Monthly Revenues Increased 123% Vs July 2018
PHOENIX, AZ / ACCESSWIRE / August 15, 2019 / Taronis Technologies, Inc., ("Taronis" or "the Company") (NASDAQ:TRNX), a leading clean technology company in the renewable resources and environmental conservation industry, announced that revenues generated for the monthly of July were $1.9 million, which represents a 123% increase when compared to $0.84 million in sales during the period in the prior year. Revenue growth was partly due to acquisitions made during the last twelve months, and in part due to accelerating organic growth. Additional details by region are as follows:
The Texas market produced the strongest revenue growth for the month, with sales of just over $0.75 million, for a 285% increase when compared to the same period in the prior year. Much of this growth was attributed to a series of acquisitions made in the second half of 2018 in east Texas and Louisiana. Organically, this market continues to benefit from a strong marketing effort, which has been augmented by recent increased marketing of MagneGas leading up to the expected launch of the Company's Texas MagneGas production plant in late August.
California also experienced continued revenue growth during July, generating just over $0.85 million, which represented a 60% increase over the prior year. A significant portion of this growth was due to the acquisition of Complete Welding in Los Angeles, augmented by strong organic growth in existing operations in both San Diego and Sacramento. The Company has been successful in organically growing new client sales to more than offset the negative impact of helium scarcity in the region.
Florida experienced improved revenue results, with $0.30 million in sales for July. With the new industrial fill plant becoming operational in August, the Company is expanding its marketing efforts with these newly enhanced operating capabilities.
"Our team executed very well in July," commented Scott Mahoney, CEO of Taronis. "Despite a variety of challenges, we delivered another monthly of consistent improvement. Our focused marketing efforts more than offset normal summer seasonality in our south and southeastern markets. Our MagneGas product specialists have been able to increase our marketing efforts, scheduling demonstrations across all markets. We continue to believe our product differentiation and strong customer focus is a key factor for our continued success."
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 US and through its wholly owned distributors doing business as "MagneGas Welding Supply". The Company operates 22 locations across California, Texas, Louisiana, and Florida.
The Company's technology can also be implemented for the decontamination of waste water, 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.
Taronis also owns a controlling interest in Water Pilot, LLC. The WATER PILOT® System immediately reduces water consumption and provides you with live remote consumption monitoring for long term leak protection and water asset management. An integral, client based alarm and notification system that reports to any mobile device. Water Pilot may be appropriate for a wide range of businesses or properties with a water meter. For more information, please visit The Water Pilot, LLC website at http://www.gowaterpilot.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.
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