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Taronis Fuels (OTCQB:TRNF) issued a letter urging shareholders to reject a consent solicitation aimed at removing its Board of Directors. The company claims significant progress in improving cash flow and value creation, expecting to achieve positive cash flow by Q2 2021. It highlights growth through the expansion into California and Arizona, reducing payroll expenses by 40%, and retaining key talent. The letter criticizes the activist group, led by Wetherald and Welo, for attempting a no-premium takeover, which the board argues would jeopardize investments in its proprietary fuel, MagneGas.
Taronis Fuels, Inc. (OTCQB:TRNF) has issued a statement urging shareholders to sign the GREEN Consent Revocation Card in response to activist group Wetherald/Welo's solicitation to remove the Board of Directors. The company asserts that the activists' claims are unfounded and seeks to reassure investors by highlighting improvements in cash flow, reduced operating expenses, and strategic expansion into California and Arizona. Taronis emphasizes the importance of reading the definitive consent revocation statement filed with the SEC.
Taronis Fuels, Inc. (OTCQB:TRNF) has filed a definitive consent revocation statement with the SEC to counter an activist group's attempt to take control of the company without a premium. The Taronis Board urges shareholders to support them by signing a GREEN Consent Revocation Card and disregarding the competing white cards. The activist group lacks a detailed plan and has a history of disruptive behavior. Meanwhile, Taronis reports progress in cash flow and shareholder value through reduced expenses, new hires, and expansion into California and Arizona, expecting to be cash flow positive by Q2 2021.
Taronis Fuels, Inc. (OTCQB: TRNF) announced key corporate actions on March 3, 2021, aimed at enhancing capital position and employee retention. The Board adopted a shareholder rights plan to safeguard approximately $27 million in net operating loss carryforwards (NOLs) from ownership changes. The company raised $2.4 million through a private placement and warrant exercises, eliminating nearly $2 million in liabilities. Additionally, a one-time stock grant was issued to employees, excluding officers and directors, to incentivize retention.
Taronis Fuels, Inc. (OTCQB: TRNF) has opened its first MagneGas Welding Supply retail location in Peoria, Arizona, aiming for substantial market growth. The facility, which is part of a broader strategy, will serve multiple purposes including research, engineering, and wholesale gas distribution. The company anticipates a $2 million annual sales pipeline prior to launch, with a pricing strategy that appeals to local clients. Taronis positions its product as an eco-friendly alternative to traditional acetylene, emphasizing its contribution to water conservation efforts.
Taronis Fuels, Inc. (OTCQB: TRNF) reported $2.3 million in total sales for January 2021, marking a 5% month-over-month growth from December's $2.2 million. The increase was driven by strong performance in various regions, especially Texas, Louisiana, and Indiana, where a 9% increase occurred due to a new client agreement. Additionally, TGS recorded a 13% growth compared to December 2020. The company plans to provide updates on MagneGas demonstrations and client acquisitions moving forward. CEO Scott Mahoney expressed optimism about maintaining growth momentum throughout the quarter.
Taronis Fuels, Inc. has announced the completion of a $2.1 million state-of-the-art industrial gas fill plant in Tyler, TX, enhancing its competitive position in the Texas and Louisiana markets. This facility is expected to boost profitability by reducing labor costs and improving industrial gas margins, with an estimated annual return on invested capital exceeding 50%. Additionally, refurbishing and relocating original assets to Oxnard, CA, is projected to yield $0.6 million in annual savings. Together, these upgrades are anticipated to increase operating income by approximately $1.5 million annually.
