FYI
Scott Mahoney
Chief Executive Officer
____________, 2019
Dear Taronis Technologies Shareholder:
We are pleased to inform you that the board of directors of Taronis Technologies, Inc. (“Taronis Technologies”) has approved a plan to pursue a separation of its gas and welding supply retail business from Taronis Technologies through a spin-off of its wholly owned subsidiary, Taronis Fuels, Inc. (“Taronis Fuels”). Taronis Technologies will distribute the shares of Taronis Fuels as a dividend to shareholders of Taronis Technologies on or about December 5, 2019. We expect the Taronis Fuels common stock to be quoted on the OTCQX of the OTC Market Group under the symbol “TRNF” at the time of the spin-off and, assuming such quotation, we expect to up list the Taronis Fuels common stock from the OTCQX to The NYSE American (“NYSE American exchange”) under the symbol “TRNF” within six months following the spin-off date.
As a current shareholder of Taronis Technologies, you will receive five (5) shares of common stock of Taronis Fuels for every one (1) share of common stock of Taronis Technologies that you own and hold as of the record date so long as you continue to hold your shares on the distribution date, as further described in the enclosed Information Statement. Shareholder approval of the distribution is not required, nor are you required to take any action to receive your shares of common stock of Taronis Fuels.
Following completion of the spin-off, common stock of Taronis Technologies, which will continue as a leading clean technology company in the renewable resources and environmental solutions industries, will continue to trade on the Nasdaq Capital Market, subject to Taronis Technologies continued compliance with the Nasdaq Listing Rules, under the symbol “TRNX.”
We invite you to learn more about Taronis Fuels by reviewing the enclosed Information Statement, which describes the spin-off and Taronis Fuels in detail and contains important information about Taronis Fuels, including historical audited and unaudited condensed combined carve-out financial statements.
Thank you for your continued support of Taronis Technologies and your future support of Taronis Fuels.
Sincerely,
Scott Mahoney
Chief Executive Officer
Enclosure
Taronis Technologies, Inc.
300 W. Clarendon Avenue, #230
Phoenix, Arizona 85013
United States
