Taronis Closes $2.0 Million Combined Financing
Funding Expands Company’s Strategic Flexibility
TAMPA, FL – May 3, 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 the closing of a combined $2.0 million convertible debt and equity financing. Additional information regarding this transaction can be found in the 8-K filing dated May 3, 2019.
“The primary purpose for this funding is to facilitate the acceleration of several strategic business initiatives that will ultimately expand our optionality,” commented Scott Mahoney, Chief Executive Officer of Taronis. “Our financial position has greatly improved and is supported by a rapidly growing industrial gas business that is largely self-sufficient financially, now that all of our budgeted integration processes from our three recent acquisitions are complete.”
Mr. Mahoney continued, “On the other hand, our water decontamination business is still in the early stages of commercialization. The reality is that we will require additional funding to accelerate our blue-green algae solutions in Florida, as well as our commercial pilot sterilization project in North Carolina. We also anticipate incurring additional research, testing and independent validation costs to facilitate a scaled launch in these businesses. As a result, we are exploring several creative scenarios to unlock the value of each business segment independently.”
“We have identified what we believe is a compelling path forward for our shareholders. This financing enables us to fund immediate growth catalysts for both parts of our Company. It also enables us to eliminate the vast majority of our short term liabilities. Once this process is complete, we will be better prepared to explore implementing a wide range of immediate alternatives to unlock value for our shareholders. This may include acquisitions, spin-offs, joint ventures and several other significant strategic options that we plan to share with the market over the next few quarters,” concluded Mr. Mahoney.
