Taronis Technologies Inc. ("Taronis") completed the acquisition of 51% stake in Water Pilot LLC from WORLD WIDE WATER SAVINGS, INC, IRBIS INTERNATIONAL, LLC and DAVID R. STEINHURST for $2.5 million.
May 31, 2019
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Taronis Technologies Inc. (NASDAQ:TRNX) ("Taronis") entered into a non-binding letter of intent to acquire 51% stake in Water Pilot LLC from WORLD WIDE WATER SAVINGS, INC, IRBIS INTERNATIONAL, LLC and DAVID R. STEINHURST for $1.3 million on May 20, 2019. The purchase consideration will be paid in the form of Taronis common stock and will include conditional earn-out payments if certain revenue and cash flow metrics are achieved over the first two years of operations post-closing. The acquisition is scheduled to close on or before May 31, 2019.
Taronis Technologies Inc. (NASDAQ:TRNX) ("Taronis") completed the acquisition of 51% stake in Water Pilot LLC from WORLD WIDE WATER SAVINGS, INC, IRBIS INTERNATIONAL, LLC and DAVID R. STEINHURST for $2.5 million on May 31, 2019. Taronis Technologies Inc. entered into an agreement to acquire a 51% stake in Water Pilot LLC from WORLD WIDE WATER SAVINGS, INC, IRBIS INTERNATIONAL, LLC and DAVID R. STEINHURST on May 31, 2019. Under the agreement Taronis Technologies acquire approximately 0.5 million units of Water Pilot LLC and the earnout payments will be, $0.4 million for $5 million of gross revnue in 24 months, $0.4 million for $3 million of gross revenue in 18 months and amount up to $0.4 million for $0.5 million through $1 million of gross revenue in 12 months.
Taronis Technologies Inc., formerly MagneGas Applied Technology Solutions, Inc., is an alternative energy company. The Company creates and produces hydrogen-based alternative fuel through the gasification of carbon-rich liquids, including certain liquids and liquid wastes. The Company also markets, for sale or licensure, its plasma arc technology for the processing of liquid waste (the Plasma Arc Flow System). Its products include the fuel called MagneGas2 for the metal working industry, the equipment primarily known in the firefighting industry, known as MagneTote, and the machines that produce MagneGas2, known as Plasma Arc Flow refineries. In addition, the Company sells metal cutting fuels and ancillary products through its subsidiary, Equipment Sales and Service, Inc. a Florida corporation. It focuses on market segments, such as industrial gas sales, equipment sales for liquid waste processing and use of MagneGas2 for the co-combustion of hydro-carbon fuels to reduce emissions.
Taronis Technologies Inc. ("Taronis") completed the acquisition of 51% stake in Water Pilot LLC from WORLD WIDE WATER SAVINGS, INC, IRBIS INTERNATIONAL, LLC and DAVID R. STEINHURST for $2.5 million.
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