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Taronis Fuels, Inc. (TRNF)

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Previous Close0.1185
Open0.1200
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Volume537,939
Avg. Volume1,234,242
Market Cap40.418M
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  • Taronis Fuels Releases Third Quarter Results of Operations
    GlobeNewswire

    Taronis Fuels Releases Third Quarter Results of Operations

    Company Generates $9.7 Million in Revenues, 80% Increase Versus Prior YearPHOENIX, AZ, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc., (“Taronis” or the “Company”) (OTCQB: TRNF), a global producer of renewable and socially responsible fuel products, today announced its results of operations for the third quarter of 2020. The Company reported $9.7 million in revenues during the quarter, which represented a $4.3 million increase, or 80% increase in sales when compared to $5.4 million in sales generated during the third quarter of 2019.The significant increase in sales was in part due to the sale of 300KW Venturi plasma arc gasification units during the quarter for $2.3 million. The second significant factor for the increase in sales was approximately $2 million in increased industrial gas and welding supply products across the Company’s domestic retail and wholesale networks. Excluding the impact of international unit sales, the Company’s domestic sales were $7.4 million in the third quarter of 2020. This represents a 37% increase in domestic sales when compared to the $5.4 million generated in the third quarter of 2019. The Company continued to experience widespread growth across its domestic network, most notably in its Florida and Texas retail markets.Gross income for the third quarter was $6.3 million, which represented a 125% increase when compared to the $2.8 million in gross income reported for the same period in 2019. The increase was due to a significant improvement in gross margins, which were 65.2% for the quarter, as compared to 48.6% for the same period in the prior year. The primary factor for the improvement was the change in revenue composition due to the impact of high margin gasification unit sales to international clients.Total cash operating expenses during the third quarter were $6.7 million excluding depreciation, amortization, allowance for doubtful accounts, and non-cash stock expenses. For the same period in the third quarter of 2019, cash operating expenses were $4.3 million. The increase was primarily attributed to increased payroll, as the Company has expanded its operations substantially over the past twelve months. Payroll for the third quarter was $4.8 million, compared to $2.5 million for the same period in 2019. Headcount increased by almost 50% in the last 12 months.All other cash operating expenses were $2 million for the third quarter, as compared to $1.8 million for the third quarter of 2019. The 11% increase in non-payroll expenses was largely related to the new corporate headquarters and manufacturing facilities launched in Arizona during the third quarter of 2020, as well as new retail and wholesale industrial gas sales locations added over the past 12 months. The Company has increased its locations from 20 at the end of the third quarter of 2019 to 31 at the end of the third quarter of 2020, representing a 55% increase in locations.“Our third-quarter financial accomplishments are the direct result of the dedication and commitment to success across our entire team,” commented Scott Mahoney, CEO of Taronis Fuels. “Our domestic industrial gas and welding supply team generated a record quarter, driving 37% year over year growth, and 25% quarter over quarter sales growth.  Our team responded to the COVID-19 pandemic flawlessly, and we have benefitted by taking market share in all markets served.”“Our domestic team also delivered strong results in many of our newest markets. Miami, Tampa, and Huntington contributed meaningfully to our growth during the quarter. We have great expectations for these locations, as well as Phoenix, Lodi, and our new wholesale HVAC gas distribution center serving Sacramento, San Francisco, and San Jose. Our US team should be commended for their accomplishments despite general economic headwinds from the COVID-19 pandemic.”Mr. Mahoney continued, “Equally important, our engineering team did an excellent job capitalizing on the opportunity to fulfill our obligations in Turkey. They successfully commissioned our first gasification unit in operation overseas, as a mobile 50 KW Venturi plasma arc gasification unit was commissioned in Ankara in late August. This event was widely covered in the Turkish media, and we have capitalized since on our newfound brand awareness in the market.”“We also fulfilled our obligations to the Turkish Ministry of Trade and Finance through the delivery of a customized, European Union compatible 300 KW Venturi gasification unit design that is now in production for the Turkish market. This was a critical milestone as we continue to make progress on our long-term contract obligations for the Turkish market.”“The third quarter was a very meaningful success story for our Company, but we are not complacent. Our team has established very strong momentum and continues to leverage our financial resources to accelerate our growth plans in the fourth quarter,” 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 STATEMENTSThis 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

  • Taronis Fuels Executes $10.4 Million Private Placement
    GlobeNewswire

    Taronis Fuels Executes $10.4 Million Private Placement

    Significantly Enhances Liquidity, Balance Sheet and Growth CapacityPHOENIX, AZ, Nov. 18, 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 closing of a $10.4 million private placement of its shares of common stock with new and existing institutional and accredited investors. The private placement was completed at a fixed price of $0.10 per share of common stock, with no warrants issued to investors. The Company intends to use the net proceeds from this private placement to repay all existing long-term debt, deleverage the balance sheet, and to provide additional working capital for the Company. Kingswood Capital Markets, a division of Benchmark Investments, Inc., acted as the exclusive placement agent for the transaction.The transaction was led and funded primarily by the same investor group that recently invested $10.85 million in the Company at a fixed share price of $0.10. This group primarily consists of former portfolio managers from several of the largest mutual fund families in the United States. These former fund managers include multiple small cap equity fund managers, an industrials analyst, and a chemicals analyst.“This transaction significantly improves the immediate financial flexibility for the Company and positions our team for sustained long-term growth in the coming quarters,” commented Scott Mahoney, CEO of Taronis Fuels. “Our near-term domestic growth objectives are capital intensive, and our newly improved financial flexibility provides Taronis with a strengthened balance sheet and a strong working capital position as we head into 2021 and our projected acceleration of our organic growth strategy.”“With this capital infusion, we have completed the process of transforming our balance sheet and preparing the Company for a strong start to 2021. We have eliminated essentially all of our amortizing debt, leaving us with minimal monthly debt service obligations. With this increased financial flexibility, we can better prioritize strong working capital and vendor management that further supports our long-term growth objectives,” 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 STATEMENTSThis 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

  • Taronis Expands Board of Directors
    GlobeNewswire

    Taronis Expands Board of Directors

    Adds Significant Finance and Industry Experience to BoardPHOENIX, AZ, Nov. 10, 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 Company has expanded its Board of Directors, adding two new seats. The Company has filled those seats with Mary Pat Thompson, its newly appointed CFO, and Tobias Welo, one of the Company’s largest shareholders.Mr. Welo will serve as a newly appointed independent Director. He brings to the board a wealth of capital markets knowledge and experience based on his twenty years as a portfolio fund manager. Most notably, Mr. Welo managed $8 billion in assets across the Industrial and Material sectors at Fidelity Management & Research where he worked for thirteen years and served as sector leader for the global cyclical team for twelve years.In addition to Fidelity, he worked at Black Rock, Boston Partners, and T. Rowe Price as both an equity analyst and assistant portfolio manager. He also worked for three years as a management consultant at Coopers & Lybrand Consulting. Mr. Welo is a Chartered Financial Analyst (CFA) and earned his Bachelor’s Degree from Pomona College and his Masters in Business Administration in finance from The Wharton School at the University of Pennsylvania.Ms. Thompson also brings an impressive track record in corporate finance and accounting to the newly expanded Board of Directors. Prior to joining Taronis, Ms. Thompson was most recently the CFO of MWI, a leading distributor of animal health products to veterinarians and livestock producers, with $4 billion in annual revenue. Under her leadership, MWI was named to the Fortune 100’s fastest growing companies lists for 2009-2013.Ms. Thompson began her career with Arthur Andersen in auditing and accounting services from 1985 to 1989. Ms. Thompson graduated Summa Cum Laude from the University of Idaho with a B.S. in accounting and is a licensed Certified Public Accountant in Idaho.“We are pleased to announce the expansion of our Board, and the nomination of Mary Pat and Tobias. They bring tremendous knowledge, experience, and perspective to Taronis,” commented Scott Mahoney, CEO of Taronis Fuels.“Tobias brings a unique perspective, with his specialized knowledge as a world-class investment manager focused on industrial companies across the United States for many years. He has seen firsthand hundreds of business models like ours that executed their business plans well. His counsel and input on the direction we take as we look to execute our own ambitious growth objectives will be greatly valued by our entire Board.”“We are also very excited to have Mary Pat join our Board. As the newest addition to our executive team, we are highly confident that she can play a critical role in leading our finance and accounting team as we look to expand geographically, scale organically, and execute our acquisition strategy going forward.”“Lastly, we believe these two very high caliber additions to our Board will be viewed very favorably during our uplisting application process. This should only improve our ability to complete the uplisting process in a timely and orderly fashion,” 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 STATEMENTSThis 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