Industry Veterans Rick Steinseifer and Les Graff Join the Board Effective Immediately
Peoria, AZ, April 28, 2021 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc. (“Taronis” or “the Company”) (OTCQB:TRNF), a global producer of renewable and socially responsible fuel products, today announced the appointment of Rick Steinseifer and Les Graff to the Board of Directors, effective immediately.
Rick Steinseifer retired from Praxair, Inc. and its successor Linde Plc, a leading global industrial gases and engineering company in 2019 after a 30 year career in the gases industry. Since his retirement, Mr. Steinseifer has served as an independent director of a $2.5 billion in revenue healthcare services company. Mr. Steinseifer served as the vice president of mergers and acquisitions for Praxair from 2005 to 2019, completing hundreds of acquisition and joint venture transactions globally, culminating in leading the deal team for the $90 billion cross-border merger with Linde AG in 2019. From 1990 to 2005, Mr. Steinseifer served in various financial management and business development positions with Praxair and Liquid Carbonic which was acquired by Praxair in 1995. Prior to 1990, Mr. Steinseifer spent 10 years in various financial management positions with GE Medical Systems. Mr. Steinseifer graduated from Carthage College with a BA in Accounting and completed the GE Financial Management Program.
Les Graff retired in 2018 following a nearly 30 year career with Airgas Inc., a leading U.S. supplier of industrial, medical and specialty gases, where Mr. Graff most recently served as senior vice president for Airgas’ corporate development team. Mr. Graff developed and implemented Airgas’ acquisition strategy and led a team responsible for several hundred acquisitions of varying sizes and complexities over his career. Prior to joining Airgas, Mr. Graff worked at auditing firm Peat, Marwick, Mitchell & Co., which merged with Klynveld Main Goerdeler to form KPMG in 1987. Mr. Graff graduated from Pennsylvania State University with a BS in Accounting.
“We are pleased to welcome Les and Rick as new independent directors to the Taronis board,” said Tobias Welo, Chairman and interim CEO. “Their deep experience in the gases industry will be invaluable to Taronis. We are confident Les and Rick will provide valuable perspectives as we continue to formulate and execute our strategy, drive profitability and enhance value for all Taronis shareholders. We look forward to their contributions and are excited they chose Taronis.”
“We believe Taronis presents a compelling growth opportunity in the industrial gases segment, and we look forward to serving on the Board and sharing our insights,” said Rick Steinseifer.
Les Graff added: “We look forward to helping Taronis reach its potential, first and foremost in its search for an experienced chief executive officer.”
Concurrently with the appointments of Mr. Graff and Mr. Steinseifer to the Board, Mary Pat Thompson resigned as a director of the Company to focus on her duties as Chief Financial Officer of Taronis. The Taronis Board now consists of seven directors, six of whom are independent.
About Taronis Fuels
Taronis Fuels, Inc. is a global producer of renewable and socially responsible fuel products. Taronis is dedicated to providing safe solutions to meet the industrial, commercial and residential needs of tomorrow’s global economy. For more information, please visit our website at www.taronisfuels.com.
Forward-Looking Statements
This press release contains forward-looking information about Taronis Fuels within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein which do not describe historical facts, including, among others, the Company’s potential growth, strategy and profitability are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, among others, the risks associated with developing and executing on a new growth strategy; hiring a new chief executive officer and other members of management as necessary; and the pending restatement of the Company’s financial results; as well as those risks identified in the Company’s filings with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2019, its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 and subsequent filings with the SEC which are available at the SEC’s website at www.sec.gov. Any such risks and uncertainties could materially and adversely affect the Company’s results of operations, its profitability and its cash flows, which would, in turn, have a significant and adverse impact on the Company’s stock price. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
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