Taronis Generates $2.05 Million in March Revenues
Represents 298% Annual Increase in Sales
TAMPA, FL / ACCESSWIRE / April 9, 2019 / Taronis Technologies, Inc. (“Taronis’ or “the Company’) (NASDAQ: TRNX), a leading clean technology company in the renewable resources and environmental conservation industry, today announced that the Company generated $2.05 million in revenues for the month of March. This represents a 298% increase as compared to $0.5 million generated in March of 2018. These results are the highest for the month of March in addition to being the highest monthly performance in the Company’s history.
“With our third consecutive record month of sales growth, our acquisition strategy is exceeding prior financial expectations,” commented Scott Mahoney, Chief Executive Officer of Taronis Technologies. “We are now generating in excess of $24 million in annualized sales, and our team is fully integrated and executing on all of our growth initiatives for 2019.”
The fastest growing region for Taronis was California, which generated $0.9 million in sales for March, as compared to $0.05 million the year before, for a 15.0x increase. The primary factors for this growth were the acquisitions of Trico Welding Supply in April 2018 and Complete Welding in the Los Angeles market in February 2019. Complete Welding of Los Angeles performed exceptionally in its first full month under Taronis management, with an increase in sales of 34% compared to the same period in 2018. Complete Welding’s entire Los Angeles operation is now fully integrated and operating seamlessly under the Taronis team, less than six weeks after the acquisition in February of this year. Taronis’s San Diego market also performed strongly during March, with sales 42% higher than the same period in the prior year. The San Diego market has benefitted from a consistent focus on competing for and winning new municipal and large commercial accounts in recent months.
Taronis’s second fastest growing region was Texas, with March sales of $0.9 million, compared to $0.1 million the prior year, representing a 6.0x year-over-year (YOY) increase. The primary factors for growth were three acquisitions made in the October of 2018 and an additional two acquisitions in the first quarter of 2019, including Tyler Welders Supply, which was one of the largest independent welding supply distributors in East Texas for over 40 years. The combined Texas sales team is executing extremely well. In particular, Tyler Welders Supply generated 32% month-over-month growth in its first full month operating under Taronis management.
Florida remains largely unchanged YOY with $0.3 million in sales. The Florida team recently added a new MagneGas product specialist who will be responsible for specialized product marketing in both Florida and Texas. Florida market results were constrained by a lack of critical infrastructure investment, particularly relating to an industrial gas fill plant facility that was scheduled to be completed in April. Now that all pending acquisitions have been completed, significant progress has been made in the construction of this facility in the past month. It is anticipated that this project will be completed within the next 30-45 days. Once completed, Taronis intends to augment the local sales team and aggressively resume expansionary sales efforts in the Florida market.
About Taronis Technologies, Inc.
Taronis Technologies, Inc. (TRNX) owns a patented plasma arc technology that enables two primary end-use applications for fuel generation and water decontamination.
The Company’s fuel technology enables a wide use of hydrocarbon feedstocks to be readily converted to fossil fuel substitutes. The Company is developing a wide range of end market uses for these fuels, including replacement products for propane, compressed natural gas and liquid natural gas. The Company currently markets a proprietary metal cutting fuel that is highly competitive with acetylene. The Company distributes its proprietary metal cutting fuel through Independent Distributors in the U.S and through its wholly owned distributors: ESSI, Green Arc Supply, Paris Oxygen, Latex Welding Supplies, Tyler Welders Supply, United Welding Supplies, Trico Welding Supply and Complete Welding of San Diego. The Company operates 17 locations across California, Texas, Louisiana, and Florida.
The Company’s technology can also be implemented for the decontamination of wastewater, including sterilizing water, eradicating all pathogens. The technology is being tested to determine if it can completely eliminate pharmaceutical contaminants such as antibiotics, hormones and other soluble drugs suspended in contaminated water. Lastly, the technology process is capable of reducing or eliminating other contaminants, such as harmful metals, as well as nitrogen, phosphorus, and potassium levels that trigger toxic algae blooms. The technology has prospective commercial applications in the agricultural, pharmaceutical, and municipal waste markets. For more information on Taronis, please visit the Company’s website at http://www.TaronisTech.com.
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.
SOURCE: Taronis Technologies, Inc.