Taronis Technologies, Inc. announced the formation of a new joint venture within the Republic of Turkey. The new Turkish company is called Taronis Fuels Turkey Gas Enerji Sanayi ve Ticaret Limited Sirketi (“Taronis Turkey”). This new entity is domiciled in Ankara, and is currently owned 74% by Taronis Fuels, Inc, and 26% by MC Consulting Teknoloji Enerji Danismanlik Sanayi ve Ticaret Limited Sirketi (“MC Consulting”). It is expected that a third party will enter into this joint venture prior to year end, reducing Taronis Fuels stake to approximately 48%. The purpose of this new joint venture will be threefold. First, this is a precondition to the commencement of an existing $165 million purchase order for thirty 300KW Venturi plasma arc gasification units. The contract dated July 17, 2019 between Taronis Fuels and TA Grup Medya Enerji Sanayi Ticaret Anonim Sirketi (“TA Grup”) is scheduled to be assigned to MC Consulting. No other aspects of the existing $165 million contract would be affected by the assignment. Second, the new joint venture is expected to significantly expand the scope of operations within the Republic of Turkey. The government of Turkey has asked the joint venture to consider a radical expansion of the scope of operations to support a comprehensive safety program in Turkey. To accomplish this, the joint venture would be responsible for forming additional commercial relationships for the purpose of launching manufacturing facilities in Turkey for the production of ancillary equipment required for the daily use of MagneGas as a replacement for existing metal cutting fuels such as acetylene, propylene and propane. This would include, but not be limited to the valves, regulators, torches, hoses and cylinders currently approved by Taronis for the use of MagneGas in the US. Lastly, the newly formed joint venture would partner with the various Turkish regulators to form a compressed gas, welding and metal cutting safety institute. The purpose of this organization would be to provide ongoing training and safety inspections to ensure the global best practices for the safe handling of compressed gases, including MagneGas, are adhered to across the entire industry. The Turkish metal cutting fuels market is very large, estimated at over $200 million in annual consumption by tens of thousands of laborers. Due to the sheer scale of this industry, without the implementation of globally recognized safety practices, thousands of Turkish laborers are impacted by fires and explosions each year.
Taronis Technologies Inc., formerly MagneGas Applied Technology Solutions, Inc., is an alternative energy company. The Company creates and produces hydrogen-based alternative fuel through the gasification of carbon-rich liquids, including certain liquids and liquid wastes. The Company also markets, for sale or licensure, its plasma arc technology for the processing of liquid waste (the Plasma Arc Flow System). Its products include the fuel called MagneGas2 for the metal working industry, the equipment primarily known in the firefighting industry, known as MagneTote, and the machines that produce MagneGas2, known as Plasma Arc Flow refineries. In addition, the Company sells metal cutting fuels and ancillary products through its subsidiary, Equipment Sales and Service, Inc. a Florida corporation. It focuses on market segments, such as industrial gas sales, equipment sales for liquid waste processing and use of MagneGas2 for the co-combustion of hydro-carbon fuels to reduce emissions.
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