Immediately Adds $2 Million in Revenue,
Access to the Caribbean Market
PHOENIX, AZ, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc., (“Taronis” or “the Company”) (OTCQB: TRNF), a global producer of renewable and socially responsible fuel products, today announced the expansion into the Miami, Florida market through the purchase of all the business assets of an existing industrial gas distributor based in South Miami. The transaction adds approximately $2.0 million in recurring industrial gas and welding supply revenues. The purchase price was $2.0 million in total, with $1.5 million paid as cash at closing, and $0.5 million paid in monthly installments over the next 12 months.
“This transaction represents a key component of our expansion plans for Florida, the Caribbean and Central American markets,” commented Scott Mahoney, CEO of Taronis Fuels. “Our existing Florida team had a record July sales month, despite the current COVID-19 pandemic and related economic headwinds. Our retail sales team is capitalizing on the current opportunity, and we want to support their expansion objectives.”
“We have developed a robust pipeline of prospective MagneGas users in the Port of Miami over the past year. In order to begin fulfilling MagneGas orders, we needed to establish a scalable base of full-service operations. This transaction accomplishes that goal.”
Mr. Mahoney continued, “In addition, our newly added senior sales team in Miami has a deep network of existing clients across the Caribbean and Central America. We firmly believe that we can expand this network and begin developing prospective client demand for MagneGas across multiple island economies in the Caribbean.”
“Acetylene pricing in many Caribbean markets is much higher than domestic price points due to added transportation and handling costs. It is our assessment that we can produce MagneGas locally in markets such as Puerto Rico, the Dominican Republic, Haiti, and the Bahamas at a fraction of the cost of acetylene, giving us a near-monopoly due to pricing power.”
“Lastly, our newly added sales executives have had success penetrating the industrial gas markets in several Central American markets, including Costa Rica and Guatemala. We believe we can further leverage this network in the coming quarters as we look to increase our international expansion efforts into Latin America,” concluded Mr. Mahoney.
About Taronis Fuels, Inc.
Taronis Fuels, Inc. is a global producer of renewable and socially responsible fuel products. Our goal is to deliver environmentally sustainable, technology driven alternatives to traditional fossil fuel and carbon-based economy products. We believe our products offer a vastly cleaner solution to legacy acetylene and propane alternatives.
Taronis is also dedicated to providing fundamentally safer solutions to meet the industrial, commercial and residential needs of tomorrow’s global economy. Our products have been rigorously tested and independently validated by global gas authorities as vastly safer than acetylene, the most dangerous industrial gas in use today.
Lastly, we strive to deliver products that offer significant function superiority at a reduced cost to the end consumer. Through these efforts, we support 9 of the 17 United Nations Sustainable Development Goals. For more information, please visit our website at www.taronisfuels.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@Taronisfuels.com