Registration Is for Prior Capital Raises
TAMPA, FL / ACCESSWIRE / April 12, 2019 / Taronis Technologies, Inc. ('Taronis' or 'the Company') (NASDAQ: TRNX), a leading clean technology company in the renewable resources and environmental conservation industry, today announced that the Company is complying with its obligation to register certain shares of common stock underlying warrants that were granted on October 11, 2018 and on January 11, 2019, respectively, in two private placements concurrent to the registered direct offerings that occurred on those dates.
By virtue of registering the shares of common stock underlying the warrants the Company will be able to avoid trigging 'cashless' exercise provisions in the warrants and thereby eliminate the possibility of unwanted dilution to its current shareholder base. The total number of shares of common stock underlying the warrants being registered is 2,640,000 shares. The exercise price of the warrants is $4.64 and, therefore, the Company does not anticipate the holders will exercise the warrants until such time as the Company's share price increases above the exercise price. The Company also filed a new shelf registration statement that would permit the issuance of new, registered shares under future S-3 eligible financings.
'We wish to clarify for the benefit of all shareholders that this registration statement process is not related to any new financings,' commented Scott Mahoney, Chief Executive Officer of Taronis. 'We are simply complying with the registration requirements from two prior capital raises completed in October 2018 and January 2019. If we did not take these steps to protect our shareholder interests, these warrants could potentially become cashless and cause needless dilution that would otherwise be avoided through the registration process initiated today.'
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: ESSI, Green Arc Supply, Paris Oxygen, Latex Welding Supplies, Tyler Welders Supply, United Welding Supplies, Trico Welding Supply and Complete Welding of San Diego. The Company operates 17 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. Lastly, 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.
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, Inc.