Eligible Shareholders will Receive Five Shares of Taronis Fuels Initial Listing Price Set at $1.00 Per Share
PHOENIX, AZ / ACCESSWIRE / August 26, 2019 / Taronis Technologies, Inc., (“Taronis Technologies” or “the Company”) (NASDAQ:TRNX), a leading clean technology company in the renewable resources and environmental conservation industry, today announced that the Board of Directors of Taronis Technologies has approved an increased stock dividend ratio of 5:1, which is an increase from the previous 1:1 ratio. This means that Taronis Technologies will distribute five shares of Taronis Fuels, Inc. (“Taronis Fuels”) common stock for every one share of Taronis Technologies common stock outstanding on the record date for the share distribution. The new record date for the share distribution is anticipated to be November 5, 2019, which is 60 days from the date the Company plans to file the Taronis Fuels Form 10 registration statement.
It is important to note that during the period from the record date to the distribution date, shares of Taronis Technologies will be trading “with dividend” in the “regular-way” market, which means that any seller, including short sellers, of shares of Taronis Technologies common stock will be liable to the buyer of these shares for the full amount of the stock distribution of the Taronis Fuels common stock related to such shares.
The Board of Directors elected to increase the dividend ratio to offset the effects of the Taronis Technologies reverse stock split for the benefit of existing shareholders. Nasdaq also required that the value of the upcoming stock dividend be declared in advance. Based on the Company’s current estimates of the value of Taronis Fuels, an initial dividend value of $1.00 per share has been submitted to Nasdaq.
“Our leadership team has consistently advocated for our shareholders, and we have and will continue to diligently pursue objectives to provide maximum shareholder value,” commented Scott Mahoney, CEO of Taronis Technologies. “The upcoming spin-off of Taronis Fuels is intended to provide the maximum possible additional shareholder value. By increasing the Taronis Fuels dividend ratio, we are intentionally undoing the unexpected effects of our recent reverse split of Taronis Technologies on the previous stock dividend ratio.”
“We are also in a unique position where the declared value of the stock dividend now gives shareholders greater clarity on the potential value of Taronis Fuels. We are confident that our anticipated near term milestones for our Amsterdam, El Salvador and Turkey MagneGas projects could further validate this valuation,” concluded Scott Mahoney.
About Taronis Technologies, Inc.
Taronis Technologies, Inc. (TRNX) owns a patented plasma arc technology that enables two primary end use applications for fuel generation and water decontamination.
The Company’s fuel technology enables a wide use of hydrocarbon feedstocks to be readily converted to fossil fuel substitutes. The Company is developing a wide range of end market uses for these fuels, including replacement products for propane, compressed natural gas and liquid natural gas. The Company currently markets a proprietary metal cutting fuel that is highly competitive with acetylene. The Company distributes its proprietary metal cutting fuel through Independent Distributors in the U.S. and through its wholly owned distributors doing business as “MagneGas Welding Supply.” The Company operates 22 locations across California, Texas, Louisiana, and Florida.
The Company’s technology can also be implemented for the decontamination of waste water, including sterilizing water, eradicating all pathogens. The technology is being tested to determine if it can completely eliminate pharmaceutical contaminants such as antibiotics, hormones and other soluble drugs suspended in contaminated water. The technology process is capable of reducing or eliminating other contaminants, such as harmful metals, as well as nitrogen, phosphorus, and potassium levels that trigger toxic algae blooms. The technology has prospective commercial applications in the agricultural, pharmaceutical, and municipal waste markets. For more information on Taronis, please visit the Company’s website at http://www.TaronisTech.com.
Taronis also owns a controlling interest in Water Pilot, LLC. The WATER PILOT® System immediately reduces water consumption and provides live remote consumption monitoring for long term leak protection and water asset management. An integral, client-based alarm and notification system reports to any mobile device. Water Pilot may be appropriate for a wide range of businesses or properties with a water meter. For more information, please visit our website at www.gowaterpilot.com/
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
For a discussion of these risks and uncertainties, please see our filings with the Securities and Exchange Commission. Our public filings with the SEC are available from commercial document retrieval services and at the website maintained by the SEC at http://www.sec.gov.
SOURCE: Taronis Technologies
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