Taronis Fuels Inc (fka TRNFQ)

[Chartmaster]

BLUE SKY BREAKOUT! on it's way to $10 now!

[Paullee]

write up in Barron's

Wilbur Ross Is Back With a SPAC, and Thinking Small
________________________________________
By Ed Lin June 27, 2021 7:00 am ET
BARRON'S NEWSLETTER
Every weekday evening we highlight the consequential market news of the day and explain what's likely to matter tomorrow.
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Former Secretary of Commerce and billionaire investor Wilbur Ross has returned to active investing.
Simon Dawson/Bloomberg
Billionaire investor Wilbur L. Ross, Jr., is back in the game with a special-purpose acquisition company, and a big investment in a small, embattled company that he has taken a board seat on.
The former Secretary of Commerce—whose term ended in January—had left an active role in investing when he joined the federal government in 2017. This March, he founded Ross Acquisition Corp II (ticker: ROSS), a SPAC. Then in June he invested $4 million in Taronis Fuels (TRNF), a producer of renewable and socially responsible fuel products with a market capitalization of just over $100 million that trades over the counter.
“The SPAC and micro-cap turnaround investing are my reentry points to the investment community,” Ross wrote in a statement to Barron’s. “It feels really good to be back in action!”
Ross Acquisition isn’t currently pursuing a target. “We have not identified any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with respect to identifying any business combination target,” the company says on its site.

Ross himself, however, has made investments. Last week he disclosed in a form he filed with the Securities and Exchange Commission that he paid $4 million for 1.3 million Taronis shares. The shares were sold at $3 each in a $16.5 million private placement this month, and his shares give Ross a 7.8% stake, making him the second-largest shareholder in Taronis, according to S&P Capital IQ.
Taronis faces a number of challenges. It is “working diligently” to restate its financials. “This effort has included working openly with the SEC, engaging external forensic audit and IT consultants, and investing in the Company’s internal accounting team,” Taronis said in a news release. It expects to complete the restatements in the fourth quarter.
CEO Scott Mahoney resigned April 2, after drawing the ire of a shareholder group. New Taronis CEO Kevin Foti started on June 14. Foti is a former executive at industrial-gas firm Praxair, and at Linde (LIN), which acquired Praxair in 2018.
“Historically, I have invested in turnarounds where the perceived risk exceeds the actual risk,” Ross wrote. “Taronis has a troubled history, but its industrial-gas distribution facilities in Florida, Texas, Arizona, and California serve growing markets for industrial gases such as oxygen, nitrogen, and argon that will benefit from commodity price inflation.
“Prior management’s excessive costs are being addressed by the team, led by Kevin Foti, the new CEO. Most importantly, its proprietary product, MagneGas, apparently is more efficient and less pollutive than acetylene. The plan is to refocus the marketing effort of this ‘green’ product.”
Taronis “was capital-starved” until the private placement, Ross noted, and the restatements “will enable investors to evaluate the company, and I think they will like what they see.”
Ross recognizes that investing in a company the size of Taronis is “a whole new program for me.” He added, “I believe that micro-cap turnarounds represent one of today’s few overlooked market segments. They are too small for private-equity funds, but are a convenient size for me, individually.”
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.
Write to Ed Lin at [e-mail] and follow @BarronsEdLin.

[harpdog]

So what is driving this price movement to the upside?

[mick]

Taronis Fuels Inc (P (TRNF)
4.05 ? 0.435 (12.03%)
Volume: 18,559 @05/26/21 11:46:57 AM EDT
Bid Ask Day's Range
4.0 4.08 3.75 - 4.09
TRNF Detailed Quote

[mick]

[mick]

[SC8]

Mourning the loss of fat Scotty and his fraudster broad? I can't imagine why, but you have my condolences. As for me, I wish prison upon the criminals and wish the new management the best.

[Patient Ninja]

SC8 is a paid disser so who he works for gets this stock cheap or part of a conspiracy to unravel things so who he works for gets the company cheap.

Sick of all these guys shoving this stuff down investors throats when they should be allowed to make their own decisions and not get hassled.

No thanks! Take your crap elsewhere and leave these guys alone.

You working with George Sharp?

[mick]

Taronis Fuels Inc (Q (TRNF)
3.6 ? 0.05 (1.41%)
Volume: 32,157 @04/16/21 3:59:34 PM EDT
Bid Ask Day's Range
3.28 4.75 3.52 - 3.8
TRNF Detailed Quote

[stockyupydowny]

None of that matters anymore - its a new future with a powerful company not being lead by a moron......... Future is brighter than the flame they put to metal .....

[SC8]

Ok, so TRNF surrendered. There's a new TRNF board and fat fraud Scotty is gone. But how does Scotty and company get away with pulling off an utter scam against shareholders like a non-existent mega deal in Turkey and not have SEC criminal charges against them?

[notablecalls]

You would be better served just voting out management.

[Z31]

Everyone just needs to report this company and its you to the SEC plain and simple with enough complaints still do something

[Brock69]

This morning’s PR is a complete joke the Board of Directors is begging to stay on board saying they have done everything in our best interest I would love to know how was it in my best interest that they lied about sales to the Turkish government that they diluted the hell out of this stock and to cap it off with a nice reverse split. What has this company ever done that was in my best interest? I also got screwed with the sister company TRNX.

[notablecalls]

remember to vote the right way yall!

[stockyupydowny]

big Gap fill - profitable with debt paid down and expansion -

[mick]

Taronis Fuels Inc (Q (TRNF)
4.6 ? 0.16 (3.60%)
Volume: 32,654 @02/19/21 3:59:19 PM EST
Bid Ask Day's Range
4.06 5.1 4.05 - 4.7
TRNF Detailed Quote

[notablecalls]

Let the hostile takeover begin! https://finance.yahoo.com/news/concerned-shareholders-taronis-fuels-inc-140000122.html

CMON WEATHERALD AND MARY PAT! Turn our baby around!

[mick]

https://otcbb.swingtradebot.com/equities/TRNF

[mick]

https://pennystocks.news/otc/?symbol=TRNFD

[Renee]

TRNF: effective Dec. 30,2020 a one for 75 reverse split:

https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes

[CashCowMoo]

1 billion authorized so plenty more room left

[yorky]

https://seekingalpha.com/news/3647368-taronis-cfo-resigns-following-suspension-on-multiple-alleged-breaches

[mick]

Taronis Fuels Inc (Q (TRNF)
0.1175 ? -0.0114 (-8.84%)
Volume: 486,729 @12/07/20 11:11:09 AM EST
Bid Ask Day's Range
0.118 0.12 0.116 - 0.13
TRNF Detailed Quote

[SC8]

Scam continues to dilute. Whatever happened to Turkey deal? Fat Scotty been arrested yet?

[mick]

Taronis Fuels Inc (Q (TRNF)
0.1279 ? 0.0029 (2.32%)
Volume: 404,783 @10/23/20 3:57:10 PM EDT
Bid Ask Day's Range
0.07 0.2 0.121 - 0.128
TRNF Detailed Quote

[SC8]

More dilution. They only thing this company sells is stock.

[firebirdgta88]

I might buy another 50,000 shares if pricing stays this low till my money clears in few days :)

[mick]

$TRNF just reading dis wow [Why has the Investorshub stopped receiving/posting news releases on Taronis Fuels. I see today they completed a deal in Miami opening up a new market and buying a corporation that distributes Acetylene but no mention of it here.

If the board moderator could look into why this is not happening.
[it cost $200 monthly.]

I think comments regarding the coming growth are worthy of repeating so I will link the news.>

http://www.stockwatch.com/News/Item?bid=U-z7996193-U%3aTRNF-20200813&symbol=TRNF®ion=U.

Its got to be worth $.18 based on the new markets and opportunity this purchase opens up.
GLTA]

[mick]

$TRNF #2 [Taronis Fuels to Present Today at EarthX
GlobeNewswire
Taronis Fuels, Inc
,GlobeNewswire•September 22, 2020
Climate Week Event is One of the Largest Global Sustainability Forums

PHOENIX, AZ, Sept. 22, 2020 (GLOBE NEWSWIRE)
-- Taronis Fuels, Inc., (“Taronis” or the “Company”) (OTCQB: TRNF),
a global producer of renewable and socially responsible fuel products,

announced that it will be presenting today at the EarthX Climate Week virtual conference.

EarthX annually hosts one of the largest global sustainability events.

The 2019 Climate Week event was held in Dallas, Texas and was attended by over 600 exhibitors,
400 speakers, and 160,000 attendees.

EarthX 2020 celebrates the 50th anniversary of Earth Day, which is being hosted through a unique partnership with the National Geographic Society.

“We are honored to participate today in the EarthX 2020 Climate Week,” commented Scott Mahoney, CEO of Taronis Fuels.

“Taronis Fuels is committed to producing world-class renewable, socially responsible fuel products.

Through our expanding network of industrial gas sales hubs across the US, we serve a wide range of end-market customers.

In many instances, these clients have historically used environmentally harmful, fossil fuel based products.”

“Our technology offers a compelling alternative to these harmful legacy carbon-based fuels.

We produce environmentally responsible,
hydrogen-based fuel products at a fraction of the cost of acetylene and propylene. Our products are functionally vastly superior.

We are unique in that our solutions do not come with compromise or detrimental tradeoffs.

We simply deliver a cleaner, safer, smarter, cheaper alternative.”

“The opportunity to share our corporate vision, our desire to positively impact the environment,
and our compelling technology with well over 100,000 global
participants today at EarthX 2020 is a testament to the growing interest in our Company and our team,” 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 http://www.taronisfuels.com/

FORWARD-LOOKING STATEMENTS

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.

Investor Contacts:
Michael Khorassani
[e-mail]

[SC8]

SP says it all. Note the PR revealed they sold that unit to Turkish company they own in part. That makes all prior statements fraudulent that didn't explicitly reveal they were, at least in part, selling to themselves. Looks like Scotty came clean now to avoid prison, but me thinks it's too late. I now pray for his speedy conviction, rehabilitation and that foot-long Bubba doesn't take a fancy to him. But it appears over for my TRNF shares.

[firebirdgta88]

sc8 deal has been done. Proof is the unit in turkey. there was live ceremony! Like how blind do you have to be. Evidence is right there. Not everything is bs lies or scams. There videos , pictures of event. I'm sorry to say but this stock will be like $10 within the year and you will be kicking your self hard.

[SC8]

They need to show audited profit $. So far the only verified sales I've seen are more dilution shares, just like their prior scam TRNX.

[firebirdgta88]

Well this is heading to $10 plus within a year. You would have to be blind not to see it. Green earnings. Contract deals worth more then all assets of company times 10x. Literally sweeping across the USA. As major company's switching over. 50% cheaper then acetylene and cuts better is hard to see any slow downs. They are moving fast too. Very fast. All major southern states have pretty much switched over. Competition I dont think sees it coming and it blaming convirus for lack of sale yet fact is everyone been switching over. Our company switch over and its huge difference in cutting! Half cost. Can't really complain.

[SC8]

Lying fat Scotty has no credibility. He needs to show the Turkey $, aka release of audited financials, to be believed.

[PennyDr]

Turkey has been commissioned and is up an running and check out the pictures on blog.

Commissioning in Turkey is Complete!
Our Taronis Team had a successful trip to Turkey! We have completed the commissioning of the first Venturi plasma arc gasification unit. We also held a ceremony where we demonstrated the capabilities of the unit and MagneGas for several prominent members of the Turkish community. We have added pictures of the event to our blog. Additionally, we received media coverage from a variety of notable outlets in the country. You can find links to the articles and videos on our blog. https://taronisfuels.com/blog/

[SC8]

Fat Scotty is on, what now? The 4th or 5th dilution since this listed? Did the last offering even close yet? And there's been no audited financials released to date. Doesn't seem to be any real intent to uplist. What's the minimum sp and minimum consecutive profitable quarters to even be considered by NYSE?

[mick]

$TRNF
RE;
Taronis Fuels Buys All Licensed Intellectual Property for $1.25 Million

2020-08-20 09:00 ET - News Release


Company Curtails Future Royalty Obligations,
Controls 100% of Intellectual Property Rights for Future Development

PHOENIX, AZ, Aug. 20, 2020 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc., (“Taronis” or “the Company”) (OTCQB: TRNF), a global producer of renewable and socially responsible fuel products,
today announced it has acquired MagneGas IP, LLC, from BBHC, Inc, (“BBHC”) as well as all related patents owned directly by BBHC.

Total consideration for the transaction was the assumption of approximately $250,000 in liabilities and $1 million in restricted common stock of Taronis.

The transaction benefits the Company in several ways.

First, the Company now irrevocably owns the entire patent portfolio it had previously licensed from BBHC.

Second, the transaction limits the potential cost of future royalties significantly.

Under the prior licensing agreement, Taronis had previously agreed to pay a 7% royalty for the exclusive use of all fuel applications derived from the acquired patent portfolio.

As part of the transaction, royalty payments remain unchanged for the first five years, but cease entirely thereafter.

This has the potential to save the Company significant costs in the future as it looks to expand its sales of MagneGas,
the only renewable metal cutting fuel,
new fuel products for the propane and other heating end markets,
and the sale of its proprietary Venturi plasma arc gasification units.

The transaction also significantly simplifies the business model for near term business objectives.

The Company is actively exploring an uplisting to a national exchange, and this new, simplified business model where the entire intellectual property portfolio is proprietary,

wholly owned and actively used for ongoing commercial activities is expected to enhance the Company’s business narrative meaningfully.

“We are very pleased to complete this transaction as structured,” commented Scott Mahoney, CEO of Taronis Fuels.

“We are working diligently to launch several relatively large commercial opportunities involving our technology overseas in the coming quarters.

We believe that as those activities begin to translate into tangible financial results, the geographic footprint of commercial opportunity for our Company will expand exponentially.

We felt compelled to act now, take control of the underlying intellectual property, and accelerate the development of new fuel products for new markets.”

“This transaction is almost entirely about our ability to internally fund and drive the pace of new development.

We want to launch our fourth-generation gasification prototype, which has the potential to reduce our cost to produce synthetic fuels by up to 90%.

It would also enable us to begin directly gasifying new solid feedstocks such as plastics, forest fire biomass, and a wide range of other materials.”

“We can now fully drive the pipeline of new synthetic fuel product development. We can accelerate the validation of our first renewable propane substitute.

We are also looking at applications to use different variations of our fuel product as a cost-effective additive to traditional fossil fuel combustion engines, making them burn cleaner, with a reduced carbon footprint.”

“To accomplish this, we have begun building out full scale, science-driven research and development capabilities at our new
Peoria, Arizona technical campus. We are not just looking to drive process improvement; we want to innovate beyond our current expertise. To accomplish this objective,
we are actively seeking PH.D. level expertise in physics, chemistry, combustion engineering, mechanical engineering, electrical engineering, and a wide range of related skillsets.

We intend to build a world-class technical team to significantly expand the addressable end user applications for our patent portfolio in early 2021. We aspire to be the global leader in cost-effective, hydrogen-based fossil fuel replacement products,” 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 http://www.taronisfuels.com/

FORWARD-LOOKING STATEMENTS

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.

Investor Contacts:
Michael Khorassani
[e-mail]





© 2020 Canjex Publishing Ltd. All rights reserved.

[mick]

$trnf READING DA WOW !!!!!

RE
WOW WOW WOW News out
http://www.stockwatch.com/News/Item?bid=U-z7999776-U%3aTRNF-20200820&symbol=TRNF®ion=U

The most intriguing points on this news release are
1. The Company is actively exploring an uplisting to a national exchange.
2. We aspire to be the global leader in cost-effective, hydrogen-based fossil fuel replacement products,”

This is the area markets are focusing on and this makes this company absolutely cheap at these prices. I see $.24 to $.30 in the coming months.

[mick]

Taronis Fuels Inc (Q (TRNF)
0.1315 ? -0.0055 (-4.01%)
Volume: 425,295 @09/04/20 3:59:34 PM EDT
Bid Ask Day's Range
0.13 0.1389 0.13 - 0.139
TRNF Detailed Quote

[SC8]

So fat Scotty transferred debt to TRNF from dead money TRNX and has futher diluted TRNF by an unannounced amount of shares (PR neglects to mention sp). The guy has some balls to continue to blame Covid-19 for the demise of TRNX after he willfully killed it with max dilution. He belongs in prison.

[PennyDr]

WOW WOW WOW News out
http://www.stockwatch.com/News/Item?bid=U-z7999776-U%3aTRNF-20200820&symbol=TRNF®ion=U

The most intriguing points on this news release are
1. The Company is actively exploring an uplisting to a national exchange.
2. We aspire to be the global leader in cost-effective, hydrogen-based fossil fuel replacement products,”

This is the area markets are focusing on and this makes this company absolutely cheap at these prices. I see $.24 to $.30 in the coming months.

[mick]

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

HTTP://www.taronisfuels.com/

[mick]

“We added six new markets to date in 2020, most of which occurred in the second quarter. These expansion efforts are only just beginning to translate into tangible results. We have a number of new markets slated for expansion in California, Arizona, Texas and Florida for the second half of 2020. This expansion is expected to accelerate our domestic growth outlook for the remainder of the year.”

“We also expect to provide meaningful progress reports on several of our international expansion opportunities in the coming weeks as we are able to reaccelerate some of these efforts with the moderation of the COVID-19 pandemic in key markets where we have been working towards the launch of revenue generating activities. We look forward to providing periodic updates on these efforts throughout the remainder of the year,” concluded Mr. Mahoney.

[mick]

Excluding the impact of the gasification unit sale, Taronis’ combined US retail and wholesale operations were cash flow break even for the first time in Company history. The Company recorded a $1.2 million net income for the second quarter, which was also the first profitable quarter in the Company’s corporate history.

“Our second quarter results of operations speak for themselves,” commented Scott Mahoney, CEO of Taronis Fuels. “In the second quarter, several positive developments all came together to produce these strong financial results. We are very proud of our entire team, which made this accomplishment possible.”

“Heading into the second half of 2020, we see this strengthening trend in financial performance continuing. We are seeing solid results across all markets for our retail operations. Our wholesale gas distribution division is operating at maximum capacity and is clearly benefitting from the work-from-home conditions across the Sunbelt markets we serve. We believe our $2.8 million in industrial gas and welding supply sales reported for June is a strong indication of what we can sustain and build on consistently going forward, and we expect to fully leverage this success as we incorporate our newest location in Miami into our operations.”

[mick]

As a result of the record revenues, improved gross margins, and overall cost control efforts, the Company reported a record $2.4 million in EBITDA during the second quarter of 2020, as compared to negative $1.0 million in EBITDA for the same period in 2019. This represents a major financial accomplishment for the Company, as it is the first EBITDA positive quarter in the Company’s history.

[mick]

Total cash operating expenses during the second quarter were $5.5 million, and $4.8 million excluding depreciation, amortization, and non-cash stock expenses. For the same period in the second quarter of 2019, operating expenses were $4.0 million, and $3.1 million excluding all non-cash expenses. The increase was primarily attributed to increased payroll, as the Company has expanded its operations substantially over the past twelve months. Payroll for the second quarter was $3.1 million, compared to $2.1 million for the same period in 2019. Headcount increased over 40% in the last 12 months, largely in line with the 43.9% increase in payroll and related benefits expenses.

All other cash operating expenses were $1.7 million for the second quarter, as compared to $1.5 million for the first quarter of 2020. The 14.5% quarter over quarter increase in non-payroll expenses was largely related to the new corporate headquarters and manufacturing facilities launched in Arizona during the second quarter of 2020.

[mick]

Gross income for the second quarter was $7.2 million, which represented a 157% increase when compared to the $2.8 million in gross income reported for the same period in 2019. The primary cause for the increase was a significant improvement in gross margins, which were 81% for the quarter, as compared to 47% for the same period in the prior year. The primary factor for this accomplishment was the very high gross profits generated from the unit sale.

The second contributing factor for the improved profitability was the shift in revenue mix towards very high gross margins industrial gas products. The added sales from the wholesale gases sold into the HVAC supply market is expected to play a lasting role in gross margins going forward. Overall, the added HVAC supply centric revenue component is expected to permanently improve combined gross margins closer to 60% on a go-forward basis.

[mick]

The significant increase in sales was in part due to the sale of a 300KW Venturi plasma arc gasification unit during the quarter for $3.0 million. The second significant factor for the increase in sales was approximately $1.4 million in wholesale industrial gas products sold into the heating, ventilation, and air conditioning (“HVAC”) market through the Company’s wholly owned subsidiary, TGS. The Company acquired TGS in late May of 2020, and it immediately contributed to the 80% increase in monthly sales in June. TGS has now generated record sales for four straight months, as its Georgia, Florida and Texas operations continued to benefit from the increased work-from-home conditions due to the COVID-19 pandemic.

The Company also continued to experience a steady increase in sales across its 26 retail locations operated under the MagneGas Welding Supply brand. The Company continued to win new clients in virtually all markets, which more than offset general softness in manufacturing and industry as a result of the COVID-19 economic impact.

[mick]

Taronis Fuels Releases Record Second Quarter Results of Operations
GlobeNewswire
Taronis Fuels, Inc
,GlobeNewswire•August 17, 2020
Company Generates $8.9 Million in Revenues, $2.4 Million in EBITDA

PHOENIX, AZ, Aug. 17, 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 second quarter of 2020. The Company reported $8.9 million in revenues during the quarter, which represented a $3.0 million increase, or 51.8% increase in sales when compared to $5.8 million in sales generated during the second quarter of 2019. When compared to the $4.9 million in sales for the first quarter of 2020, this represents a $3.9 million, or 80% increase in quarterly revenues.