Taronis Fuels Takes Disciplinary Actions Against CFO and Independent Director

Phoenix, UNITED STATES


CFO and Independent Director Resign

PHOENIX, AZ, Dec. 20, 2020 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc., (“Taronis” or “the Company”) (OTCQB: TRNF), a global producer of renewable and socially responsible fuel products, today announced that on the morning of December 18, 2020 Mary Pat Thompson, the Chief Financial Officer of the Company, was suspended indefinitely pending the resolution of a now ongoing investigation into multiple alleged violations of her duties and obligations as an officer and director of the Company. In addition, Tobias Welo, an Independent Director, was provided written notice by the Company of concerns regarding potential breaches of his fiduciary duties.

On the afternoon of December 18, 2020 a Special Meeting of the Board of Directors convened to discuss management of the Company. At the Meeting, a motion proposing to form a special committee to investigate the allegations against Ms. Thompson and Mr. Welo was put forth. The motion was approved with 5 affirmative votes, with Mr. Welo and Ms. Thompson declining to participate. The Directors voting in favor of the motion believed this immediate action was needed to protect the best interests of the Company and its shareholders.

On December 20, 2020 both Ms. Thompson and Mr. Welo resigned from their positions as Directors. The Company intends to continue with the investigation, and reserves the right to pursue any and all claims against the two Directors in the event the conclusions from this investigation warrant such a response.

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