million in sales. This represents 53% growth, which was largely the result of the acquisition of Complete Welding in Los Angeles in February of this year. All integration in this region is complete, and the regional management team is currently implementing a series of growth initiatives in the Los Angeles market.
In the Florida market, sales were just under $0.3 million in May, largely unchanged when compared to the prior year. The Company is in the final stages of completing its fill plant operations in Clearwater, Florida. Once this facility is operational in the next few weeks, the regional team will be looking to increase marketing staff and aggressively resume marketing efforts in this market.
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 U.S 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.
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.
Released June 11, 2019