Taronis Fuels Inc (TRNFQ)

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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.