TARONIS FUELS ANNOUNCES SEC RESOLUTION

Rhea-AI Summary

Taronis Fuels (OTC: TRNF) has settled the SEC proceeding initiated on August 25, 2022. The company agreed to a permanent injunction against violating federal securities laws and will pay $5,107,900.50, including disgorgement and prejudgment interest, under a one-year payment plan. The initial installment has been placed into escrow. Notably, Taronis Fuels will not face any civil penalties. This resolution is pending approval by the U.S. District Court for the Middle District of Florida, and the company is optimistic about progressing its industrial gas and welding supply business.

Positive

• Settlement of SEC proceeding allows Taronis Fuels to move forward without civil penalties.
• Company has structured a payment plan for the resolved amount, lessening immediate financial burden.

Negative

• The company faces a significant financial obligation of over $5 million, which could strain financial resources.

Peoria, AZ, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Taronis Fuels, Inc. (OTC: TRNF) has resolved a proceeding that the U.S. Securities and Exchange Commission filed on August 25, 2022. Without admitting or denying the SEC’s allegations, Taronis Fuels consented to be permanently enjoined from violations of certain provisions of the federal securities laws and agreed to pay disgorgement in the amount of $4,876,023, plus prejudgment interest in the amount of $231,877.50, for a total of $5,107,900.50. Taronis Fuels agreed to pay this amount pursuant to a one-year payment plan, the first payment installment of which has already been placed into escrow. The resolution does not involve the payment of a civil penalty by Taronis Fuels. The resolution remains subject to approval by the U.S. District Court for the Middle District of Florida. Taronis Fuels is pleased to put this matter behind it and the company and its new management team looks forward to continuing the operation of its industrial gas and welding supply business.

About Taronis Fuels

Taronis Fuels, Inc. is a US industrial gas distributor. For more information, please visit our website at www.taronisfuels.com.

Forward-Looking Statements

This press release contains forward-looking information about Taronis Fuels. Any statements contained herein which do not describe historical facts, including, among others, the anticipated use of proceeds and anticipated resolution of the SEC matter, are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, among others, the risks associated with the Company’s financial resources, the performance of the Company’s remaining operations, and resolution of legal matters. Any such risks and uncertainties could materially and adversely affect the Company’s results of operations, its profitability, and its cash flows. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.

Taronis Fuels Contacts:

Investors:
Taronis Fuels
ir@taronisfuels.com

FAQ

What settlement did Taronis Fuels reach with the SEC on August 29, 2022?

Taronis Fuels settled its SEC proceeding by agreeing to pay $5,107,900.50, including disgorgement and prejudgment interest, without facing civil penalties.

How will Taronis Fuels handle the payment to the SEC?

Taronis Fuels will pay the settlement amount under a one-year payment plan, with the first installment already in escrow.

What is the significance of the SEC settlement for Taronis Fuels?

The settlement allows Taronis Fuels to resolve regulatory issues and focus on its core business operations in industrial gas and welding supply.

What is the current stock symbol for Taronis Fuels?

The stock symbol for Taronis Fuels is TRNF.