Taronis Provides Update On $165 Million Turkey Contract
Turkish Government Launches National Media Campaign to Raise Awareness for Taronis Fuels
PHOENIX, AZ / ACCESSWIRE / October 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 provided a comprehensive update on recent meetings in Ankara, Turkey between executives from Taronis Fuels, a subsidiary of the Company, and senior state officials and business leaders.
The Company conducted extensive MagneGas metal cutting fuel demonstrations for representatives from Turkish state owned and privately operated television and print media.
The event was held at a state of the art distribution center that was recently acquired for operations to be conducted by the Company's local partner, TA Group. This event also hosted representatives from over 35 leading industrial companies that consume significant quantities of acetylene, propane and propylene for metal cutting applications. The event was well received and resulted in a series of national media coverage events that ultimately have raised the national awareness of Taronis Fuels and its technology across the entire country of Turkey.
The state-owned Turkish Radio and Television Corporation conducted an interview with Mr. Taner Ay of the TA Group, and Mr. Scott Mahoney, the CEO of Taronis Fuels. This interview has since aired on Turkish national television, and has been replayed on multiple regional broadcast stations across Turkey.
Taronis Fuels was also interviewed by the Turkish Trade and Registry Gazette, which is a leading financial and business trade publication in Turkey. Mr. Mahoney was also interviewed by the Ankara Gazette, which is considered one of the capital city of Turkey's most prestigious daily publications. Lastly, Taronis Fuels was featured in Sabah, the national daily newspaper of Turkey. The government of Turkey estimated that total viewership across all of these media channels results in more than 280 million views of the Taronis brand and our corporate message in the last week.
"This was a highly successful next step for Taronis in building a world class relationship with the Republic of Turkey," commented Mr. Mahoney. "The purpose of this media event was to raise awareness across the entire country of Turkey regarding the environmental and safety benefits of using our proprietary technology and products. Based on the feedback we have received since our meetings this past weekend, the approval for the use of MagneGas in Turkey is progressing well ahead of plan."
"The government of Turkey fully recognizes the potential impact of using MagneGas for metal cutting fuels purposes. There are over 5,000 incidents causing injury and fatalities using acetylene and other compressed gases in Turkey annually. We believe we can partner to help dramatically reduce these incidents by using our products as well as providing comprehensive ongoing safety training and best practices we employ around the world."
Mr. Mahoney continued, "The economic opportunity for Turkey is massive. There are over 3,500 cylinders of acetylene consumed daily, and an equal amount of propane. The port of Tuzla outside Istanbul is one of the largest ship demolition sites in the world. The entire economic corridor from Istanbul to Ankara is filled with heavy to medium industry that has been attracted under President Erdogan's successful economic development programs. MagneGas can provide significant safety and efficiency benefits across a significant portion of Turkey's economy."
"We estimate that this is a $200 million annual revenue opportunity based on the analysis provided by Turkish government representatives. With this level of demand, the Turkish representatives estimate that we will ultimately need to deliver at least 80 300KW Venturi gasification units to service the entire Turkish market."
"Based on our most recent dialogue, we anticipate an expedited approval of permitting and regulatory approval for the sale of MagneGas in Turkey. With that completed, we are increasingly confident that we will move forward with the $165 million contract in early fourth quarter 2019," concluded Mr. Mahoney.
