Taronis Technologies, Inc. TRNX shares are trading higher after the company announced its purchase of a contract for up to 30 gasification units valued at $165 million on behalf of Taronis Fuels, Inc.
The counterparty is a Turkish organization that has partnered with five of the largest industrial gas distributors in Turkey. Taronis Technologies says it expects to clear all necessary permits in Turkey during the fourth quarter, which is a condition of initial payment by the buyer.
"This has the potential to be a financially transformational opportunity for our company," said Scott Mahoney, CEO of Taronis. "We anticipate that this transaction has the potential to provide Taronis Fuels with the funding we desire to continue to execute both our US and our international expansion plans for the next several years. This also has tremendous financial implications for Taronis Technologies, as it would receive a 7% royalty from Taronis Fuels on this contract, which could result in more than $11 million in net proceeds due back to the parent company.”
Taronis Technologies shares were trading up 84% at 58 cents during Monday’s pre-market session.
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