|Over a quarter ago|
Taronis Technologies terminates Nasdaq panel hearing request process » 08:2504/3004/30/20
Taronis Technologies announced that the Company has notified Nasdaq that it will no longer contest the Nasdaq delisting notice sent to the Company on March 12, 2020. The Company had previously requested a panel hearing with Nasdaq, and was granted a hearing originally scheduled for April 16, 2020. The panel hearing was ultimately postponed on short notice, and has yet to be rescheduled. Nasdaq announced the suspension of certain ongoing listing requirements, including the minimum bid price rule the evening of April 16, 2020. Despite the temporary regulatory relief provided by the suspension of the minimum bid price rule, the Company has decided to comply with Nasdaq's delisting request as a result of several factors. First, the only qualitative factor cited in the Nasdaq letter of non-compliance was the failure to satisfy the $1.00 minimum bid price. With the catastrophic impact of the coronavirus pandemic, the Company's common stock share price has deteriorated significantly, to a point where it does not believe that the $1.00 compliance is possible through organic business activities prior to June 30, 2020. Second, the Company has evaluated a number of possible corporate transactions with third parties that could possibly facilitate Nasdaq compliance. In every instance, the completion of such transactions would likely require a highly aggressive corporate restructuring, including a significant reverse split and the increase in authorized and outstanding shares above the current shareholder approved limits. Lastly, none of the prospective merger candidates expressed an interest in retaining the existing assets of the Company in shareholder hands due to a desired reverse merger. The Company has evaluated the significant short term cash expenses required to complete such a speculative transaction, as well as the protracted regulatory approval process, coupled with the likely extreme dilution required to existing shareholder's ownership and determined that the best path to preserve shareholder value is to accept the requested delisting request.
Taronis Technologies granted temporary regulatory relief from Nasdaq » 10:0204/1704/17/20
Taronis Technologieshas been informed that Nasdaq has granted temporary regulatory relief related to minimum listing bid price requirements and the market value of publicly held shares due to the COVID-19 pandemic for all Nasdaq listed companies. Taronis had previously been notified of a minimum bid deficiency as a result of having a closing bid price below $1.00 for 30 consecutive trading days. As a result of the announced regulatory relief, the Company now has until at least June 30, 2020 to regain compliance. The Company is actively exploring a range of strategic investments, transactions and commercial relationships that it believes could satisfy the listing requirements on or before June 30th.
Taronis Technologies won't pursue reverse split to maintain listing status » 10:0104/1604/16/20
Taronis Technologies announced that the company will not take any immediate actions to initiate a reverse split. Management has cleared all material short term liabilities and the company projects to have adequate cash on hand to fund operations for the remainder of 2020 based on the current business objectives and capital requirements. "The Company has taken a very proactive position with regards to capital and liquidity management, given the highly uncertain business climate caused by the coronavirus pandemic," commented Scott Mahoney, CEO of Taronis. "The capital markets have become extremely unpredictable, and the Company elected to secure a significant amount of capital to ensure we can execute our business plans without further reliance on the capital markets for the remainder of 2020. We have cleared all material indebtedness. We plan to retire the entire $3.5M existing convertible preferred equity in the immediate future, and we expect to have little to no vendor and service provider liabilities going forward. We have significant cash on hand at this time, and we intend to make this last for the foreseeable future. However, as a nationally listed Company, our listing status may exceed the value of our current business model. We have been solicited for a variety of potential strategic alternatives, and we will entertain all potential options to maximize shareholder value."
Gabelli to hold a virtual symposium » 08:3804/0204/02/20
AQMS, BHTG, CWST, DAR, ECOL, GFL, LOOP, QRHC, REGI, SMED, TRNX, TTI, XEBEF
6th Annual Waste &…
6th Annual Waste & Environmental Services Symposium to be held on April 2. Webcast Link
Taronis Technologies to construct three new sterilization units » 09:0303/0903/09/20
Taronis Technologies announced that based on recent business development efforts, the Company has elected to proceed with the construction of three new Venturi plasma arc sterilization units. All three units would be dedicated to serving the hog industry in North Carolina. The configuration and end use of each unit will differ, as follows: The first unit will be a mobile 300KW water sterilization unit. The primary purpose of this unit will be to periodically treat hog farm lagoons. The unit will be used to kill pathogens, eliminate ammonia, and otherwise improve the water quality. This unit will be specifically designed to rotate across a number of lagoons in a designated area. The second unit will be designed as a stationary 300 KW water sterilization unit. The primary purpose of this unit will be to operate continuously in tandem with an anaerobic digester at a large-scale hog farm. The objective for this unit will be to sterilize all waste water as it exits the anaerobic digester prior to entering the lagoon. The expected outcome is that if the mobile unit first treats the same lagoon, and the stationary unit is permanently treating all recycled water thereafter, the combined result will be a lagoon that is now permanently cleaner. This is also expected to have a dramatic impact on the water and air quality in close proximity to the lagoon thereafter. Lastly, the third unit would be an entirely new design for Taronis. This would be a 300 KW mobile metal reclamation plasma arc unit. The Company recently secured a patent for the recovery of dissolved metals. During the USDA funded validation project recently completed, Taronis was able to confirm that the plasma arc ionizes metals, enabling for enhanced metal recovery. This new unit will be used to test the ability to efficiently recover copper, iron, zinc, phosphorus and potassium from the sediment trapped at the bottom of lagoons. The Company may also look to experiment with an entirely new design for a 500 KW Venturi plasma arc unit for this application.
Taronis Technologies announces Taronis Fuels to begin trading » 09:0802/2602/26/20
Taronis Technologies (TRNX) announced that Taronis Fuels, Inc. has cleared SEC comments and the FINRA 15c2-11 process and will initially trade under the ticker symbol "TRFN." This marks the completion of the final components of the spinoff of Taronis Fuels, a former subsidiary that was spun out of the Company in December of 2019. Additionally, Taronis Fuels has applied for quotation on the OTCQB Market and has requested the ticker symbol "TRNF." As part of the application process, an investment bank was required to advocate for the applicant, including making an initial market in the applicant's common stock during the initial trading of the newly listed company. As a result, the regulatory bodies required the submission of an initial bid/ask for Taronis Fuels' common stock, which the investment bank established at a market capitalization of over $75M.
Taronis Fuels schedules delivery of first gasification unit to Ankara » 09:0402/2402/24/20
Taronis Technologies announced that its former subsidiary, Taronis Fuels is nearing completion of the first Venturi 50 KW plasma arc gasification unit for delivery to Ankara, Turkey. Delivery and commissioning of this unit represents the first successful deployment of a Taronis gasification unit into the Republic of Turkey. Taronis is currently scheduling a high-profile ribbon cutting ceremony at their Turkish joint venture facility in Ankara. Prominent government officials, key commercial leaders, and members of the media are expected to attend the event, which will feature a demonstration of the unit in operation, a metal cutting demonstration, and several keynote speakers. Taronis executed a 50 unit marketing agreement with MC Consulting in December 2019. MC Consulting successfully orchestrated the launch of a large scale joint venture to serve the entire Turkish market for metal cutting fuels. MC Consulting has also played a key role in the proposed ban of acetylene for metal cutting use in Turkey. MC Consulting has extensive commercial and political ties across the region, and for this reason, Taronis entered into a 13 country joint marketing program to recreate the Turkish joint venture model in multiple markets over the next two years. The total contract covers an initial 50 units at a sales price of $5 million per unit, for a total of $250 million if all units are sold. The initial unit will serve as a marketing platform for prospective buyers and partners in neighboring markets.
Taronis Technologies hosts Turkish delegation at Florida production facilities » 09:0202/1802/18/20
Taronis Fuels announced…
Taronis Fuels announced the successful completion of a multi-day series of meetings with senior government officials from the Turkish Ministry of Energy and Natural Resources and the Ministry of Trade. The purpose of these meetings was to provide an in-depth account of the production capabilities of the Venturi flow plasma arc gasification technology, and to demonstrate the superiority of MagneGas as a renewable and safer alternative to acetylene. Executives from Taronis also provided a detailed update on the status of the manufacturing of the five 300 KW Venturi plasma arc gasification units for delivery under an initial $18.75 million purchase order scheduled for delivery in the second quarter of 2020. The Turkish delegation was led by Mr. Ergun Akalan, the General Directorate of Energy Affairs and Head of Department of Energy Investments within the Ministry of Energy and Natural Resources in Ankara. Mr. Akalan has been commissioned by the Grand National Assembly of Turkey to prepare an independent assessment of the product quality of MagneGas as well as the environmental impact of MagneGas. Mr. Akalan's report will also detail his assessment of Taronis' expanded gasification unit manufacturing capabilities. The Turkish government is in the process of evaluating the full and permanent ban of acetylene. In order to accomplish this, the Turkish government will require Taronis to deliver one hundred 300 KW Venturi plasma arc gasification units to Turkey by the end of 2021. Lastly, Mr. Akalan inspected the mobile gasification unit being prepared for immediate deployment to Ankara at the end of February. Taronis previously sold this unit for $5 million under a 50 unit, 13 country marketing contract with the family that successfully enabled the current joint venture project in Ankara. This unit is expected to be part of a formal ribbon cutting ceremony and operational launch of the joint venture operations in late March 2020.
Taronis Technologies delivers final USDA presentation » 09:0302/1302/13/20
Taronis Technologies announced that it successfully delivered its final technical briefing to the United States Department of Agriculture on February 12, 2020. The Company recently completed an 18-month technical validation of its water decontamination technology, which was funded in part by a USDA grant for the sterilization of animal waste. The grant funded an 18-month study conducted at a large-scale dairy operation in central Florida that was successfully completed in September of 2019. As part of the presentation, the Company delivered its final report on the highly successful independent validation of the efficacy of using a Venturi plasma arc sterilization unit to eradicate pathogens, break down virus-based contaminants and remove harmful metals from animal waste slurries. In addition, the Company presented a proposed new opportunity for the USDA to fund a commercial pilot project to address the hog waste produced, specifically in North Carolina which is the third largest hog producing market in the United States today. Taronis also proposed the incorporation of multiple leading universities in the region as part of the project. The objective would be for the universities to independently validate the ability to safely recover and reuse animal waste waters for hydroponic applications and use animal waste solids for crop fertilization. Lastly, Taronis sought guidance from the USDA on the process of becoming an approved vendor on the USDA best practices list. Vendors on this list are pre-approved for federal subsidized sales of equipment into the US agricultural industry. This would enable Taronis to market its equipment to the industry at a potentially dramatically reduced cost to the end user clientele.
Taronis Technologies to host business news update conference call » 09:2501/3101/31/20
Conference call to…
Conference call to discuss summary of 2019 operations, status of the Taronis Fuels spinoff and the outlook for 2020 for both companies to be held on January 31 at 10 am. Webcast Link